Editor’s note: This is a transcript of the audio file.
There have been big changes in the debit card arena and debit rewards programs are no exception. I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.
Bankrate.com is out with their annual debit card rewards survey. According to Greg McBride, Bankrate.com’s senior financial analyst, the results show some big changes.
“We saw a 30% decline in the number of offers, as many issuers have eliminated programs in the past year. There’s also been an increased shift towards merchant funded rewards programs. These now comprise a much larger share of the offers in the market place, 29% of those surveyed, compared to just 13% last year.”
What features are most common on debit rewards programs?
“The offers themselves haven’t changed much. The most common reward payout ratio is half of one percent. And the majority of programs, 71%, come without caps on rewards or fees of any kind, but signature based transactions are almost twice as likely to be rewarded as PIN based transactions.”
To see more results of the debit card rewards survey, just log onto Bankrate.com. I’m Kristin Arnold.