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6 ways credit card rewards work for you

Warming up to loyalty programs
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Warming up to loyalty programs

Your bank wants a closer relationship with you. So, it's willing to reward you with loyalty points just for using more of its services. The objective is encouraging consumers to use multiple banking products, Davidson says.

For example, at some banks consumers can earn rewards points for using online bill payment, getting a new loan or combining account balances. Other banks offer rewards points for signing up for paperless statements or paying recurring monthly bills.

On the downside, some banks have plans to end their debit rewards card programs as new limits on interchange, or "swipe," fees on debit cards are phased in.




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