Wells Fargo, Chase, SunTrust cancel debit rewards program

submitted on March 28, 2011 by orangearrows in "Stores / Merchants"

No love for Debit Cards - The big banks want us to use more credit cards and screw up again. We all have learnt our lessons. Lets be careful this time around.

NEW YORK (CNNMoney) -- Debit card rewards programs are vanishing at several major banks.

Wells Fargo said Friday that it will no longer offer its debit rewards program for new customers. This will go into effect March 27 at Wachovia and April 15 at Wells Fargo (WFC, Fortune 500), while existing customers will remain unaffected for the time being.

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JPMorgan Chase (JPM, Fortune 500) notified existing customers last week that their debit rewards programs will disappear July 19. The bank eliminated debit rewards for new customers in February.

Citi (C, Fortune 500) hasn't made any changes yet, but said it is "in the process of evaluating potential changes to our rewards programs."

SunTrust (STI, Fortune 500), a large regional bank, has also followed suit. The bank will no longer award points to customers beginning April 15, and the points that existing customers have racked up will expire Jan. 1, 2012.