Today’s tight economy is forcing everyone to look for money saving deals to make the dollar stretch further than it has ever stretched before. Cash and credit strapped folks have to be creative.

While in the process of being creative, don’t overlook the obvious. Just about every bank and credit union offer reward points to debit card holders who use their debit cards as credit cards. The good thing about these types of programs is that no matter how good or bad the debit card holder’s credit is, just about everyone can qualify for a debit card. The perquisite for obtaining a debit card usually involves being over 18 and opening a checking account with the bank.

How the Bonus Reward Systems Work

In order to qualify to earn bonus point rewards, the debit card must be registered with the bank’s bonus reward program. Contact the bank for information on the program and the address for the website to register the debit card. Registration is free, quick and easy.

Once registered, the only remaining requirement is to use the debit card as a credit card. ATM purchases (the kind that require a PIN number) are normally excluded from the program. When the debit card purchases are made as if they were a credit card (requiring the card holder’s signature), the purchaser earns bonus points.

Bonus Reward Earnings

Each bank has the option to modify the bonus reward system. For example, the Hudson Valley Credit Union offers it’s debit card holders a two to one ratio for bonus rewards. What that means is that for every $2 spent the card holder earns $1 in bonus reward points. Commercial banks such as Wachovia, offer a one to one ratio. They reward card holders with a $1 bonus reward for every $1 spent.

Before moving your bank account from a credit union to a commercial bank, take a look at the bonus rewards catalog. Qualified debit card holders may go to their bank’s bonus rewards website and browse through the catalog to redeem the bonus points. Although the credit union offers a lower reward ratio, many times the items in the catalog “cost less.” In other words, the same item in a credit union’s rewards catalog may be several thousand points cheaper than the same item in a commercial bank reward catalog. It may all even out in the end.

Keep Track of the Balance

Make sure to keep the registered email address up to date to ensure that you receive your regular monthly updates of earned bonus points. I found out quite by accident the importance of maintaining a current email address. I was about to purchase a brand new camping tent when I found out that I had more than enough bonus points to order the exact same camping tent through the bonus reward catalog free of charge.

The upside of the bonus reward program for debit card holders is that there are no monthly minimum requirements, no monthly payments nor accruing interest charges. It’s a win-win-win situation.