Prizeout announced the launch of its Credit Card Rewards program Wednesday, completing its CashBack+ ecosystem. The expansion integrated CashBack+ Offers, CashBack+ Actions, CashBack+ Pay and credit card transactions into a single rewards platform, providing credit unions with a fully integrated solution to manage member rewards.
With this launch, all member rewards will be combined into a single CashBack+ balance, which is accessible within the credit union's digital banking platform. Members can view and redeem rewards in one place, and credit unions can customize the program to fit their strategies and member needs.
"This launch represents a major milestone for both Prizeout and our credit union partners," David Metz, founder and CEO of Prizeout, said. "We've now created a comprehensive rewards platform that not only delivers real value to members, but also empowers credit unions to compete head-to-head with the largest banks, fintechs and credit card reward companies."
The CashBack+ Credit Card Rewards program will allow members to manage rewards within their existing online banking rather than a separate portal. Rewards will be issued as cash instead of points, and credit unions can set their own cash back percentages and categories.
The program will also allow members to earn cash back on all purchases and access rewards directly within online banking, without additional logins or apps. Credit unions can customize the program to align with their goals, support card adoption, increase digital engagement and generate non-interest income, Prizeout said.
United Financial Credit Union ($342 million, Saginaw, Mich.) and Redstone Federal Credit Union ($8.4 billion, Huntsville, Ala.) were the first to launch the new Credit Card Rewards program.
"Our partnership with Prizeout allows us to deliver a rewards experience that rivals anything the biggest banks can offer, while keeping it personal and familiar for our members," Sarah Vasey, COO at United Financial, said. "We've offered credit cards before, both in-house and through outside providers, but bringing this program back under our own roof lets us control the member experience. The biggest selling point for us was having rewards integrated directly into our online banking platform. Our members already use and trust that space, and now their cash back rewards are right there – simple, transparent and part of their everyday banking experience."
Prizeout was founded in 2019 and is headquartered in New York City.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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