Who isn’t looking for a way to make your dollar go further? Everywhere you look there are tips and tricks to save money on every day expenses like your utility bill, groceries and your favorite brands. Rewards credit cards are by far the most popular options to maximize consumers spend, there are also rewards checking accounts that allow you to enjoy discounts on popular products and services and even earn cash back. It seems like a no brainer to open an account, but if you aren’t entirely convinced, here are five benefits to participating in rewards checking:
- Rewards checking accounts don’t factor in your credit score. Unlike applying for a credit card, opening a checking account does not require a credit scan. This means no unnecessary credit reports and if your standing isn’t stellar, you can still enjoy the perks of the account.
- Transactions don’t accrue interest. When you swipe your debit card, the transaction is immediately withdrawn from your checking account which means there is on outstanding balance to accrue interest. This way you know exactly how much you’ve spent without the worry of missing a payment or not paying in full.
- You can enjoy discounts on loans and other products. The Memorial Health CU Secure Checking account not only offers dividends paid on account balances, but you could also qualify for a 1% discount on your personal or auto loan. Additionally, the account offers discounts on travel and entertainment and includes benefits like extended warranty and cell phone protection among other options.
- You may be less likely to overspend. It is easy to lose track of how many times you’ve swiped your credit card. Because the transaction isn’t immediately deducted from your account, you may be more likely to overspend. However, because rewards debit cards are linked directly to your checking account, you can quickly monitor the balance of your account avoiding overdrafts and overspending.
- Annual fees are much less than rewards credit cards. One caveat to rewards checking accounts is they often come with a fee. However, compared to credit cards, the fees are much lower and often spread out in smaller increments throughout the year.
For more information on the perks of the Memorial Health Secure Checking account, click here.