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USAA Bank ending debit-card rewards
07-09-2011, 10:33 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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USAA Bank ending debit-card rewards
When the feds start to play with the banking rules, some customers will lose. As a USAA bank customer who never uses the debit card, this will not affect me too much. Glad that they did not make other changes.
Quote:
USAA Bank announced it is ending its debit card rewards program Sept. 1 in response to new federal rule that will cap the interchange or “swipe” fees for banks with over $10 billion in assets.
The new cap, which takes effect in October, will mean less revenue for larger banks. USAA Bank said in a statement it returned the majority of the money it collected from merchants to its customers in the form of benefits, including free checking, ATM-fee refunds and debit rewards.
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Read more: USAA Bank ending debit-card rewards - San Antonio Express-News
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07-09-2011, 12:23 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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That is a change I will happily accept. They are just handing me back a small cut of the money they charged me!
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07-09-2011, 01:25 PM
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#3
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Full time employment: Posting here.
Join Date: Dec 2010
Posts: 746
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Quote:
Originally Posted by chinaco
That is a change I will happily accept. They are just handing me back a small cut of the money they charged me!
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+1.
The "rewards" part of my USAA checking account was just a little extra icing on an already sweet deal. I'm happy with my interest-bearing free checking account and that they will continue to reimburse my ATM fees.
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07-09-2011, 02:28 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 2,171
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I guess these new rules will also mean no more airline miles on my B of A debit card. I have enough for a ticket—guess I better plan a trip.
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07-09-2011, 03:56 PM
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#5
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Thinks s/he gets paid by the post
Join Date: May 2011
Location: South Eastern USA
Posts: 1,068
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Quote:
Originally Posted by East Texas
+1.
The "rewards" part of my USAA checking account was just a little extra icing on an already sweet deal. I'm happy with my interest-bearing free checking account and that they will continue to reimburse my ATM fees.
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+1
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07-09-2011, 04:42 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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As far as I remember, the cash back reward was 0.5% on this one, compared to 2% on my Schwab FIA Visa and 1% on my USAA Amex, so if I were going to use plastic, I'd use a credit card, not a debit card, get more cash back *and* more protection from having my checking account looted in case of fraud.
Not expecting the 2% deal to last much longer, but as long as it does, I'll take it...
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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07-09-2011, 07:05 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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Quote:
so if I were going to use plastic, I'd use a credit card, not a debit card, get more cash back *and* more protection from having my checking account looted in case of fraud.
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You are correct sir. A no brainer.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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