Credit Card Rewards Programs That Help You Save or Repay Debt

As Americans are tightening their belts, using credit less, and seeking any way to save a few pennies or get out from under debt faster, credit card companies are listening. Banks and financial institutions are starting to roll out credit cards with rewards programs that help you save or pay down debt.

For example, Wells Fargo has a program called the “Wells Fargo Debt Pay Down Solution” in which the rewards on a Wells Fargo credit card can be automatically applied to the balance or other loan balances at the bank.

Fidelity Investments also introduced the Retirement Rewards Card, a credit card that pays rewards of 2% of all purchases and automatically deposits the rebates into a Fidelity IRA.

Although not new, Discover Card also offers a credit card aimed at customers carrying a balance that will help them get out of debt—the Discover Motiva Card features cash back and a unique perk: For every six months on-time payments, Discover will waive one month of finance charges.