3/10/10 | 7:39 AM

Measuring the effectiveness of card promotions

What better incentive for a bank to offer than cash?

When MidFirst Bank in Oklahoma needed to increase their mortgage loan production, they looked to Swift Prepaid Solutions for a unique solution to increase the number of loan application appointments.

To differentiate themselves from other lenders, MidFirst offered its existing customer base a $200 prepaid VISA gift card for refinancing an existing loan.

To test its theory before a full rollout, MidFirst sent out 71,000 direct mail pieces. These direct mail pieces generated over 3500 calls, a substantial 5% response rate. When over 1300 of those loan applications attributed to the campaign were closed, MidFirst Bank proclaimed their promotion a resounding success and prepared for a full rollout.

Card programs issued by The
PrivateBank and Trust Company pursuant to licences from Visa USA, Inc. and MasterCard International. Discover programs issued by Swift Prepaid Solutions, Inc..pursuant to a license from Discover Financial Services LLC.