Plenti is a new rewards program that will bring in several big brands together to earn and redeem points. This will be a game-changer for American Retail because you will be able to earn points across a variety of merchants. Macy’s, Rite Aid, ExxonMobile, Nationwide Insurance, AT&T and several other brands have all come together to be apart of the first U.S. based coalition loyalty program of its kind with American Express.
There’s no need to use an AMEX card to participate in the rewards program although you can get a bonus of 2,500 points if you sign up for the official card of the program. They are most likely using the same model as used in other countries with Payback rewards program. The program will launch this May and unfortunately there’s no way to sign up yet. I am curious how this will change Macy’s Star Rewards program if any.
UPDATE: The Plenti loyalty program from American Express is now open for enrollment. Head over to plenti.com to sign up.
Participating in the program with Plenti so far I am most excited about is Nationwide Insurance. Imagine earning points for paying huge homeowner’s and auto insurance bills. Earn 1 point per $1 spent of your monthly phone bill at AT&T is one example. Other partners they have signed up include Hulu and Direct Energy.
Earning Plenti points will not be in place of earning a 5x category bonus with say a Chase Freedom or a Discover IT. You can basically have your cake and eat it too with these stackable points say at an Exxon station or AT&T with cards such as the Chase Ink Card.
The benefit for the customer of course will be the ability to earn rewards more quickly and to have far more flexibility in redeeming them. One study has found that the average American is a member of 29 loyalty programs but only uses 8 actively.
The coalition also plans to double or even triple the number of members in the coming years by adding a national restaurant chain, a grocer and a do-it-yourself retailer possibly Home Depot or Lowe’s. It would be great to see them partner with an Airline or Hotel Chain on top of these! Competitors to the partners listed such as Nordstroms, J.C. Penney or CVS, or a major competitor will not be added to the group.
Every 1,000 points will yield at least $10 in savings, and members will get additional special offers. People can use whatever debit or credit card they choose when the program launches. Keep your eyes open for the launch of a new AMEX Plenti branded credit card that will offer additional rewards and benefits.