Few consumers associate rich rewards?programs with debit cards because traditionally it’s been credit cards that have offered more expansive benefits.
But now that more consumers are shunning credit and turning to debit, the banks are taking note. “Debit-card users are actually outnumbering credit-card users now, and as a consequence of that, rewards are a bigger focus,” says Rick Ferguson, editorial director of Colloquy, a loyalty marketing research firm.
While membership in credit-card rewards?program is declining – from 71% of the consumers surveyed by transaction processor First Data in 2008, to 67% this year – debit-rewards participation increased significantly, from 34% of consumers surveyed in 2008 to 45% this year.
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