NEW YORK, July 19 /PRNewswire/ -- Credit card rewards programs have proven to be a favorite of consumers across the nation. But Bankrate.com's 2010 Debit Card Rewards Study shows that debit cards can provide a boost as well, so long as consumers choose wisely. The full results of the study can be found here: http://www.bankrate.com/finance/checking/free-money-for-debit-card-users-1.aspx.
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Among the findings:
- Sixty-five percent of the programs surveyed offer rewards only on debit purchases which require a signature;
- Thirty percent of the programs offer rewards on both signature and PIN number debit transactions;
- The range for rewards on signature purchases was between 0.2 and 3 percent;
- The range for rewards on PIN purchases was significantly lower, between 0.1 and 0.5 percent;
- Ten percent of the programs surveyed had higher payouts for particular categories of purchases such as groceries, gasoline, dining, and travel;
- Half of the cards surveyed had no annual fee. Of those that did cost money annually, the most common fee was $25.
"As many Americans face mounting credit card debt, consumers may want to look into their options with debit rewards programs," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "Though the debit rewards card programs don't often offer as much as their credit card competitors, they can offer a nice boost without the fear of getting in over your head with debt."
For this study, Bankrate looked at the programs offered by the largest banks and thrifts in large markets around the country as well as those offered by the largest credit unions. A total of 40 different offerings were evaluated.
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment group, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.
For more information contact: |
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Chris Spagnuolo |
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Public Relations Manager |
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(917) 368-8671 |
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SOURCE Bankrate, Inc.
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