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27/11/2009 -
Thanks to the increasing popularity of debit cards, banks have shifted their focus away from credit card offerings and toward debit card offerings, unveiling new rewards and loyalty programs to further attract debit card customers, CNN reports.New research has indicated that debit cards recently overtook credit cards in usage for the first time ever, as consumers are looking to have more control over their finances and lessen their debt.
Looking for ways to fill revenue gaps, banks are capitalizing on this trend with new loyalty and rewards programs, said the news provider. Some new programs include the Wells Fargo debit card, which offers a fighter pilot training experience to cardholders that earn 145,300 points; the Chase Leisure Rewards card which offers a Lenovo IdeaPad mini notebook computer for 253,000 points; and the KeyBank Rewards card which offers an unrestricted domestic roundtrip airline ticket for 240,000 points.
As customers take advantage of these loyalty and rewards programs, the switch to debit card payment processing is expected to accelerate, making it even more important for companies with a merchant account to ensure that they are able to process debit cards.
