Credit cards which offer “rewards” do this by keeping track of the number of purchases the cards involved are used on. The variety of rewards offered by credit card companies is virtually endless, but some of the more popular rewards are gas credit cards, air miles or discounts off of the cost of certain airline’s flights.”Loyalty” rewards are being offered by some stores and retailers when a card issued in their name is used, and some credit cards make it possible to earn discounts toward the purchase price of a new car.
The rewards offered by credit card companies can be very desirable to have, but you should ask yourself the question as to whether they are worth you having to spend your money to get.You can best answer this question by making comparisons between the interest rates on purchases made with credit cards that offer rewards and those cards that do not offer rewards.Even if there are many credit cards which offer rewards or loyalty bonuses, the lowest rate of interest on these cards is most often around 15% APR.
This interest rate is much more than the zero percent interest rate included on the introductory offers of many other credit cards and about 7-8% more than the interest rate of most basic low-interest credit cards.The interest rate on some of the credit cards which offerrewards can be as much as 30% APR; you will find this out if a comparison of the interest rates on the broad range of these cards is done.
It may be worth reconsidering the choice of a credit card that has a lower interest rate and no rewards, if you are a regular credit card user who has to pay these higher interest rates in order to earn sufficient points for desired rewards.If you pay off the whole balance on your credit card before payment is due, the rewards for using the card are actually free because you are not paying interest then.
Unless you are sure that you can pay off all of the total balance on your credit card every month, you may need to use an alternative such as the cash back credit cards.Similar in principle concept to the reward credit card, a cash-back card pays back cash equivalent to a preset percentage of whatever has been spent on the card each month.
The best cash back rate is currently around 5% on what is spent, and with a 19% APR in interest it becomes very obvious that you are paying a lot to be able to use the card.You will be able to retrieve for your own pocket the 5% cash back on this card when you pay your total balance each month and avoid the interest charges.
The credit cards that offer rewards or cash back can be worth using, if you stay with a strict rule of repaying any outstanding balances before they are due, and therefore avoid paying interest charges.If you use the cash back and rewards credit cards in this manner you can put cash into your own pocket and accumulate the necessary reward points to help you acquire a wanted or needed item.
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