Years after big banks started pulling the plug
on debit card rewards programs, many small banks and credit unions are finding surprising success in offering similar rewards to their customers.
They might not be as popular as their credit card counterparts but don't let that fool you; plenty
of debit card rewards programs may be available to you.
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RBFCU gives back millions of dollars every year through
our debit card rewards program alone, which members earn with each and every debit card transaction they make throughout the year.
You'll first want to decide between a credit or
debit card rewards program.
One such partner is Radius Bank, which offers graduates yet another way of paying on their student loans —
a debit card rewards program.
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However, with
a debit card rewards program you still need to make sure you understand the terms.
Among those with
a debit card rewards program in place, 60 percent said the program helped drive usage.
Debit card rewards programs gaining acceptance — Major banks are pushing debit card rewards programs at consumers.
But since federal rules enacted in 2011 limit debit card swipe fees,
debit card reward programs have become increasingly scarce.
Look Beyond the Rewards Opting to participate in
a debit card rewards program involves a more important decision: choosing where and how you want to bank, Miller says.
Before you get excited about
a debit card rewards program, read the fine print.
Some institutions also ended
their debit card rewards programs.
Access to
a debit card rewards programs could be beneficial, especially if it offers relationship rewards for shopping at your favorite stores.
Whether a bank offers
a debit card rewards program is something you might consider when comparing checking accounts, but you should really focus on other factors, like fees, minimum balance requirements, branch access and the quality of other products like CDs and savings accounts.