According to industry projections, credit card rewards are growing and debit card rewards are gradually fading away due to the Durbin Amendment, which has contributed to a 30 percent decline in the availability of debit card reward programs.
The Durbin Amendment is a last minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Among other things, it has restricted the amount of money that banks receive each time a customer swipes their debit card. In addition to cutting back on rewards, this piece of legislation has forced some banks to raise or institute fees on a variety of banking features, like requiring higher minimum balances to avoid checking account fees, as well as instituting higher ATM fees. These fees and minimum balance requirements have caused rage amongst debit card users and have them looking for other financial options, many of whom are making the switch from debit to credit cards.
While rewards for debit card users are dwindling, the types and amounts of credit cards offering rewards programs are growing. Credit cards have been offering more lucrative cash-back rewards, and some are even getting rid of annual fees and expiration dates altogether. Credit cards have gradually been growing in popularity and overall usage, and the tempting rewards and unique perks offered by credit card companies may be the reason.
But, what does this shift from debit rewards to credit card rewards mean for you as a customer? If you’re like many financially savvy consumers out there, you may be considering a switch from a debit card to a credit card. You’ll avoid fees while simultaneously build up your credit and earn rewards; it’s a logical solution for anybody fed up with their debit card provider. But, which credit cards offer the coolest rewards? Which credit card will work the best for your lifestyle, and give you the best rewards concurrent with what you’re already buying?
eCreditCards has taken all those questions into consideration and has sifted through all the best credit card offers to find the best ones on the market. All the credit card applications listed are safe and secure, and we offer you only the best options. Now, thanks to eCreditCards, you can find the card perfect for you, without the hassle or inconvenience associated with searching for a credit card.