Most major lenders say they will soon enact greater rewards programs in an attempt to convince more consumers to take on credit card debt this holiday season, according to a report from Bankrate. Many are offering 5 percent cash back on purchases with rewards cards at popular retail locations such as electronics stores, department stores, clothing stores, or even restaurants.
Others are making a greater effort to convince consumers to add to their credit card debt by offering steep discounts at their own online shopping sites, the report said. In some cases, these deals can save customers up to 20 percent. Similarly, they may offer more cash back for shopping with select online retailers.
Many consumers could be reluctant to add to their credit card debt this holiday season, as the national recession may have changed Americans' spending habits.