Credit card rewards programmes are important for attracting new customers, according to Worcester Telegram.
Some of the reward programmes offered by banks include one point for each dollar spent through the bank credit cards.
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Currently, such rewards are offered on cards such as Visa card offered by UniBank through TCM Bank and a Maximum Rewards Visa card offered by Savers Bank through First National Bank.
CardHub’s, an independent credit card search website, 2014 predictions for credit card industry was cited as saying that rewards will continue to play a major role in attracting and retaining quality customers, while companies compete for consumers based on the best credit rating.
Massachusetts Bankers Association senior vice president, David Floreen, told that rewards programmes are a big trend with card issuers, since airline miles, which had been the big reward for many years, have begun to fade in popularity.
"People are finding that cash rewards are motivating people more than miles are," Floreen added.
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