Banks are gradually more looking at offering rewards or points on Debit and Credit card transactions in an attempt to attract more customers and raise card usage.
State Bank of India, launched a loyalty programme for its debit card customers in April 2009. Punjab National Bank is also setting up to launch a similar programme for its credit card customers in the next three to four months.
Loylty Rewards, the loyalty and rewards management company which formulated and implemented SBI’s programme, is also working with Deutsche Bank and Citibank which are likely to announce their programmes within the next two or three months.
SBI’s reward programme offers customers the option to redeem the points earned for using their debit cards with over 35 retail brands which include electronic brands, apparel, jewellery and also for booking movie tickets, bus tickets and air tickets.
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Reward credit cards and charge cards are offered everywhere. From cash-back to travel, it seems like everyone is offering something, often times with strings. Here is how to find the right rewards card for you.
First, determine the reward you really want. This is one of the most important steps in the process. What good is getting a card with airline miles rewards if you never fly? Wanting to get cash back on the purchases you make? Maybe you prefer something with hotel rewards. Either way, determining the correct type of reward you want will help point you in the right direction in selecting your new card.
Next, find out what the requirements are. Applying for a credit or charge card that requires excellent credit when your credit is average at best is a mistake. Sure, there may be a slight chance you could get it, but most likely you won’t. However, there will be another inquiry on your credit report which will not only have some effect on your score, but could also signal to a credit company that you may have recently approved credit. Applying for future cards may then be hindered.
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The Discover Card is offering the card members a range of value added perks and privileges in the true spirit of their well known tagline “It Pays to Discover”. The new range of rewards includes the Cashback Bonus Award program, the new card Discover 2GO(SM), redefined merchant connections as well as promotional offers and sponsorship opportunities. All these will be activated through various marketing initiatives which are being implemented at present.
The Cashback Bonus award is the reward program in the forefront. As Discover Card rewards its participating members they will be able to collect Cashback Bonus award points on every purchase they make. The newly redesigned program offers the card holders additional options in using their awards. Redeeming the award is possible at any time as soon as the accrued amount reaches $20 or more. The increment for redeeming is $20. If the card member builds up the award over a period of time they also have the option of doubling their award with affiliated merchants such as Borders Books & Music, Blockbuster and The Sharper Image.
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These days, with the high price of oil, credit companies are competing fiercely for your business, spurring on a slew of aggressive advertising techniques in order to entice you to sign up for a gas rebate credit card. With the price of gas quickly reaching $4.00 a gallon, perhaps it’s time to re-evaluate the details of credit card rewards programs. Not only do you get something in return for the high prices you are paying at the pump, but you also have an incentive to return frequently. These types of credit card rewards programs are becoming quite popular with consumers who see it as a way of taking some of the bite off when filling up.
Tips for Credit Card Rewards Programs
It’s important to read the fine print on the application in addition to the details of each of the credit card rewards programs carefully. Some offers sound tempting at first glance but often have strict limits on how, when, and where you can redeem the rewards they are offering. Moreover, you will find that the limits sometimes reach the point of benefitting the credit card company more than you. Be wary of credit card rewards programs that charge a higher interest rate. If a credit company is offering credit card rewards programs that seem too good to be true, then they probably are. Many times, the credit card company will pay for these rewards by charging a higher interest rate if you’re carrying a balance. It’s best to pay the balance off every month so that the higher interest rate will not affect you.
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As the number of credit card holders in the UK continues to soar, new research reveals that most UK consumers have a credit card that does not offer them any perks or bonuses.
According to a recent survey by credit card provider Goldfish, 52 per cent of UK credit card holders have no reward scheme affiliated to their credit card. Credit card perks, which can include air miles, free gifts and reduced promotional interest rates, are currently only benefiting 48 per cent of consumers at the point of balance transfer, according to the survey.
The Goldfish research showed that, of those shoppers who had taken advantage of credit card rewards schemes, most had opted for cards that offered points which could be collected through the purchase of goods in high street stores.
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There are a variety of credit card companies that are trying to help you save money on gasoline. As gas prices are either holding steady at their already-too-high rate or increasing all the time; any option for saving money on gas is helpful!
Gas cards may offer cash back when you make a gas purchase (and sometimes other purchases as well). This means you get a rebate every time you fill up your car- which can help offset the pain you feel when you pay for your gas! If the card offers a 10% gas rebate, it’s the same as getting a 10% discount when you fill up your car.
If you use a gas rebate credit card, you pay for your gas purchases using the card, and then you’ll receive your rebate from the credit card company. Depending on the terms of the card, you might receive the rebates in the form of a credit back on your credit card, a certificate, or check in the mail.
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Airlines are teaming up with credit card companies to produce some really sweet deals for travelers. Are you a frequent flyer? Do you make lots of daily purchases with your credit card? If so, you might want to rethink your choice of airline reward cards. If yours is dated and doesn’t give you the miles or other perks you’re looking for, consider some of the new breed of custom airline reward cards:
AirTran Visa
Annual fee: $39
APR: 7.74 – 21.74%
Other perks: Free one-way coach ticket with your first purchase
United Visa
Annual fee: 0$ the first year, $60 thereafter
APR: 18.24%
Other perks: 21,000 bonus miles with your first purchase
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Are you getting the most out of your reward cards? Some card holders play the rewards game like it’s going out of style, even designating certain reward cards for specific types of purchases. They buy gas with one card, groceries with another, and online purchases with still another. And keeping up with the rules of all those cards is enough to give the average card holder a headache! If you don’t have that much time (or patience), you can still reap the benefits of reward cards by following a few simple rules.
First, choose a reward card that gives you something you really need. If you’re a pet enthusiast, you might benefit greatly from reward cards that give you points for buying pet merchandise and veterinary services. On the other hand, a reward card that gives you points for shopping at Amazon.com isn’t going to benefit someone who doesn’t shop online. If you’re a frequent traveler, look for cards that can help you with gas purchases, rental cars, and airline miles. Avoid trendy reward cards that get you fancy rewards (such as helicopter rides or front-row tickets to events) unless you’re a die-hard entertainment buff. Rewards on everyday items, such as gas and groceries, will prove more valuable in the long run.
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You’ve probably heard about credit cards that offer you rebates on gasoline purchases. With the price of gas rising and falling (but always staying high!), you might be curious about these gas-rebate credit cards. Are they right for you? The answer could be yes, as long as you have realistic expectations.
Gas rebate cards can be issued by gasoline companies or credit card companies. Generally, the ones issued by credit card companies offer more flexibility, because gas station credit cards require you to use the card at specific stores in order to realize your rebate.
Gas credit cards probably won’t save you a fortune. They will save you a dollar or two each time you fill up your tank, which can add up to a couple hundred dollars at the end of the year. If you’re creative, you can save even more. When you combine a gas rebate credit card with discount club prices, or use them to purchase and reload gas station gift cards that offer their own discounts, you can greatly increase your money-saving potential.
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With the holiday shopping extravaganza just around the corner it is well advised to look at your finances to properly budget for the event. You should not be dipping into your rainy-day fund for this. Christmas comes every year; it’s not an emergency. Figure out what you can spend and spend less than that.
Last year more than 30 percent of consumers paid for holiday gifts with a credit card according to the National Retail Federation. For those with the discipline to control their debts, credit cards offer security, rewards and money saving. If you are a responsible credit card user, here are some available cards and advice that will keep on giving the whole year.
What’s the Deal?
On September 20, the NRF released its forecast for the upcoming 2007 holiday season, predicting that sales will rise 4.0 percent this year to $474.5 billion.
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