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Credit card rewards continue to grow
June 18, 2012 - 2:12pm
Increasingly, the bonuses and rewards offered by credit card companies is an important factor in how people are purchasing goods and services.
Credit cards offer consumers more than just a convenient way to pay. Increasingly, the bonuses and rewards offered by credit card companies is an important factor in how people are purchasing goods and services. This trend shows no signs of letting up, either. In fact, the overall value of points and bonuses has increased 20 percent from last year, according to the 2012 Credit Card Landscape Report from the CardHub.com. In order to capitalize on this, credit card processing for merchants has become integral.
Across the board
Where bonuses used to be little more than a sideline incentive and only offered by a few brands, they are now a central component of almost every credit card provider. According to MSNBC, cards by American Express, Visa and Mastercard are all offering substantial rewards in the upcoming year. Without a pos terminal that accepts credit cards, businesses could be at a serious disadvantage as more consumers conduct their transactions with credit cards to benefit from credit card reward programs.
Under the radar
Although these bonuses programs are well-known, there are a few lesser known perks of plastic that are encouraging consumers to move away from cash as well. Some credit cards, for example, have begun extending manufacturer warranties for people who purchase products with the card, according to St. Louis Today.
"They're on a good number of cards," Bill Hardekopf, CEO of Lowcards.com told the news source.
According to the source, some common perks include rental car damage, lost luggage coverage, trip cancellation and roadside assistance. Although many consumers were unaware of these perks, increasingly competitive credit card marketing is likely to change that. As more shoppers get wise to these credit card advantages, businesses that don't accept credit cards will be essentially throwing away income.