How to get rewarded for everyday purchases
How to get rewarded for everyday purchases
Who wouldn't like a free gift with every purchase they make? Who doesn't like to be rewarded? And since we spend money anyway, who wouldn't want to earn some back by using a rewards card? There are currently dozens of offers on the market as reward cards are experiencing a popularity that they have never had before. It seems that in this competing world of plastic you can only be a winner.
Traditionally, reward credit cards were best for people who paid off their balance in full each month. While this is still true in most cases, there are now far more reward credit cards around and deals available to suit more people and their needs.
For those who are frequent flyers a card that accumulates airline miles would be the best option, each time you pay for a flight on a reward credit card, you earn points or miles towards your next trip. Or if you shop frequently at certain locations then you can be rewarded with extra points each time you make purchases with certain companies. It is important to make sure the reward card defines your lifestyle as you don't want to make an unnecessary purchase in order to accumulate reward points.
However, if the purchases under consideration are ones that will be made regardless of your means, for example, a monthly utility bill or grocery purchase, then you might as well use a reward card and earn the reward points. However, if the utility company charges a credit card processing fee, or if the credit card balance must be carried over to the following month and will therefore incur interest charges, using a reward card should be avoided. Chasing reward points is only worthwhile if they do not cost extra.
Compare interest rates, annual fees, and other fees such as overdraft and late payment as well as the percentage back you will earn and so on. Many cards also offer start up promotions like 0% interest or extra reward points the first time you use the card. You will want to take those into consideration as well when shopping around. Remember that there might be an annual cap on purchases. Many rewards cards will limit the amount of cash back funds or rewards points you can accumulate in one year.
All in all, rewards that come with a credit card enhance its value and provide additional services and savings for the credit card holder.
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