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Banking and Cards Research
Digging into the Customer Experience: Banking and Credit Cards
Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.
|Banking Rewards Programs|
In this Bank Monitor research report, we look at the current state of checking account and debit card-based rewards programs, investigating the benefits they offer to potential and existing customers, as well as the rate of return earned by clients. In particular, we focused on the following questions:
One thing that clearly separates different rewards products is whether or not they offer rewards earnings on both Signature- and PIN-based purchases. Currently, only 37.5% of the available checking rewards products offer points on both types of purchases, with only a handful offering equal points or miles for both transaction types.
Among the 14 self-branded rewards options available to checking account holders, the Real rate of Return varied from 0.2% to 1.0%. Though the highest-priced checking rewards program generally netted the highest Real Return, a number of fee-free cards also offered competitive rates. For both self-branded and airline-related checking rewards, initial bonus earnings have become an important perk for enticing prospects to open new accounts. In total, 61% of rewards options include bonus points and miles for new account holders, with several offering secondary bonuses on the anniversary of an account opening.