||Credit Card Reward
Programs - How to get the best one
Many credit card companies offers you various reward
program. Reward program are related or linked to credit card
usage or spending. Though these reward programs are beneficial
and carries lots of advantages with it, sometimes you need to
look in to the finer details of the reward programs and the
benefits that they carry.
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Although you may be tempted to keep more than one reward
card, sometimes overspending and non-cautious approach may
prove suicidal if proper financial planning is not followed.
Not all of the reward programs are worth applying. So
selecting the right program for you is very important.
Any reward program credit cards that is attached with high interest rates should always be avoided.
The common feeling is that you’ll find that most of the
reward cards include higher rates of interest than standard cards. This higher interest rate can quickly and easily
compensate any or all type of reward. Hence you should always look at the interest rates and
see if the reward is worth it. Paying your balance regularly
at the end of the month is a good habit and saves you good
money. Also keep in mind that there are some reward cards that offer a high annual fee.
So the cost of high annual fee should not set-off the reward.
Hence it is advisable that you get the fine print before you
choose your reward credit card.
Cash back type of reward card is becoming very popular
nowadays. Many top companies and banks offer cash back programs that
offer around 1% for every purchase that you make. Before you get a reward card, you
make sure to read the fine print and see if there is any maximum limit.
Other type of reward program gives you points for every purchase
that you make with the card. In such schemes once you accumulate
enough points, you can redeem them for items or purchases.
Some cards may have limits as to how many points you can
Then other popular reward card is frequent flyer miles. Within
this category, some cards will base their rewards on points, while
others choose to use actual miles. For every dollar you spend using
this frequent flyer card, you’ll receive either a point or a
mile as bonus. Once you accumulate enough, you can redeem them
later. Before you actually get the one, check out the minimum
redemption limit. Some frequent flyer rewards need 25,000 points or miles in order to redeem them, which can make it nearly impossible for
less traveling people to reap the benefits of using the card.
There are many ifs & buts you need to take care of
while choosing the right card for you. First you should
identify why you need a reward card? What is your purpose? And
what benefits these various schemes offers you. Select the
ones that suits you.