A report from Bond Brand Loyalty states that Canadians have more than $16 billion worth of unredeemed loyalty points. Why aren’t people using this seemingly “free money” anymore? The short answer is, the points have been devalued to be worth a fraction of what they were. For example, traditional credit card catalogs with marked-up items and overpriced flights aren’t attractive to customers anymore. We live in a time where it is easy to find more affordable flights and products online, letting good points go to waste. Brim Financial has taken notice of this shift in consumer’s expectations and has developed a different loyalty points strategy.
What Brim Financial has learned is that consumers like having the freedom to choose. Rasha Katabi, founder and CEO of Brim Financial, was determined to give cardholders the ability to redeem points whenever and however they like. “We allow cardholders full flexibility to use their points without restrictions,” she said. When a customer wants to redeem points, they simply put those points toward a particular transaction. This allows cardholders to find the best deals at fair market value, not being forced to choose from a limited catalog.
To make Brim’s redemption policy even more attractive to consumers, there are special bonuses that further increase the value of points. When Brim customers choose offers in the Brim Marketplace, they get exclusive deals from brands they use every day. Brim is currently rolling out a redemption offer with Uber Eats, where points are worth more than cash. And better yet, a user’s points never expire. So that trip you’ve been saving up your hard-earned points for? You can actually use them rather than letting them expire.
So much has changed in the way we now utilize our financial tools, and yet, many credit cards are stuck in the past. Brim Financial is charging forward on revolutionizing the credit card and its value to consumers and businesses.