The best rewards credit cards are not hard to find if you know where to look. In this article, we’ll take a look at some of the best rewards offered by credit card companies today and tell you which cards you should apply for to get them.
If you’re looking for a best reward credit card, you’ve got more choice than ever. There are literally hundreds of different cards with different features, different rates, and different rewards. If you choose the right card you could actually save yourself a lot of money on the things you normally buy.
What is the Importance of Credit Cards?
A good place to start. You might think that credit cards are just a handy way to buy things you really want but can’t afford, but you’ll probably get yourself into trouble that way. Just ask millions of Americans with staggering debtloads.
But if you’re fiscally responsible, credit cards are just a tool for managing cash flow and ensuring security (you don’t have to carry a lot of cash and the card can be cancelled at any time if stolen). Besides that, if you have a card with a good rewards program, the annual fees and interest may actually be offset by what you save.
What Should I Think About When Comparing Credit Cards?
There are several important considerations to keep in mind. The first of these is the annual fee. Not all cards actually have an annual fee. For those that do, rates will vary wildly, from $10 a year to over $200. The second thing to think about is the interest rate, or APR, which stands for Annual Percentage Rate. This can also vary, but you’re looking at a maximum of about 20%. There are many low interest rate credit cards available, so shop around.
Also consider the grace period, which is the time within which you must pay the balance before interest is charged. Standard grace periods range from about 15 to 40 days. There are also different types of cards. You may be looking for credit cards for instant use, for example, or prepaid credit cards for teens. Finally, consider the rewards.
What Are Common Rewards?
Like every other aspect of credit cards, rewards vary. You’ll need to find the program that’s right for you so that you can actually save money and get something out of the deal. Here are some of the common types of rewards:
- Travel: Travel rewards, also called “air miles,” usually come in the form of points that you can redeem with an airline. X number of points will get you Y number of miles. Do some calculations to determine how much you’re going to have to rack up on your card to actually get a flight.
- Gas: Some cards will actually give an upfront gas rebate. Others will tie the gas reward into a cash back program.
- Cash Back: There are different cash back programs out there. Some give a percentage of cash back on all purchases over a certain amount per year. Others give cash back when you buy from specific retail partners, such as gas stations or grocery stores. Cash back is normally paid annually and depends on you fulfilling certain requirements, like not missing any minimum monthly payments.
- Points Programs: Many cards have their own points programs which can be redeemed in a variety of ways. You may request gift certificates, shop online at participating retailers or use them for travel purposes. You may be able to find a motel reward program, an electronics reward program, a groceries reward program or whatever else you find useful.
- Insurance and Other Financial Services: Some cards will actually give you complimentary or discounted insurance for travel, car rental or home. Others may come with special deals on different types of financial services or products.
What Should I Think About When Comparing Rewards Programs?
First of all, think about what you buy. Look for the rewards that match your greatest expenses. For example, if you have relatives all over the country and regularly fly to visit them, then a travel rewards program may be right for you. If you are a commuter whose monthly budget includes a big chunk for gas, consider gas rebates or cash back.
Also think about where you spend your money. For many rewards programs, credit cards partner with specific retailers to offer a retail credit card. Your local supermarket, where you spend a considerable amount of money every year, may be partnered with a specific credit card that could offer attractive cash back options. Some cards will even offer straight rebates at certain retailers. If you’re regularly buying big-ticket items at specific stores, consider the savings you could enjoy.
Where Can I Find Out More?
Well, you can call around or visit different banks, but that’s going to take a long time. It’s best to look online, where you can find several useful sites that lay everything out in easy-to-read tables that compare the different cards for you. Many of these sites are searchable, so if, for instance, you want to view fixed rate credit cards only, or just 5% rebate gas credit cards, or no annual fee credit card with reward, you can limit your search accordingly.
Remember that with the right card, you can actually save yourself money. You’ll need to carefully assess the rewards program with the other aspects such as APR, grace period, interest rate and annual fees. What is the best reward credit card to apply for? Check out the best rewards programs here.
What are you waiting for? Who doesn’t want convenience, security and savings?
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