In a quest to “add value” in the increasingly competitive prepaid debit card space, NetSpend (Nasdaq:NTSP) is embarking on a cardholder rewards campaign called NetSpend Payback Rewards. As a leader in the General Purpose Reloadable (GPR) prepaid card market for underbanked consumers, NetSpend hopes increase customer loyalty with another tool in their value-added cache of offerings.
NetSpend and their transaction marketing partner Cardlytics, are launching the free rewards program in the first quarter of 2011 and have signed up around 100 national retailers to offer various money-saving rewards to NetSpend cardholders. Those interested in the program can access it via NetSpend’s website and view various merchant offers. Should a cardholder see an appealing offer, they can just click on it and by paying with the NetSpend prepaid debit card they will accumulate reward points viewable on the next month’s statement.
Dan Henry, CEO of NetSpend stated:
“NetSpend Payback Rewards is another great feature for our cardholders and complements our other products including fee online P2P money transfer, free life insurance, free direct deposit and a savings account that offers five percent interest – currently one of the highest in the nation. The speed we were able to deliver this innovative solution is indicative of the value and flexibility inherent in our proprietary processing platform.”
NetSpend offers a wide array of prepaid Visa cards including – Premier Fee Advantage, Fee Advantage and Pay as You Go. NetSpend also carries Premier Fee Advantage MasterCard, Fee Advantage MasterCard and Pay as You Go MasterCard.