Power Points Rewards

It's easy to earn rewards

Power Points GraphicWouldn't it be great to actually be rewarded for banking with SIU Credit Union? Surprise - you do!

As a credit union member, you are automatically enrolled in the free Power Points Rewards program. And it only gets better from there.

Earn points on the checking, savings, certificates, loans, and services you already use. The more you use SIU Credit Union, the more you are rewarded! These valuable points can be redeemed for loan discounts, certificate premiums, or gift cards. How you use your points is up to you!

Click here to download the details on our Power Points Rewards Program.

Earn points everyday.

You earn Power Points just by using the products and services available from SIU Credit Union. There’s a variety of ways to earn points: keep a balance in your deposit and loan accounts, add new products, use select services such as E-Statements, or make signature-based VISA® debit card transactions. Login to online banking to see your point balance.

Redeem points anytime.

You’ve earned those points, now put them to good use! A variety of rewards are available. You can use your points for gift cards from a variety of local and national merchants, consumer loan rate discounts up to 0.50% APR*, certificate premiums up to 0.10% APY**, or free checks. Simply make your request through online banking or speak with a Member Service Representative to get started. 

Power Points Rewards

Redeem Points for Gift Cards

Merchant Gift Cards
SIUCU Visa Gift Card
$5 = 4,000 points $10  = 5,500 points
$10  = 6,800 points $25 = 13,500 points
$25 = 15,000 points $50 = 26,000 points
$50 = 30,000 points $75 = 38,000 points
$100= 58,000 points $100= 50,000 points
  $200= 100,000 points


Redeem Points for Discounts 

Loan
Discounts
Use your points for one discount on any new eligible loan. Enjoy a .25% or .50% discount on your interest rate.
   
Certificate Premium Receive a higher dividend rate on your certificate.
   
Gift
Cards
Use your points for gift cards from a variety of local and national merchants. For an up-to-date list, click here.

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Power Points Frequently Asked Questions

Earning Points

How do I earn points?
There are four ways to earn Power Points:  account balances, new products, services and transactions. 

Account Balances
You will earn points in a variety of ways.  First of all, you will earn points each month for the average daily balances you have in your deposit and loan accounts. Points are added to your points total on the first day of the following month.  (First mortgages and VISA Credit Card balances are excluded from earning Power Points.)

New Products
You will earn points when you add select products to your account.  Click here for a current list of new product point rewards.  These rewards are added to your points total within two days of the day you sign up for the new product.

Services
You will earn points when you use select services such has online banking, bill pay and e-statements.  Click here for a current list of services that earn monthly points.

Transactions
You will earn points for signature-based VISA debit card purchases at merchants and online.  This is an easy way to earn points daily and quickly.  See What are VISA debit card signature-based transactions in this section for a description.

Do my points expire?
No.  As long as you are a member in good standing with SIU Credit Union, you will be able to redeem your Power Points, regardless of when they were earned.  We encourage members to save their points to get bigger rewards.

What are VISA debit card "signature-based" transactions?
Signature-based VISA debit card transactions are those in which you make purchases at merchants and provide your signature on a transaction slip.  You do not use your PIN to complete the transaction.  Simply request that the transaction be processed as a "CREDIT" transaction rather than a "DEBIT" transaction. 

Debit transactions require a PIN while credit transactions require a signature.  At some merchants, CREDIT transactions under $25.00 do not require a signature, but will still earn points.  Online purchases also earn points when using your VISA debit card.

If I have more than one loan, will I earn Power Points for all of them?
Yes!  You will earn Power Points for all new consumer loans over $2,500.00 when you first add them to your account.  Then, your loan balances will earn points every month based on your average daily balances.

How can I find out how many Power Points I have?
The best way is to go to Online Banking at www.siucu.org and click on Power Points Reward under the Services menu option. Please turn off your pop-up blocker to allow this page to open.

There, you will find your Power Points total and a summary of all Power Points earned and redeemed.  You may also request to redeem points as well as transfer points to another member. 

Furthermore, a summary of your Power Points activity will appear.  You will also see a summary of your Power Points on your monthly account statement.  If these methods are not convenient for you, our staff members will be glad to help you out!

How do I sign up to participate in the Power Points program?
You don't.  All members are automatically enrolled!

Is there any cost to participate in Power Points?
No!  It is completely free.

Rules and The Points System

How will I receive information about my Power Points activity?
All monthly statements include a summary of Power Points activity.  This includes the number of points earned and redeemed during the month.  You can also log in to Online Banking at www.siucu.org to view detailed information about your Power Points.  

What is a "pending request"?
When you make a request to redeem some of your Power Points, the request is entered into the Power Points system.  One of our staff members will then review the request and approve the redemption. 

The request is "pending" until the approval takes place.  In most cases, it should take no more than two business days to review and approve your requests.  Once it is approved, an email will be sent to you to confirm the redemption. 

Can my request be denied?
If you have enough Power Points for the redemption and are a member in good standing, your request will be approved.  If however, you do not have enough points to fulfill the request, your account is overdrawn, you have delinquent loans, or your participation has been suspended you will not be able to redeem your points.  Your request will be rejected.  An email will be sent to you to notify you of this situation.

What is the difference between my Balance and my Available Balance?
Available Balance shows the amount of points you currently have minus any pending Power Points redemption requests.  Balance does not subtract points for requests until the reward is actually approved and the points are deducted from your account.  For example:

You have 20,000 points and request to redeem 6,800 for a $10 JCPenney gift card.  Your Available Balance is 13,200 but your Balance is 20,000 because the request has not yet been approved by the Credit Union.  When the request is finally approved, your Balance will be reduced to match your Available Balance.

When are requests for redemptions actually subtracted from my Power Points current balance? 
Loan, certificate of deposit, gift certificates, travel vouchers, and check order redemption requests occur within two business days.  When you request to redeem points for a new loan or certificate of deposit bonus rate, points are subtracted when the new loan or CD is added to your account.  When you request to transfer points to another account, points are subtracted immediately from your account and added immediately to the other account.

What is "Average Daily Balance" and how is it calculated?
This is a specific method of determining the average balance on an account or loan for the month.  To get the average daily balance, add the balance in the account at the end of each day and divide by the total by the number of days in the month. Power Points awarded for your account and loan balances are calculated using this method.

Can members be suspended from the Power Points Program?  Why?
Yes, generally because an account is not in good standing with the Credit Union. Accounts that are overdrawn or loans that are delinquent will disqualify a member from participation in the program.It's also possible that legal action might have been taken against the account.

Abuse of the Power Points program may result in suspension as well.  However, if you think your rewards program has been suspended incorrectly, please contact Bookkeeping or visit your local branch to have the problem clarified or corrected.

What do I do if I believe a mistake has been made in my Power Points history?
Please notify the Credit Union or visit your local branch to explain your situation.  We will review your account and make the appropriate changes to your points total.

What happens to my points if I close my accounts?
You lose them. The Power Points Rewards program is only for members.  Once you close all your accounts and membership at the Credit Union, you forfeit your points.

Can I transfer my Power Points to another SIU Credit Union member?
Yes, and you can do this yourself from Online Banking!  Simply access the main Power Points screen and select "Transfer Points" under the "Rewards" menu. Alternatively, call the Credit Union or visit your local branch and we can make the transfer for you.

Can I buy Power Points?
No, the only way to earn more points is to do more financial business with SIU Credit Union. We're a full-service financial institution and can meet nearly all your financial needs.

Who can request to redeem points on an account?
Any primary or joint owner of an account who is authorized to withdraw funds and sign checks and - either a borrower or co-borrower on loans can make requests to redeem points.

Rewards

What kind of rewards can I get? There are three kinds of rewards:

Loan Discounts are by far the most valuable reward as they offer you rate options, discounting a new loan from SIU Credit Union!

With Certificate of Deposit premiums, you can earn a higher dividend rate on any of our certificates.  Limit one premium on any particular certificate of deposit. A certificate rollover is considered a new certificate; therefore Power Points may be redeemed for another certificate premium.

Finally, you can redeem points for a variety of Gift Cards varying in value between $5 and $200 from merchants nationwide. We've also thrown Free Custom Checks from Harland Clarke as an option too. 

With this variety, you are sure to find something that is perfect for you! (To ensure that you received gift cards, please verify that your address is correct. Contact us or visit one of our branches to make an address change.)

How do I redeem points?
Once you have selected how you want to spend your Power Points, you may make your request online at www.siucu.org on the Power Points page or you can also contact the Credit Union by phone or visit your local branch.  Our staff will be happy to help you. 

If you choose to spend your points on a certificate of deposit or a new loan, please see our website for the most up-to-date rates and loan type details or speak to one of our Member Service Representatives.

Is there a limit on how many points can I earn?
Yes.  The maximum number of points that can be earned monthly is 500
for each single deposit account (I.e. certficate, savings, or checking) and
1,000 for each single loan (excluding first mortgages, business loans
and Visa balances). Points are computed using the account's average
daily balance, calculated by adding the balance in the account at the end
of each day and divide by tht total number of days in the month. Power
Points awarded for your account and loan balances are calculated using
this method.

Are there any limitations on redeeming points?
Yes. You may only redeem 220,000 points for gift certificates (approximately a $500 value) in a calendar year. This limitation exists so we can best comply with IRS regulations. You may redeem as many points as you want for certificate premiums and loan discounts.

Can I use more than one loan discount reward on the same loan?
No.  Power Points rate discounts are limited to one per loan regardless of the level of discount - whether it's .25% or .50%.

I really love coffee, and I want to redeem all my points for coffee cards. Is there a limit to how many gift certificates of a particular type I can redeem?
No. You're not limited by gift certificate type--redeem as much as you want for any particular gift certificate--but the total redemptions for gift certificates in a calendar year may not be more than 220,000 points ($500 value).  All gift cards are subject to availability.

In the event you select a reward that is temporarily out of stock, SIU Credit Union will contact you with the estimated time the reward will be available. Alternatively, you may redeem your points for another reward if the item you want is not available.

Can I use my points to get a discount on a home loan?
No.  Discounts may not be used on mortgage loans.  However, you will earn Power Points just for choosing SIU Credit Union to complete your mortgage.

Can I use my Power Points to get a better rate on an existing loan?
No.  You are not able to apply a rate discount for a loan that is already in existence.  A change in the rate would require a new loan and loan contract. 

If I sign up for automatic loan payments sometime after closing my new loan, can I still get the 500 bonus points added to my Power Points account balance?
No.  You must sign up for automatic payment at the time you close your new loan.

How do I request two of a single gift card? 
If you're using the SIU Credit Union Online Banking, you need to request two separate rewards. Click on "Gift Certificate" under the "Rewards" menu. This will take you to a screen where you can select the desired gift card.  Enter the quantity of gift cards you would like to request and continue the request.

Can I use more than one certificate of deposit premium on a single certificate at the same time?
No. Limit one "premium" on any particular certificate of deposit.

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Power Points Disclosure

Terms & Conditions as of April 1, 2012 and is subject to change.

ELIGIBILITY

Eligibility for the Power Point Rewards Program (referred to as Program in this document) is automatic for all members who meet the minimum membership share requirement.

There are no fees to participate in the Program.

EARNING POINTS

Click here for details on earning points.

The maximum number of points that can be earned monthly is 500
for each single deposit account (I.e. certificate, savings, or checking) and
1,000 for each single loan (excluding first mortgages, business loans
and Visa balances). Points are computed using the account's average
daily balance, calculated by adding the balance in the account at the end
of each day and divide by that total number of days in the month. Power
Points awarded

Points earned for deposits, loans, E-Statements, Home Banking, and Bill Pay will be awarded on the last day of the month.  Points earned for VISA debit card transactions and checks ordered through SIU Credit Union will be awarded on the day that the transactions post to your Credit Union account.  Points earned for receiving a new product or service (VISA Credit Card, automatic loan payment, new membership, new checking, new consumer or mortgage loan, new money market) are awarded when the new product or service is added to your account. 

REDEEMING POINTS FOR REWARDS

You may request to redeem points for rewards through Online Banking at www.siucu.org, by visiting a branch or calling the credit union at 618-457-3595 or 800-449-7301.

Only the primary member or joint account owner (s) can redeem points.

Points redeemed for loan discounts and certificate premiums are deducted when the discount or premium is applied to the loan or certificate. Points redeemed for gift certificate rewards are deducted when the gift certificate is mailed to you.

Gift certificate rewards are mailed via first class mail to the address we have on file for you at the credit union within one week of your request for redemption. MiStyle e-vouchers are e-mailed to your e-mail address on file at the credit union.

You may only redeem 220,000 points for gift cards (approximately a
$500 value) in a calendar year. This limitation exists so we can best comply
with IRS regulations. You may redeem as many points as you want for
certificate premiums and loan discounts.

All rewards are subject to availability. The credit union may withdraw, change or replace specific reward items at any time.

GENERAL PROGRAM RULES

A summary of point activity is included on your regular account statement. Your detailed point activity is available through Online Banking at www.siucu.org, in a branch office, through the mail or by calling the credit union at 618-457-3595.

Your points do not expire as long as the program is in existence and you continue to meet all Program terms and conditions.  The Credit Union reserves the right to add an expiration period at any time without notice.

You may transfer points (no minimum or maximum) to another member.

The credit union reserves the right to suspend you from the Program (i.e., can not earn or redeem points) if any of your accounts are not in good standing or if you abuse the Program. You will be suspended from the Program automatically during any time period if you have any one of the following:

a. A loan 45 days or more delinquent.
b. A deposit account overdrawn 32 days or more.
c. A deposit account overdrawn $500.00 or more.

You will be automatically suspended if you cause a loss to the credit union or if we  "charge off" your overdrawn account or delinquent loan.  If your membership is closed because of this, you will forfeit any unused points.

For accounts in good standing, you will cease earning points upon the closing of your membership and will have 7 days to redeem your remaining points.  After 7 days, your ability to redeem points will be revoked. 

Under federal tax law, you may be required to report the value of points redeemed as income and should consult your tax advisor for further information.

These Program Terms and Conditions are subject to change at any time.

The credit union reserves the right to cancel or temporarily suspend the Program at any time without notice, which may result in the cancellation of outstanding points.

The terms of this Program are void where prohibited by law.

 

 

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