I knew it was coming. A few months ago, Wells Fargo stopped offering their rewards program for new business debit card holders and I knew they would eventually terminate existing customers as well. As of October 1st, I’ll no longer earn rewards points on my debit card purchases. I’m disappointed about this because most of my purchases are made through my business debit card; it’s much easier than toting cash around town and I don’t have to remember to pay a bill since the payments come right out of my bank account.

Now, of course I can continue using my debit card for everyday purchases, I just won’t earn points that I apply towards gas cards (a savings for about $100 per year on gas!) I really like saving money by spending money, so investigating alternatives is my next step.

Use our Wells Credit Card

Though the debit card will no longer accrue points on purchases, our Wells credit card will. Switching over to using our Wells credit card isn’t too big of a shift in payment behavior. Especially since I’m able to view all our Wells accounts on one account page. I can also transfer funds from our bank account to the credit card and it posts immediately; a nice feature that will make using this credit card more like using a debit card – as long as I transfer the money right away!

Switch to Using Another Rewards Credit Card

I have another credit card that also accrues rewards points at 1 point per dollar spent. I like using this card for traveling and large purchases, but I’m not so sure I’d want to use this for every day charges since I’d have to remember to pay the bill in full each month, and transferring payments to this card takes a couple of business days.

Go with Cash

I could always revert to the good ‘ole days of using cash. But to be quite honest, I haven’t used cash-only since I was in my early 20’s. I also find that when I do have cash on hand, it seems to be easily displaced, lost, or not all of it is accounted for. Cash and I seem to part ways quickly. I also don’t earn rewards points by switching to a cash-only system, so this is my least favorite option.

For now, I’ll continue using my debt card through October 1st. Then, I will most likely switch to using my Wells credit card. As long as they don’t eliminate the rewards program from their credit purchases, this should suffice for the time being.

Has your rewards programs changed recently? Do you use credit cards with rewards programs over non-rewards payment options?