FIS, the credit and debit card processor for the majority of card-issuing credit unions, is adding some merchant-funded rewards to its existing ScoreCard rewards program.
Merchant-funded rewards have gained in popularity among debit card issuers in particular as they have sought ways to cut the costs of card incentive programs in face of a looming debit interchange cap.
The new part of the ScoreCard program, which Jacksonville, Fla.-based FIS has dubbed ScoreMore Rewards, repays cardholders for using their credit and debit cards at certain national, regional and local retailers. The card-issuing financial institution will also be able to earn rewards when its cardholders use their cards with those retailers, the processor said.
"We are very excited to be launching the ScoreMore Rewards loyalty program," said Frank D'Angelo, executive vice president, FIS Payment Solutions Group.
"The Durbin Amendment has made it very difficult for financial institutions to offer loyalty programs to their customers due to the reduction of interchange revenue. The new ScoreMore Rewards program takes the burden of offering a loyalty program off the shoulders of the financial institution and provides them with the means to offer a new and exciting program for their customers – all at no cost to them," D'Angelo said.
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