Get the Most Rewards
Now that there are some many different credit cards out there, credit card companies are enticing people with hundreds of tempting offers because of one simple reason. It works. Credit card issuers have begun to offer reward cards with everything from cash back, to frequent flyer miles and rebates. But how do you choose the best rewards card for you? No one can make that decision but you; however, here are some things to consider when you are looking for a card.
The biggest deciding factor is based upon your shopping habits and your personal needs. Not only do you have to decide between a gasoline card and a frequent flyer card, but you need to look at the way you spend money. Then you need to look at how the reward program works and determine whether or not you spend enough to make that rewards program worth your while. Once you have figured that out you should pick the card that is going to reward you the best for what you already do, whether it be shopping, driving or flying.
So if you don’t travel very much, or you don’t travel very far, getting hooked up with a frequent flyers card really isn’t going to help you out very much. Not only that but you will probably end up with higher interest charges and even possibly annual fees for reward benefits you are rarely going to use, if ever. Another thing to watch out for are rebate cards. Most of these types of cards give you bigger breaks when shopping at specific locations so you need to consider if you shop frequently at those locations and if it is going to pay off for you. With so many different choices out there, there is no reason for you to settle for second best. Take the time to do some research and come out with the card that is going to work out best for you.
There are also a lot of other factors to consider when trying to find that perfect card for you. But these only come into play if you have already decided the type of rewards card you want, so make sure you pick the right category first. Once that is out of the way you can look at whose card has the lowest APR. If there are three different credit card companies with the rewards card you want, get information on all of them and figure out which card has the lowest APR.
Watch out for reward limitations. The program with the most open-ended benfits is the best way to go. If your reward program is going to send you a check to cash or apply a credit to your account than this works out great for you no matter what, but if the card is going to apply those reward points to something specific you better make sure it is something that is going to benefit you.
What type of form does your reward come in? Does it come back as cash in your pocket, credit on your account, or points to redeem for merchandise? All of these things are important and help a person find their perfect fit. But it won’t help you out very much if the reward system doesn’t benefit you.
Do your rewards expire? This is a big one to consider. Some rewards programs are more demanding than others and therefore harder to build up worthwhile rewards. If those reward points expire before you can build up enough points to make a difference then it is only going to result in a headache instead of a sigh of relief. And with this also comes reward limits.