Consumers respond positively to a combined rewards program for credit and debit cards.
According to a recent survey by SYNERGISTICS Research entitled, Re-Engineering Credit Card Programs, three-quarters (75%) of Internet households were found to have both a debit card and a credit card, with many having them both at the same financial institution.
Those who have both a debit and credit card were asked to rate the value of a combined rewards program where rewards are earned through activity on both a credit and debit card. Overall, more than half would find it this type of combined rewards program to be valuable, with more than one-quarter saying it would be ‘extremely” valuable.
William H. McCracken, CEO of SYNERGISTICS, stated, ‘To increase the stability of customer relationships in the volatile credit card marketplace, issuers should explore the possibility of combining credit and debit card reward programs. Most Internet households already have both a debit card and credit card, and many have them at the same financial institution. A combined credit and debit card rewards program is widely seen as valuable and would add an essential layer of ‘stickiness” to the highly portable nature of credit card relationships.”
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