5 Ways to Reward Yourself Using a Rewards Checking Account
When it comes to paying bills and making purchases, there are a variety of financial options. Between checking accounts, credit cards, debit cards and money transfer apps, you have a lot of ways to access your money. That’s a good thing, but it can sometimes be hard to decide on the best choice for you.
With all these options, one question you may be asking is whether you even need a checking account anymore. After all, you haven’t written a check for a while now (or maybe ever). Is a checking account an outdated financial strategy?
There are many reasons to open a checking account that have nothing to do with writing checks. Think of it more as a deposit and spending account—it’s a place for your money to land while you’re deciding how to use it. Just open a checking account online; use direct deposit, mobile deposit, or go directly to a branch; then use your debit card or bill pay to send your money where it needs to go.
It makes sense to have this kind of deposit account, so why not get one that offers rewards for doing the things you’re already doing? Earn points when you make deposits, pay bills and more. These points can then be used for travel redemption, gift cards, event tickets and so many other valuable items and services!
It’s easier than ever to start earning rewards points. When you open a rewards checking account that aligns with your spending habits, you're essentially getting paid for transactions you'd make anyway. Here are five ways to benefit from a rewards checking account:
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Debit card usage—It’s common for a financial institution to require a certain number of debit card transactions to earn rewards points. It’s usually a low number—between one to ten transactions per month. You’re spending money anyway—why not use your debit card and earn extra points each month? Some credit unions and banks will also count credit card purchases (with a preferred card) toward this minimum.
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Choosing electronic statements over paper—With easy access to your account information and transactions online or through a mobile banking app, paper statements have become somewhat obsolete. In fact, some financial institutions may even charge their customers if they want to continue to receive their monthly statements by mail. Opting in to receive electronic statements not only helps our planet, it can also help you earn more rewards!
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Mobile banking usage—Using mobile banking and setting up direct deposit, bill pay or making check deposits with your mobile device makes life infinitely easier. Utilize these types of services and earn rewards with your checking account.
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One-stop shop—Having multiple accounts at the same credit union or bank—like a valid credit card account, auto loan or investment relationship—can keep your errand-running and app-accessing time to a minimum. Not only is this more convenient, it can also help increase your rewards points totals!
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A personal relationship—Free checking accounts are getting harder to come by. Free rewards checking accounts, even more so—especially if you’re only looking at the mega financial institutions. Try a credit union! Credit unions are known for their personal member service—most will easily waive maintenance fees through simple actions like direct deposit or a minimum amount of credit or debit transactions each month.
Requirements for a rewards checking account vary for different financial institutions, so check out the details before you apply. When comparing options, look for a rewards bank account that matches your spending habits and financial goals to maximize your benefits without changing your routine.
When you become a member of Mountain America Credit Union, you’ll enjoy tons of perks—not the least of which is fabulous service. It’s our mission to guide our members forward along their financial journey and we work hard at that every day. If you’re interested in learning more about our rewards checking account—a MyStyle® Checking account, or have other questions about your finances, contact us now—we’d be happy to help!
