One Card Users Nearly Double Last Year’s Largest-Ever Rebate

For the first time ever, the annual CFC U.S. Bank One Card rebate has topped the $2 million mark. The 450 CFC and NCSC users earned a collective rebate of $2,418,914—surpassing the 2021 best by nearly $1.2 million—for the most recent plan year, which ended Aug. 31. 

“The record-breaking rebate can be attributed to the renegotiation of our contract with U.S. Bank in 2021, proactively raising members’ limits and adding many new members to the program all led to members more than doubling their charge volume,” One Card Program Manager Vicki Reeves said. “We are always looking for ways to increase value for our members while providing them the products and services they need, when they need them.” 

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 $120. The portfolio continued to significantly exceed these requirements with annual charge volume of more than $176 million, a $113 million increase from the previous plan year.