Rewards have been a fundamental element of credit card marketing for almost as long as credit cards have been around. And today, leading providers dish out a plethora of bonuses, rewards and offers for new cardholders who sign up, to encourage loyalty and, sometimes to encourage existing cardholders to refer friends and family.
It’s fair to say that credit card holders now simply expect rewards, and that’s because their credit card companies have taught them to expect perks and benefits all through their customer lifecycle. In this respect, credit card brands that use rewards as part of a referral program to tap into the advocacy of their satisfied customers are ahead of the game by offering referral bonuses to acquire good new customers at a fraction of the cost of other marketing channels.
So, what exactly is a credit card referral bonus? Well it’s a little thank-you gift from credit card companies for taking the time and making the effort to introduce friends or family to apply for a specific card. It usually involves sharing a unique referral link or code, and provided the referred-in friend gets accepted by the credit card company, the referrer gets a reward.
Now when we get into the nitty-gritty, these bonuses can range anywhere from $10 to $500 in cash, points, or miles. Although there’s usually an annual cap on the amount of referrals a customer can make in any year, you’ll see in the examples below that rewards are often increased with seasonal offers.
And, when you consider that the business case for referral is clear, with many global brands having built their businesses on the back of referral, and with recent research confirming that referred-in customers are not only more valuable in their own right, but are also more likely, in turn, to refer in more new customers. Then it’s no wonder that credit card issuers are increasing looking to referral as a customer acquisition channel. Our recent Referral Codebreakers research showed that eight out of ten respondents said that they expected to be able to refer their favorite brands and our Reward Revolution research found that 95% of respondents had referred a friend at least once in the past year.
To help you navigate what’s possible for your credit cards, here’s a list of the current referral programs detailing the referral bonuses offered by leading credit card issuers around the globe.
Chase
Chase Bank, officially known as JPMorgan Chase & Co., is one of the largest and most well-known banking institutions in the United States. As a multinational banking and financial services provider, it offers a wide range of services catering to individual consumers, small businesses, corporations, and institutional clients.
Chase offers a number of referral programs for its credit cards, including the Chase Freedom® Flex card, the Chase Sapphire Preferred® Card, and the Chase Sapphire Reserve® Card. The reward structure is different for each product line, for example, Chase Freedom Flex Referrers can earn up to $500 in cash back per year, that’s $50 cash back for each friend who gets approved. There is no explicit reward for the referred-in customer. For all other product lines the reward is bonus points.
Citibank
Citibank, a subsidiary of Citigroup Inc., is a global financial institution offering a broad spectrum of banking and financial services. Established over two centuries ago, Citibank has grown into one of the world’s largest and most recognized banks, operating in over 160 countries.
While Citibank USA’s credit card referral program appears to be currently inactive at time of writing, Citibank SG (Singapore) offers referral programs for its credit cards. The referred-in friend has a range of welcome offers based on the product they choose, including cashback, points and flyer miles. The referrer is also incentivized with S$150 cash for every successful referral.
American Express
American Express, commonly referred to as Amex, is a multinational financial services corporation recognized for its credit card, charge card, and traveler’s check businesses. Founded in 1850, American Express has grown into a global institution offering a wide array of financial products and services. Amex is well known for its range of credit cards catering to various lifestyles and needs. Their cards offer benefits such as travel rewards, cash back, premium perks, and exclusive access to events and experiences.
Amex offers a referral program for its credit cards, such as the American Express® Platinum Cashback Everyday Card, the American Express® Gold Card, and the American Express® Platinum Card. This program is available for existing Amex customers only and referrers can earn up to a maximum of 90,000 Avios, Membership Rewards, Nectar points or bonus points per calendar year and a limit of to $/£150 cashback per calendar year. The new customer must be approved for their credit card and the Amex Basic Card is not an eligible product. The referral program rewards are constantly changing, however the current referrer reward is 15,000 Membership Rewards points each time a friend applies and is approved for the Amex Platinum card through a referral link, and 10,000 if it’s the Amex Everyday card. You’ll also find the program operating in the France, UK and Spain
Discover
Discover Bank is an American financial institution that operates primarily in the United States. It is widely recognized for its credit card services, offering a range of credit card products with unique features such as cashback rewards, no annual fees, and competitive annual percentage rates (APRs). While primarily focused on the U.S. market, Discover has gained prominence for its customer-centric approach and innovative credit card offerings.
Discover Bank offers a referral program that allows referrers to earn Statement Credit rewards by referring friends who are approved for a Discover credit card. Both the referrer and the referred-in friend receive Statement Credit once they make their first purchase within three months of opening a new Discover account. Referral rewards range from $50 to $100, and the maximum annual referral amount is specified in individual offers. The friend referred-in must apply using the provided link and make a purchase within the specified timeframe. Referrers can earn up to $500 in Statement Credit per calendar year, and the offer is not available for existing Discover cardmembers.
Capital One
Capital One is a diversified bank operating primarily in the United States, known prominently for its extensive range of credit card products. Renowned for user-friendly credit card options, Capital One offers diverse rewards programs, including cash back, travel rewards, and no-annual-fee cards. Apart from credit cards, Capital One provides banking services, loans, and savings products to its customers, catering to a broad spectrum of financial needs.
Capital One offers a variety of referral programs for its credit cards, including the Capital One® Venture® Rewards Credit Card, the Capital One® Spark® Cash Plus Business Card, and the Capital One® Quicksilver Cash Rewards Credit Card. The Capital One referral reward structure is behind the logged in area and differs depending on the product of the new customer.
Advanzia
Advanzia Bank, headquartered in Luxembourg, is a European online bank that specializes in credit cards and payment solutions. Founded in 2005, Advanzia offers credit cards with various features, including cashback rewards, travel insurance, and other benefits tailored to different consumer needs. The bank primarily operates in the credit card market, focusing on no-fee credit cards and flexible credit card services across Europe, specifically in Luxembourg, Austria, France, Spain, and Italy. They provide services that range from classic credit cards to specialized cards for travel, shopping, and rewards programs.
Advanzia Bank is recognized for its straightforward online application process and its customer-centric approach, offering financial products that cater to diverse consumer preferences. The bank’s emphasis on no-fee cards and value-added services has positioned it as a competitive player in the European credit card market.
Advanzia’s referral program is available across Austria, Italy, Spain, and Germany, and rewards for the referrer and new customer come in the form of card credit. For example, the Advanzia Germany program offers customers €80 credit for each successful referral, and the new customer will get the same on their new credit card. The program can be found behind the account area.
RBC
RBC (Royal Bank of Canada) operates as a leading financial institution primarily in Canada, offering a wide array of banking and financial services. RBC is recognized for its comprehensive credit card lineup, encompassing travel rewards, cashback, and premium cards. Their credit cards often come with exclusive benefits, including travel insurance, rewards programs, and competitive introductory offers. Alongside credit cards, RBC provides an extensive suite of banking services, investment products, mortgages, and insurance, serving a broad range of customer needs across Canada and internationally.
RBC offers a referral program for its credit cards, allowing referrers to earn up to 50,000 RBC Rewards points for each friend referred who opens an eligible RBC Royal Bank credit card. To qualify, the referred-in friend must be new to RBC, apply for an eligible card within 90 days of clicking the referral link, and make a purchase within 90 days of opening their account. The program can be found in the account area under ‘Refer a Friend’ and terms can be found here. The referral bonuses vary based on the card type, ranging from 20,000 points for a RBC Rewards Visa, to 50,000 RBC Rewards points, for an Avion Rewards Visa.
TD Bank
TD Bank operates as a prominent financial institution in North America, providing a wide spectrum of banking and financial solutions across various regions. In addition to its renowned banking services, TD Bank offers an array of credit cards with diverse benefits, including travel rewards, cashback, and points programs. These credit cards often come with perks such as travel insurance, exclusive rewards, and introductory offers, catering to diverse financial needs.
TD Bank provides a very basic referral program for its credit cards, that requires the referrer to download a PDF, fill it in and take it to a branch. Successful referrals can earn up to 25,000 Aeroplan points for each friend referred who successfully applies for an eligible TD Credit Card. To qualify, the friend must be a new TD Cardholder, apply for an eligible card within 90 days of clicking the referral link, and make a purchase within 90 days of opening their account. The referral bonuses vary based on the card type, ranging from 5,000 Aeroplan points to 25,000 Aeroplan points for the Aeroplan Visa Infinite Card.
Scotiabank
Scotiabank, also known as The Bank of Nova Scotia, operates as a major financial institution in North America, serving millions of customers globally. Renowned for its comprehensive financial services, Scotiabank offers a diverse lineup of credit cards tailored to various needs, such as travel rewards, cashback, and premium cards. Their credit cards often come with exclusive benefits, including travel insurance, rewards programs, and competitive introductory offers.
Scotiabank provides a referral program for its credit cards, allowing referrers to earn up to 50,000 Scene+ points for each friend referred who successfully applies for an eligible Scotiabank credit card. To qualify, the friend must be a new Scotiabank customer, apply for an eligible card within 90 days of clicking the referral link, and make a purchase within 90 days of opening their account. The program can be found in the account area under “Refer a Friend.” Referral rewards vary based on the card type, ranging from 5,000 Scene+ points to 50,000 Scene+ points.
PC Financial
PC Financial operates as a financial services provider in Canada, offering a range of banking and credit card services to its customers. As a part of President’s Choice Financial, PC Financial provides credit cards with unique benefits, such as PC Optimum points, cashback, and rewards programs. These credit cards cater to various needs, offering exclusive benefits and competitive rewards to cardholders.
PC Financial offers a referral program for its credit cards, enabling referrers to earn up to 20,000 PC Optimum points for each friend successfully referred, provided they are approved for an eligible PC Financial Mastercard. To qualify, the friend must apply for an eligible card within 90 days of clicking the referral link and make a purchase within 90 days of opening their account. Referral rewards range from 10,000 to 20,000 PC Optimum points based on the card type, such as the World Elite Mastercard or the No-Fee Bank Mastercard.
BBVA Spain
BBVA, Banco Bilbao Vizcaya Argentaria, is a major Spanish financial institution founded in 1857. It offers a wide range of banking services in Spain, emphasizing digital innovation to enhance customer experience. Beyond Spain, BBVA has a strong presence in Latin America and focuses on sustainability and social responsibility, particularly in environmental initiatives and community development.
Through BBVA’s plan amigo existing customers can earn up to €350 directly into their account, €35 for each successful card referral, up to 10 friends. In order to qualify the friend must, Open a Fee-Free Online Account through the referral code, make a purchase with their new card of at least €35. Once completed the refer and friend will both get rewarded €35 in account credit.
Vanquis Bank
Vanquis Bank, is a UK-based financial institution that is part of Provident Financial plc, established in 1880, headquartered in Bradford, England. The bank primarily provides services in credit cards, loans, and vehicle finance, operating under its Vanquis and Moneybarn brands. A distinctive aspect of Vanquis Bank’s operations is its dedication to serving clients with less-than-perfect credit histories, typically those who have been unable to secure credit from traditional banking sources.
The Vanquis Bank referral program is exclusively for existing cardholders and can be found in the account area. It offers £25 credit to both the referrer and the new cardholder for each successful referral. Participants can make unlimited referrals, though referral rewards are capped at £250 per year. Applications must be via a dedicated link in the Vanquis Banking App, the new cardholder must be approved and activate their account, and make at least one transaction within 90 days. Rewards are credited within 45 working days of the new cardholder’s first approved transaction.
Crédit Mutuel
Crédit Mutuel is a prominent French cooperative banking group, ranked among the top five banks in France. It boasts a substantial customer base exceeding 30 million, a testament to its significant presence in the French banking sector. The group has been recognized for its excellence in banking, having won several prestigious awards. It was named “The World’s Best Banks Award” for the sixth time by Global Finance and awarded the “Best French banking group” for the ninth time by World Finance.
Crédit Mutuel’s referral or ‘parrainage’ program is available to its French customers and has the interesting addition of a tiered reward system. For a successful referral, their customers can receive a giftbox or giftcard of a €120 value. The gift box offers a choice of a gourmet, exotic, adventurous or relaxing experience for two with over 11,150 choices. Giftcards are valid at more than 90 partner brands, and more than 10,000 stores and websites. After three referrals, customers can earn a multi-sponsorship offer in addition to initial gifts: a “theme park” Smartbox worth €250.
Are you ready to bolster your credit card marketing strategy with referrals? . If so, let’s talk, our team of experts is just a conversation away.