World of Finance: It’s all about the points-2

Although some retail establishments have a variation on the points system like giving you 10 to 15 percent discount on when you initially open your store credit card, but you can get that discount anytime later on too if you can keep up with all the sales that happen throughout the year. The only difference is that you pay with the store credit card and then you have a monthly statement so essentially you are paying in about two months time from the date of your purchase in less value dollars. But I still would not care about the store cards so you should stay away from them if it is a credit card, if not then you can join in to enjoy perks if they have any. And apart from retail stores, the banks have been very aggressive in giving points on opening of checking or saving accounts giving away thousands of free points just for opening an account with them. These banks points are the same as it was done in the early days of banking where the banks use to give like toaster or some physical good for opening account with them. And usually you have to use their online service constantly in order to rake up points to get cash credit from them. I am not sure but it is the airlines that started this craze with their loyalty program of miles accumulating, although it is still going on but they have really slowed down and do not advertise it as much. I rarely see car dealers diving into this although the car manufacturers do it from time to time like giving extra money or discount to their customers who had previously purchased their cars.