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Applying Loyalty Benefits to Debit Cards and Checking Accounts

by Lisa Bonelli

Loyalty Benefits have long been an integral part of the value proposition for credit cards. Auto Rental Coverage, Cell Phone Protection and Trip Cancellation are just a few benefits Cardholders have been able to enjoy when using their covered card to make purchases. These programs provide value to Cardholders and Card Issuers as these benefits drive card usage and retention while delivering protection and savings to cardholders.

While Loyalty Benefits are nothing new to credit cards, they can also be a valuable tool for debit cards and checking accounts. Though both debit cards and checking accounts are commonly used for everyday purchases, they can also be used for hard goods and travel, especially with Millennials. Purchase Protection benefits such as Extended Warranty and Purchase Security can cover goods paid for with a debit card or checking account and Trip Cancellation and Travel & Emergency Assistance Services can be added for Travel Protection. Rideshare Protection benefits are also a natural fit for debit cards.

Benefits can be tailored to support the goals financial institutions have for its card products. Whether it be to encourage deposit activity, support debit account activation, usage or retention, cbsi can tailor a solution for you.

Below is a glance at credit card benefits in the news.

https://www.creditcards.com/credit-card-news/purchase-protection-benefits.php

Here’s how some Financial Institutions using benefits with their debit cards/checking accounts:

https://www.washingtonfederal.com/blog/news-and-articles/2017/03/02/new-benefits-protection-get-more-when-you-check-with-us

https://www.patelco.org/explore-services/services/checking-and-savings/checking

https://www.bbvacompass.com/checking-accounts/free-checking.html

Contact Lisa Bonelli at cbsi to learn more about the many services and benefits we provide. You can reach Lisa at lbonelli@cbsiservices.com.