Jan 282011
 

Does your bank offer rewards for using your Debit Card?  If you aren’t sure, it may very well be worth  you looking into. Many banks offer rewards for using your debit card.  For instance, my debit card is a Visa Check Card, as well.  I am asked if I want to use my card as a debit (where I have to use a PIN number) or a credit, when I check out at stores.  I always use it as a credit (wherever I am able to) so my bank doesn’t charge me for using it as a debit purchase for one, and for two, I don’t get reward points for making debit purchases.  Online, I use it like I would any other credit card.  For every dollar I spend, the Visa Rewards program that my bank participates in, will match each dollar spent.  When I get enough reward points to cash in, I chose my reward from many categories and cash them in.  Sometimes it’s to my advantage to see what the rewards are going for, and if I make out better by doing two separate transactions, I will.  I have received gift cards to Home Depot and other places in the past.  Beware though, some banks often will put and expiration on your reward points.  
How does this relate to online savings.  Well, if you use a cash back click-thru site, and then use use a coupon code on the site you are making the purchase, you’ve now saved twice (3 times if the item was on sale). Then, if you pay using your debit/visa card then you’ve gained points towards your next reward.   Since most websites take a variety of payment options, I will often times charge a purchase on different credit card, to earn points on that card, and then when the bill comes in…I use my bank debit card as a credit to pay the bill.  Now, I not only have earned rewards on my bank card, I have earned rewards on the card I chose to make the purchase.  Not too shabby of a deal!   In addition, I get reward points for paying my bills when I use the card as a credit card visa 
In order to find out if your bank participates in such a program, you will need to call them and enroll your card before you’ll start earning reward points.  Take the time to read the fine print so you understand exactly how you can earn the reward points, as well.  Each bank has their own terms and conditions on eligible purchases.   
To give you an idea about the program I am enrolled in, you can check out the Visa Extras website.

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