Rewards war reignites

Rewards cards are getting richer again, and the push now reaches beyond credit into debit. (upgradedpoints.com) Upgraded Points said rewards-earning debit cards “made a big comeback in 2025” after launches tied to Wyndham, Southwest and United. The site’s April 18, 2026 roundup said the new cards are mostly issued through digital banking partners rather than the big card issuers that dominate travel credit cards. (upgradedpoints.com) Wyndham launched its debit card on March 17, 2025 and called it the first U.S. debit card from a major hotel brand. Southwest announced its Rapid Rewards debit card on October 28, 2025, and United launched its MileagePlus Debit Rewards card on November 4, 2025. (corporate.wyndhamhotels.com) (swamedia.com) (united.com) These cards do not match the earning rates of most travel credit cards, but they widen the market to customers who do not want a credit pull or do not qualify for new credit. Southwest’s debit card says “No credit check required,” and United markets its card as a way to earn on purchases and account balances. (southwest.com) (united.com) (upgradedpoints.com) The credit-card side is still throwing around much bigger acquisition offers. Upgraded Points’ offer history for the Southwest Rapid Rewards Premier card shows a peak bonus of 100,000 points from July to September 2025, and says anything above 75,000 points is worth a close look. (upgradedpoints.com) That same history shows how quickly issuers have moved the dial: 85,000-point offers appeared in 2024 and again in late 2025, while the current public offer listed on April 18, 2026 was 55,000 points after $1,500 in spending in three months. The swings suggest banks and airline partners are still testing how much bonus they need to pay to win a new account. (upgradedpoints.com) Banks are making those decisions in a market that remains enormous. The Consumer Financial Protection Bureau said in its December 2025 credit-card market report that credit cards are used by 208 million consumers, and that the report examines the market as of the end of 2024. (consumerfinance.gov) Large issuers are also still reporting healthy card spending volumes. JPMorgan Chase said in first-quarter 2025 results that debit and credit card sales volume rose 7% from a year earlier, even as its Card Services net charge-off rate was 3.58%. (jpmorganchase.com) The result is a two-front rewards market: debit cards are being used to pull in customers outside the traditional credit funnel, while credit cards are still using large welcome bonuses to fight for frequent spenders. For travelers, the simplest signal is that issuers are still paying up to get into the wallet. (upgradedpoints.com 1) (upgradedpoints.com 2)