Ricker's Rewards Takes a Swipe Out of Interchange Fees

The Ricker's Rewards Club card is a hit with consumers, with more than 100,000 cards flying off store shelves.

April 03, 2012

INDIANAPOLIS - The Indianapolis Star earlier this week highlighted the efforts of Anderson, Indiana-based Ricker Oil Co. to avoid the cost interchange fees.

Through its Ricker??s Rewards Club card, Ricker customers earn a 10-cents-a-gallon discount on their gasoline purchases, a heavy payment incentive for motorists at the company??s 45 Indianapolis-area BP stations.

For Ricker, the card is linked to customers?? checking accounts, not credit cards. Therefore, it company avoids paying burdensome interchange fees on each qualifying transaction.

The program has been overwhelmingly popular, a win-win for Ricker??s customers and Ricker.

"We have given out the first 100,000 cards and placed an emergency order for more," said Ricker Chairman Jay Ricker. "We're just giving those bank fees back to the customers."

Advertisement
Advertisement
Advertisement