They may actually offer the most benefit to consumers, according to John Hansen, director in the national financial services consulting practice at Hitachi Consulting.
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Thirty percent of the programs surveyed have no restrictions on purchases, but the majority of those, seven out of 12, pay less in reward points for PIN transactions.įinally, 5 percent of the programs offer rewards only for purchases made at specific retailers, for instance, at merchant-funded malls such as the MasterCard MarketPlace. Sixty-five percent of programs in the survey require a signature-based transaction for rewards.īanks prefer signature-based debit card transactions because they receive a higher interchange fee from merchants for those sorts of payments versus using your PIN. The main hurdle debit card users must clear in order to qualify for rewards is at the point of sale. Though not as rewarding as reward credit cards, there are decent perks out there for debit card users. Plus, more than half of the programs in the survey have no fee and 75 percent of them put no cap on the amount of rewards a card holder can earn. Of all available debit card rewards programs, 65 percent give rewards on signature purchases only. The survey found 40 different debit card rewards programs ranging from nationally available to local and regional offerings. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories.
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