While many suggested the Durbin Amendment spelled doom for the debit card industry as a whole, one quick look around your world may tell you that is no longer the case.
Many retailers and restaurants not only want to know how you plan to pay for your purchases before you buy them, but they also often offer discounts for those paying via cash or debit card. By passing the savings they’re earning on to consumers, the doom and gloom so many said would befall debit cards may be entirely inaccurate.
Not everyone is offering discounts, but many are offering some type of loyalty rewards program for those not using credit card to pay. One study suggested twenty-nine percent of new bonus offers are now wholly merchant funded instead of being held by bigger banks themselves.
It’s changes like these along with credit unions and smaller banks that may breathe new life into the debit card.