TUSTIN, Calif. — SchoolsFirst Federal Credit Union has launched a limited-time credit card rewards promotion offering increased rewards on gasoline and electric vehicle charging purchases after seeing a sharp increase in members’ fuel spending, the credit union said.
The $37-billion SchoolsFirst FCU said average credit card spending on gas has increased 15% year over year, three times the 5% growth recorded for overall non-gas spending.
Approximately 77,000 members use a SchoolsFirst FCU credit card for gas purchases each month, representing 28% of the credit union’s active members, according to SchoolsFirst.
How Program Works
Under the promotion, eligible existing cardholders and members who open a new eligible SchoolsFirst FCU credit card can earn either 5% cash back or five times the normal points, depending on the card product, on qualifying gas and EV charging purchases.
No registration is required, and new cardholders are automatically eligible, the credit union said.
Rising Expenses
“Our members continue to face rising everyday expenses, and transportation costs remain an important part of household budgets,” said Amy Hsu, senior vice president of payments and fraud. “We’re seeing Members spend more on gas than they did a year ago. This promotion is one way we’re helping put a little money back in their pockets on purchases they’re already making.”
SchoolsFirst said the promotion is also part of its broader effort to offer credit cards with competitive rates and rewards for everyday spending.
