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Under: Best/Worst Financial Products
Deibt Card Cash Back Offers - yay or nay?
  • CELizabeth
    Hi LearnVest-ettes,

    My debit card is offering cash back bonuses on purchases made with participating vendors. Are there any trap doors I should be aware of here or is this a way to get a little back while giving?
  • busybee
    @CELizabeth: what kind of debit card do you have that offers cash back bonuses (if you don't mind saying?) with the recent changes made by many banks in 2011, my bank is no longer offering rewards with my debit card. would love to know if yours still is!
  • Tinal
    My Wells Fargo debit card offers rewards only if you process the transaction as 'credit' and actually sign your name, if you process a 'debit' transaction and enter your PIN no rewards!!
  • testy tina2
    @tinal, my Wells card works the same way.
  • EllenDeLaura
    The bank earns more money from interchange revenue from Visa/MC if you sign as credit vs. debit, so there's no magic trick to it. My bank has also started offering rewards at certain vendors. They get the vendor to pay the reward for them, so the bank isn't out any money and the vendor drives business to their store. It's a great way to earn a little cash back while still using your checking account instead of a credit card.

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