It pays to have friends.
And these days, the more friends you have, the more cash you can receive or miles and points you can score from your favorite credit card company, retailer or travel rewards club.
While refer-a-friend programs have existed for decades in various industries, financial services companies have been slow on the uptake, says Jim Sullivan, a partner with Colloquy, which focuses on the loyalty marketing industry.
Such programs “have not been used routinely by banks for customer acquisition,” Sullivan....