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6 banking changes you'll see in 2011

Banks will rein in debit rewards
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Banks will rein in debit rewards

The days when you could rack up airline frequent-flier miles or retail points on your debit card are fading fast. Because of federal regulations on debit card interchange fees, banks are going to see less revenue, so they're going to be less likely to offer perks such as rewards cards.

"We are going to see debit card reward programs disappearing or becoming significantly curtailed," Leggett says.

Expect banks to encourage broad relationships over a number of services instead of just one, says Mark Elliot, executive vice president of consumer banking at Capital One Bank.

"Banks are starting to focus on really delivering value to their best relationship customers -- those who have all or most of their business with the bank," he says.

However, some debit card rewards programs still will exist. Capital One has maintained its program, which offers rewards for writing checks, paying with a debit card or going to the ATM.


 

 

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