Payment Industry Insider

I’m not sure how they are able to pull this off but Chrysler, Dodge and Jeep are promoting a $2.99 gas guarantee. If you register a valid Visa or MasterCard and purchase a new vehicle in the promotion time period, they will insure that you never pay more than $2.99 per gallon for gas.

From the Chrysler Let’s Refuel America website:

Here’s how it works:

1. When you buy a qualifying new 2008 or 2009 (Dodge/Chrysler/Jeep vehicle) you tell [Chrysler] the Visa or MasterCard credit card you use to pay for your gas.
2. [Chrysler] issues you a Let’s Refuel America card that you will use to buy gas in each of the next three years*.
3. Each time you buy fuel with that card, your credit card will never be charged more than $2.99/gallon – no matter what the pump price may be.

Not only is this a great promotion to help sell cars but it could be a way for you to increase your members’ card activity (and your interchange income) in the process.

There are variations of this same program that you could implement without the help of a major car manufacturer like:

1. Offering a lower interest rate on gas purchases
2. Run a cash back on gas purchases campaign
3. Give extra reward points for gas purchases
4. Go green and offer a lower interest rate for anyone who purchases a fuel efficient or hybrid vehicle on their card

What other unique options can you think of that will help boost your members card activity?

Hat tip to Bruen/Bensley credit union blog for pointing this out!