As rewards programs associated with debit cards have grown and flourished, so has their complexity. These tips will help you find and manage the right one for you
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Rewards on debit cards have become more common, but complex in their array of choices. These six tips will help you in choosing and managing a debit card reward program that’s right for you.
- Do the math. Understand that if it’s rewards you’re after, you can probably rack up awards more quickly with a credit card. But if you prefer using debit, be sure you understand how much you need to spend to earn a reward. Also watch for limits on rewards.
- Check your own bank first. Because switching banks can be time-consuming, look first at your bank’s debit program to see if it fits your needs and how it compares to other programs.
- Be wary of fees. Fees can quickly eat into the value of debit rewards.
- Look at credit unions. Credit unions in your area often have very competitive debit card programs.
- Signature or PIN? Make sure you understand whether your reward program requires you to sign for purchases. Some banks encourage signature transactions, which make more money for the banks.
- Consider an additional account. Instead of thinking of a debit card as an all-or-nothing proposition, think about using a debit account for particular kinds of purchases, such as grocery shopping. You can often get the full advantages of debit rewards programs without putting all your purchases on that card.
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