Sprint Discount Program a Big Win for Credit Unions & Members
Thirty-six Northwest credit unions shared more than $200,000 in non-interest income last year, thanks to their participation in the Sprint Discount program. For some participants, the result was a bonanza as high as nearly $24,000.
Feb. 25, 2014
Credit unions and their members won with the Sprint Discount program in 2013. Credit union members received discounts on their monthly phone bills, while credit unions using Sprint’s turnkey marketing materials to promote the program received incentive income.
For 24 credit unions in Washington and 12 in Oregon, the average bonus payment in 2013 was $5,405, though some credit unions received more than $20,000. Checks totaling more than $200,000 were distributed to Northwest credit unions in late 2013.
“We’ve been partnering with Invest in America since 2010, and it’s been a fantastic way to offer our members discounts on products they shop for online,” said Angie Leppert, vice president of marketing for Fibre Federal, which earned more than $15,000 for marketing the program last year. “The Sprint Discount program currently offers our members up to 15 percent off of their monthly service, and they deeply appreciate the significant savings.”
Since the Sprint Discount program began nationally about five years ago, 1.3 million credit union members nationally have saved more than $340 million on Sprint Nextel services, thanks to the discount program offered by CU Solutions Group and Strategic Link. Moreover, 1,688 participating credit unions earned $7 million for marketing the program.
The program is offered by Strategic Link, the Northwest Credit Union Association’s wholly owned subsidiary, and enrollment for 2014 is still open to additional credit unions.
“Through our partnership with CU Solutions Group, the Sprint Program provides our member credit unions with a great opportunity to earn some non-interest income,” said Craig Reed, director of strategic partnerships for Strategic Link, Inc. “The intent is not to put credit unions in the cell phone business, but rather to provide their members with an added benefit by giving them a discount on their monthly recurring bill. In exchange for marketing this program to members, Sprint rewards credit unions with a year-end marketing incentive check.”
The savings for consumers are significant – discounts of up to 10 percent on most monthly recurring charges, waived activation fees on new lines, and waived upgrade fees.
For participating credit unions, the turnkey marketing requirements are easy to follow. Credit unions are asked to meet four requirements:
- Enclose an insert provided by Sprint in one of the credit unions’ quarterly statements sent to members;
- Publish two newsletter articles annually, linking members to Sprint’s website;
- Display Sprint’s marketing materials in branches, utilizing either posters or continuous video feeds; and
- Add a link provided by Sprint to its website.
For more information about leveraging the Sprint Discount program, contact Crissandra Fry at the CU Solutions Group by calling 800.262.6285, ext. 549. For more information about the Sprint Discount and other Strategic Link partnerships, which provide innovation, discounts and efficiencies to NWCUA members, contact Craig Reed or Yuri Jung.
Questions? Contact Lynn Heider: 503.350.2225, [email protected].