Visa is promoting a reward program called "Visa Extras" mainly targetting checking card owners (but some credit cards are also eligible). But be sure to read all the fine prints before you participate. I'm providing a quick summary of things you need to consider:
1. Not all cards are eligible.
"Your Visa card issuer may not be participating in Visa Extras. Also, your Visa card issuer determines which Visa cards are eligible to participate in Visa Extras. Generally, only Visa cards issued in the United States and in good standing may be eligible to participate. When enrolling, make sure you have entered your card number correctly. You may need to contact your Visa card issuer for more information." In my experience, non of my Visa check cards and credit cards are eligible.
2. There may be participation cost charged by the bank.
"Visa Extras is a loyalty program offered by your card issuer, which may charge you a fee for participation. Program fees, if any, will be determined by your Visa card issuer, disclosed to you prior to enrollment and in your Visa card issuer’s Visa Extras Terms & Conditions, and charged to you by your card issuer."
3. Only certain transactions can earn you points.
"Once you’ve enrolled in Visa Extras, you'll earn points when you use your enrolled Visa card to make qualifying purchases, which include:
- Signature-based purchases
- Internet purchases
- Phone and mail order purchases
- Automatic bill payments
If you’re making a purchase in person, remember, to earn points you have to sign for your purchases. You also earn points when you shop online, buy over the phone or mail order, and through automatic bill payment. Certain exclusions apply."
4. Reward may be much lower compared to typical credit card reward programs.
Based on the current catalog, the underlying exchange rate seems to be 4,000 points = $10. It is definitely a no-go if you are a member of a credit card reward program (where the norm is 1,000 points = $10).
5. Points do expire.
"Unredeemed Visa Extras points last 36 months from the date they were posted to your Visa Extras account. Since you will not be provided with notice of expiration of points, you should check your Visa Extras account periodically to monitor your points."
