It could be the beginning of the end for debit card rewards.
The rewards programs for debit cards typically aren't as rich or as popular as those linked to credit cards, and now there's reason to believe they never will be. As of Feb. 8, Chase says it will close off enrollment for its debit rewards. The program will only continue for those who are already enrolled as of that date.
Chase says the decision is the result of new regulations that limit how much banks can earn from checking accounts.
What's Behind the Decision
Banks collect fees from merchants whenever customers use their debit cards to pay for purchases. The fees are a set portion of the purchase amount, typically about 1 percent.
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