Catalyst News

Fuel Up with the Newest BaZing Rewards Checking Benefit

by Catalyst Corporate | Mar 30, 2021

Imagine your members going to the pump and getting cheaper gas every single month. Think they’d value your credit union for helping make that happen?

Inspired by popular grocery store programs, StrategyCorps’ new BaZing Fuel program takes fuel rewards to a new level. Credit unions can offer checking accounts that help members save money when they visit any participating Shell station – all while driving their organization’s financial goals in a member-friendly way. BaZing fuel rewards can also help credit unions:

  • “Rev up” recurring revenue
  • Increase interchange income
  • Put a premium on primacy
  • “Drive” deeper consumer relationships

Gone are the days of free toasters and t-shirts – BaZing Fuel offers members the reward that means most to them: instant cash back at the gas pump at participating gas stations around town and across America.

Don’t just take our word for it. A 2019 Cornerstone Advisors survey of 2,506 U.S. consumers with a checking account and smartphone reveals fuel rewards are the “rewards currency” consumers genuinely crave.

Why are Credit Unions “filling up” on BaZing Fuel?

Simply put, the attraction is powerful. Savings are significant enough that more than half of consumers surveyed admit they’d be willing to change current payment behaviors and disrupt their daily routines to save.

Here’s just a taste of how fuel rewards are “driving” today’s consumer behavior:

  • 84 percent of consumers surveyed are aware of fuel rewards programs and how they work
  • 56 percent of them said they’d pay with a debit card instead of credit to save 10 cents per gallon on gas
  • 48 percent would drive five minutes out of their way to save 10 cents/gallon

No other rewards checking program can deliver the true ROI of BaZing Fuel to your credit union and its members. And, as more of your members return to the brick-and-mortar workplace, they’re filling their tanks more often – close to weekly pre-pandemic levels.

Ready for engagement improvements your credit union really needs?

There’s a reason BaZing Fuel is tied to debit card usage – it’s the best way to boost Americans’ collective 227 million daily debit transactions, said StrategyCorps partner Dave DeFazio.

“After all, the more BaZing Fuel can impact consumer behavior and payment choices, the more interchange income your credit union can realize – and the more engaged and brand-loyal your members will be,” he said.

One key advantage of the BaZing Fuel program is that learning the ins and outs of fuel rewards is incredibly easy. Once a member activates BaZing Fuel, they’ll receive their first fuel reward. Then, they’ll earn more rewards after just 15 qualifying debit card swipes each month (with additional swipes rolling over into a “rewards bucket” that holds excess swipes until consumers can redeem them for more rewards currency).

“Unlike other rewards programs, which require consumers to meet a lengthy list of qualifications, BaZing Fuel allows your members to earn rewards without having to shop at certain stores or purchase specific items,” DeFazio said. “All they have to do is use their linked debit cards for everyday purchases, which earn BaZing Fuel rewards, which help them save at the pump at participating Shell stations nationwide. It really is that easy for members.”

It’s also easy for the credit union. No core processor interfaces are necessary to calculate, issue, and redeem the rewards.

“And – unlike other debit card points programs – you don’t pay any redemption costs. We do,” StrategyCorps’ DeFazio said. “That means no points to carry on your balance sheet.”

Take BaZing Fuel for a test drive

BaZing “Fuel-ed” debit card activity has already proven to increase member engagement while boosting primacy, interchange income and replacement revenue at credit unions just like yours. When you’re ready to boost member engagement through incentivized checking account rewards, while kicking your replacement revenue and wallet share metrics into high gear, fill up on BaZing Fuel.

To learn how Catalyst Corporate’s BaZing Rewards Checking Program can help your credit union live life in the fast lane, contact us today.