Seeing a “huge opportunity” in the cash market, American Express Incentive Services introduced yesterday its newest stored-value product, the IncentiveFunds Select Card.
Intended as both a consumer and trade premium, especially for spot rewards, IFC Select is AEIS’ latest form of “electronic cash,” and can be redeemed for merchandise wherever American Express is accepted, or it can be cashed in at ATMs.
“The utility is fantastic,” Darryl Hutson, CEO of AEIS, said.
The new card, which can be custom imprinted with company logos or other art, comes pre-denominated in increments between $25 and $100, or in a custom denomination.
IFC Select is the pre-denominated form of the IncentiveFunds Card, which is reloadable. The AEIS portfolio includes four other card programs, each with rechargeable and pre-denominated versions. Be My Guest cards provide restaurant rewards; Preferences cards are destination or merchant-specific; Persona cards may be redeemed with top merchants and travel suppliers; and Compass cards work wherever other American Express cards are accepted. American Express Gift Checks are the company’s remaining paper-based reward.
“One size does not fit all,” Hutson said. “We work to make sure the right reward can be delivered.”
AEIS is supporting the launch in the U.S. with a direct mail campaign to its corporate clients, as well as including the new card in its holiday offerings. Launches in Canada and the U.K. are being evaluated. Hutson said the IFC Select should constitute 5% to 7% of AEIS’ card business in its first year, and by its third to fifth year he expects it to contribute 15% to 20% to overall AEIS revenues.
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