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IBankrateI study Consumers look to debit card rewards
NEW YORK (7/23/10)--Consumers nationwide can obtain good rewards from using their debit cards from financial institutions, including credit unions, as long as they choose wisely, according to Bankrate.com’s 2010 Debit Card Rewards Study (PR Newswire July 19). Some of the findings include:
* Sixty-five percent of the programs surveyed offer rewards only on debit purchases that require a signature; * Thirty percent of the programs offer rewards on both signature and personal identification number (PIN) debit transactions; * The range for rewards on signature purchases was between 0.2% and 3%; * The range for rewards on PIN purchases was significantly lower, between 0.1% and 0.5%; * Ten percent of the programs surveyed had higher payouts for specific categories of purchases such as groceries, gasoline, dining and travel; * Half of the cards surveyed had no annual fee. Of those that did cost money annually, the most common fee was $25.
“As many Americans face mounting credit card debt, consumers may want to look into their options with debit rewards programs,” said Greg McBride, senior financial analyst for Bankrate.com. “Though the debit rewards card programs don't often offer as much as their credit card competitors, they can offer a nice boost without the fear of getting in over your head with debt.” Bankrate looked at programs offered by the largest banks and thrifts in large markets nationwide and those offered by the biggest credit unions. Forty different offerings were evaluated.
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