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12/03/2010 -
Faced with a sudden financial shortfall, one Texas school district will raise money in an unorthodox way - credit card processing.The Mesquite school district recently lost its contract with Coca Cola because of new laws limiting what drinks can be sold at what times - a contract worth $150,000 annually, money from which was used to fund student activities, the Dallas Morning News' Mesquite blog reported.
"That's going away. The big money isn't there anymore," finance director Richard Koonce told the Mesquite school board, the blog reported.
To replace the money, the school district has decided to start paying for some budgeted purchases with a Visa credit card to rack up rewards points. Koonce told the news provider that the rewards could add up to as much as $125,000 a year, almost fully replacing the money from the Coke contract.
A similar strategy was seen in the recent holiday season, as cash-strapped companies used rewards from their business credit cards as holiday bonuses and year-end gifts for employees.
This trend may have staying power, as card companies have recently been ramping up their rewards programs on both debit and credit cards to win customers' business as well as trust.
