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Beware Of Fees On Debit Card Rewards

Debit Card Rewards

Banks are now promoting reward programs for their debit cards in an effort to get customers to use them more often.

But take heed: These programs aren’t always free.

Enrolling in a reward program that offers points or cash rebates often means you’re signing up for something most debit cards don’t have – an annual fee.

Chase charges $25 a year to be part of its debit card reward program, as does Citizens Bank. One U.S. Bank program costs a whopping $55.

I got a glossy mailer the other day from Wachovia to entice me to join its program. Guess what I found in the small print? A $12, non-refundable fee.

Debit card reward programs are usually less generous than credit card reward programs too, offering one point for every $2 or $4 spent instead of one-for-$1.

If you use your debit card a lot, they might still be worthwhile.

But you can’t make that decision without knowing how much they cost.

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  1. Debt Settlement Attorney said:
    on September 4th at 06:06 am

    Thanks for creating awareness about the actual facts behind the promotion for the use of credit cards by the banks.