What kind of perks does your “premium” credit card offer carry? “Triple” miles? Access to a ‘round-the-clock concierge? A free pony?
According to The Wall Street Journal, these are just some of the perks—or two of the three, anyway—banks are now offering in the wake of consumer protection laws intended to “make it harder for firms to profit from debt-laden customers.”
What’s the catch? Higher annual fees. An industry observer tells the paper banks will soon be making more from these fees and merchant charges than they have from interest income. It’s up to consumers, then, to consider their spending habits and values when weighing such deals, the WSJ’s Jane J. Kim suggests.
Debit cards are getting in on the “rewards” act too, writes the Associated Press’s Candice Choi. But not all offers are created equal. Some have annual fees, and policies vary by bank.
In this changing financial landscape, it’s important to remember a lesson that’s always rung true—always weigh your options before choosing any financial product. The perks might be well worth it, but read the terms to make sure you know what the rewards will cost you, then do the math to see if the offer really does meet your needs.
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