One Card Users Earn Best-Ever $1.2 Million Rebate Payout

The CFC and NCSC U.S. Bank One Card program continues its record-setting run, topping the million-dollar mark in rebates for the most recent plan year, which concluded August 31. The 409 users earned a collective rebate of $1,236,022.

“This was an amazing year for the program. We saw a 35 percent increase in the rebate total—smashing the previous record for the largest payout ever,” explains One Card Program Manager Amy LaVigna. “Thanks to the great rebate terms we’ve negotiated with U.S. Bank, we’re able to put thousands of dollars back on the books for CFC and NCSC members.”

CFC staff will be distributing the rebates—prorated based on card use—in late October. Most systems will receive their payment via ACH, or automated clearinghouse, while those not signed up for ACH will get a check.

Users Far Exceeded Spending Goals

To earn a rebate, One Card had to generate an aggregate, annual charge volume of at least $20 million with an average transaction size of at least $100. The portfolio far exceeded these requirements—more than $73 million in charge volume and an average transaction size of $217.

“Electric cooperatives are increasingly turning to the card for fleet purchases and fuel use, and are raising monthly credit limits and adding subsidiaries,” LaVigna explains. “Beyond the rebate opportunity, One Card is popular for its fraud protections and user-friendly online and mobile tools to manage individual accounts.”

Why Co-ops Are Using the Card

The One Card allows systems to streamline the entire purchasing process by combining authorization, tracking, payment and reconciliation of purchases. The program:

• Eliminates processing costs,
• Reduces paperwork,
• Streamlines purchasing procedures,
• Customizes to fit department purchasing activities and
• Helps cooperatives better manage their expenses.