Companies, such as Geico and Bank of America, are offering consumers additional privileges and benefits as a way to revamp their relationship.
These benefits include wallet-friendly deals to help stand out in a competitive market. Here’s a glance at the value and perks of two programs.
Geico ~ The Gecko Has More Money To Save
“You could save $500 or more on car insurance,” quips Geico’s famous little gecko.
Ever dream about what you would do with the money saved from switching car insurance carriers? Geico Privileges helps take the guesswork out of how to save money on more than just car insurance with limited-time, special deals from popular retailers like AMC Theaters, Adidas, and Best Buy.
Surprisingly, you don’t have to be a Geico customer to sign up for Geico Privileges, and its FREE. Anyone can go to the website, go through a simple sign up process, and immediately start browsing the online and in-store coupons from dozens of retailers. Some stand-out deals available now include 35% Off AMC Entertainment theaters ($6 movie tickets!), 25% off all flowers at FTD.com (Mother’s Day is coming up!), and up to $100 rebate at Hotels.com.
All in all, it’s an easy-to-navigate, money-savings site with good offers in a variety of categories. It’s also a huge plus that absolutely anyone can access the program. However, Geico Privileges doesn’t quite measure up to other websites offering shopping steals. Geico Privileges doesn’t have the expansive selection that SlickDeals.net has, or the million-member community forum that FatWallet.com boasts. The hardcore bargain hunters may not be all too impressed by the gecko. Geico Privileges’ biggest impact will likely be with current, Geico-loyal customers, who can appreciate the extra savings their insurance carrier goes out of its way to provide.
Bank of America ~ How “Add it Up” Stacks Up
Another noteworthy company effort to reward customers is Bank of America’s Add It Up Program, which offers BofA customers cashback incentives up to 20% when shopping with a BofA debit or credit card at popular retailers like iTunes and Saks Fifth Avenue.
Just how much can this program add up? Let’s say you buy a pair of $30 headphones at the Apple Store with 4% cashback through Add It Up, you’ll get a little pocket change of $1.20. Sign up for Netflix and you’ll get $15 off. If you spring for something expensive like a new, $1,200 refrigerator at Sears.com with 6% cashback, that’s a nice $72 cashback reward.
Add It Up will decently “add up” if you shop regularly at particular retailers or are looking to make a big ticket purchase online (although how often do you buy a refrigerator online?). Otherwise, you might be better off looking for better deals and wider selection at Amazon.com.
Worthwhile Or Whatever?
Both of these programs are doing a little recession-proofing by showing you benefits and privileges, just for being a customer. Getting more, whether its discounts or cashback, beyond the product is always a feel-good incentive. But as far as acquiring new customers, it’s a toss-up whether it’s really worth it for someone to become a BofA customer if they don’t stand to earn much cashback or find deals elsewhere online, or go the extra mile to switch to Geico Insurance if they can join Geico Privileges regardless. On the bright side, a customer who is saving more money is always a happy customer. Bank of America and Gieco are savvy enough to go the extra mile for customers; we will see if more companies follow in their footsteps.
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