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Video: Changes for debit card rewards

 

 

[Begin VIDEO with Kristin Arnold, Bankrate.com anchor introducing the video topic]

Kristin Arnold: How have recent changes to the fees that banks can charge merchants on debit card transactions impacted debit rewards programs? Bankrate.com is out with this year's look at debit rewards programs and here with insight is Greg McBride, senior financial analyst at Bankrate.com.

[Cut to a double screen of Kristin Arnold and Greg McBride]

Kristin: What were the biggest changes from last year's survey of debit rewards programs?

Greg: We saw a 30% decline in the number of offers, as many issuers have eliminated programs in the last year. There was also a noticeable shift toward merchant funded reward programs. These now comprise a much larger share of the market place - 29% of the offers surveyed - compared to just 13% a year ago.

Kristin: What features are most common on debit rewards programs?

Greg: The offers themselves really haven't changed very much. The most common reward payout ratio continues to be half of one percent. And the majority of programs, 71%, have no caps on rewards or fees of any kind. Now, how you transact in order to earn those rewards continues to be very important. Signature transactions are almost twice as likely to be rewarded as PIN based transactions.

[Cut to one shot of Kristin on camera]

Kristin: Ok, Greg some good information and to read further about the debit card rewards survey, just long onto our website, Bankrate.com. I'm Kristin Arnold.

« Back to Debit Cards.

 

 

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