QuikTrip will end its rewards-based debit card under Discover on Friday after its debit card provider closes business.
QuikTrip spokesman Mike Thornbrugh said the company will consider offering another branded debit card in the future, CSNews.com reports.
"It's back to the drawing board, and we'll figure out the next move," Thornbrugh said, according to CSNews.com. He added that QuikTrip debit card holders will receive all cash rewards due from their use of the card at other merchants.
QuickTrip customers were issued the branded debit card in August. The company's debit card provider, the San Mateo, Calif.-based Tempo Payments, sent an email last Thursday to QuikTrip and approximately seven other merchant partners alerting that it would cease operations as a result of the effects of the Durbin Amendment.
Tempo chief executive Mike Grossman said the Federal Reserve’s new debit card regulations would cut the company’s revenue in half and is the reason it is going out of business, DigitalTransactions.net reports.
"The program worked for us," Thornbrugh said, CSNews.com reports. "We'll regroup and try to figure out another method…Something that's long-lasting, verifiable and saves our consumer some money is something we're all for.
"We're not going to latch onto the first that's out there; like we always do, we'll do our due diligence and see what makes sense."