ok so with credit cards you can get different ones ex. disney card gives you free trips to Disney world, special restaurant credit cards give you free meals once in a while. My quesiton is is it the same fro Debit cards? Can you get different types to earn rewards?
Thanks
2007-02-14 03:35:39 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Credit Cards offer points, meals, miles etc to get you to use their cards.. but why?
Credit Cards charge you interest if you don't pay it off before a certain time limit. Some even charge you a yearly fee just to have their card.. .but best yet.. they collect between 2% to 4% of every purchase you make from the vendor. There are places in Europe that won't accept plastic unless you are willing to increase the price to cover that commission difference.
Debit cards just take the money from your checking account and transfer it to the vendor.
So why have a credit card?
Many use them wrong and as credit to buy things when they don't have the money.
Most credit cards above the basic card offer buyer protection and insurance on what you buy.
very few banks may offer some bonus for a short introductory period if you get their debit card, but they are in the minority.
2007-02-14 03:47:40 · answer #1 · answered by shovelkicker 5 · 0⤊ 0⤋
I had a C card. I was unemployed when they gave it to me. I planned to stay out of debt, but things just got too tight and I ended up doing a very silly thing. I started to use the C to pay for groceries and such like. It got to a point where I suddenly had a big interest bill every month. I decided to try and cut my losses and got a loan to clear the card. Oops. It means that I will not clear that debt for 5 years. Though it's better than trying to pay never ending interest. I'm not saying that anyone other than me is to blame, but I do wonder at a bank that was willing to hand a credit card to someone without very much income. They must have known that I would get into debt. The "funny" thing is that I went into the bank to get a debit card. They refused to give me one and offered the credit card as an alternative. Honestly I'm not a total idiot. I think life was just too much to handle at that point. My depression was blurring common sense. I just have a basic card now. Neither Debit nor Credit. I like that.
2016-03-29 06:15:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. Not the kind of rewards you are talking about. Because a debit card is basically just an electronic check. You don't pay interest on a debit card.
With credit cards-think about it-with all the interest you pay, you are actually paying for those so-called "rewards". Maybe not FULL price, but with all the late fees, etc. they come out WAY ahead.
2007-02-14 03:40:42 · answer #3 · answered by ? 3 · 1⤊ 1⤋
Credit card companies (banks, processors, etc.) make money on each transaction by charging the merchant (a store or whatever) a percentage of each transaction. Also, as a bonus, if you don't pay your bill they make money off of the interest they charge you. Lots of money, more than enough to cover the cost of "rewards". "Rewards" are an incentive to get you to use your card, and keep the "percentages" rolling in and the debt piling up
With debit cards, the fees are usually a flat rate, and since you're spending money you already have, there isn't any interest potential. So, no reason for them to provide rewards, the banks, etc., don't make enough money off debit to cover the cost of the rewards. Actually, they would prefer you to use your credit card.
2007-02-14 03:46:19 · answer #4 · answered by HemiRam 1 · 1⤊ 1⤋
it would depend on the bank or credit union you go to. but i really dont think most places would give rewards for a debit card. its just supposed to be an easier way to buy things without having to write a check
2007-02-14 03:40:40 · answer #5 · answered by spanish 1 · 2⤊ 1⤋
It depends on the institution it's affiliated with. My bank offers a "rewards" program when I use my Debit Card or write checks.
2007-02-14 03:44:19 · answer #6 · answered by Sookie 6 · 0⤊ 1⤋
No, you don't get rewards with debit cards.
2007-02-14 03:38:43 · answer #7 · answered by kaiticometrue 3 · 1⤊ 1⤋
no rewards with debit cards
2007-02-14 03:41:45 · answer #8 · answered by sammy 5 · 0⤊ 2⤋
I don't know where you are, but my bank, Citizens, does give points for use of a debit card.
Good luck
2007-02-14 03:56:25 · answer #9 · answered by frankie b 5 · 1⤊ 1⤋
i have never heard of a debit cards with rewards..............
2007-02-17 15:38:16 · answer #10 · answered by tennessee 7 · 0⤊ 0⤋