Warming up to loyalty programs5 of 8Your 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. Related Articles:Credit card rewards survey3 tips for rewards cardsWhat's the best reward card?Organize credit card debtRelated Links:Minimum payment calculatorChoosing a rewards cardCard rewards disappointCredit card debt calculator advertisement
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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