One Card Users Earn Largest-Ever Rebate

For the third year in a row the CFC and NCSC U.S. Bank One Card topped the million-dollar mark in rebates. The 438 users earned a collective rebate of $1,248,348—surpassing the 2019 best by more than $12,000—for the most recent plan year, which ended August 31.

“Achieving a record-setting payout despite pandemic-related supply-chain disruptions is a testament to our members’ usage of the program and their commitment to meeting their members’ needs,” One Card Program Manager Vicki Reeves said. “We work closely with U.S. Bank to bring new features and functionality to card users and administrators. There are several new enhancements that should make it easier for administrators to generate and export reports and new Virtual Account Payment Application Programming Interfaces (APIs) that enable partner or client applications to create and manage virtual card payments.”

Rebates Distributed in Mid-November

CFC staff distributed the rebates—prorated based on card use—in mid-November. Most systems received their payment via ACH, or automated clearinghouse, while those not signed up for ACH received a check.

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 continued to significantly exceed these requirements with annual charge volume of more than $63 million and average transaction size of $216.

Enhanced Reporting and APIs to Reduce Fraud Risk and Provide Faster Payment

Earlier this fall U.S. Bank added new reportable fields in Flex Data to give administrators more self-servicing capabilities. Those new fields include Managing Account ID, Secure Email Address, Charge-Off Status, Charge-Off Description, Charge-Off Date, 181+ Days (Amount) and Times Past Due 181+. To ease the process of exporting reports, Microsoft Excel is now the default report output. While the default changed, all of the previous options are available.

“The Virtual Card Payments API will evolve over time and gain new capabilities,” Reeves added. “Today the APIs can reduce fraud risk through account controls set to a specific supplier, provide faster payments to suppliers and minimize operational costs and staff time spent on manual processes.”