The $3.2 billion Visions Federal Credit Union in Endicott, N.Y., is taking a cue from Groupon for a new program that encourages members to use their credit union debit and credit cards.
Through a partnership with Binghamton, N.Y.-based consumer rewards company SaveAround, Visions FCU has piloted Deal of the Day, an online coupon program that lets members purchase local, discounted products and services using their credit union debit or credit card, the credit union and SaveAround announced.
With Deal of the Day, which Visions FCU launched in January, members can register their email addresses on the credit union’s website to receive deals, purchase them directly through the website, and print coupons to redeem with merchants.
Members are not required to use a credit union payment card to purchase deals, but a screen within the program encourages them to do so, Visions FCU said. The credit union said it hopes the program will lead to an increase in interchange revenue.
SaveAround President Luke Stanton said Deal of the Day helps financial institutions advocate for payment card usage as well as local merchant sales.
“We promote for customers to pay for the deal with their financial institution branded card, but we also request that the customer pays with the same card at the merchant establishment,” Stanton said. “This way, the program helps promote brand awareness, local merchant coalition, and a highly competitive discount program isolated exclusively for the credit union or bank.”
Founded in 2009, SaveAround said it manages thousands of merchant relationships to bring discounts to consumers. It also produces an annual coupon book, which can be sold by various groups as part of SaveAround’s fundraising program.