Reward Or Cash Back Credit Cards – Maximising Your Returns

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Reward Or Cash Back Credit Cards – Maximising Your Returns
By: Joseph Kenny - , Posted On: 2007-09-14

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If you are one of the l

cky customers who pays off their

ntire credit card balance in full

ach month, then interest rates will not be of m

ch importance to you. You pay no

nterest as you never carry any b

lance over from month to month. Wh

t may be of more interest to you is the l

yalty or reward schemes that various cr

dit cards offer and therefore you sh

uld be deciding on which card to ch

ose based on this information.

Pay an Ann

al Fee For Better Rewards?

Some credit c

rds charge an annual fee and th

y justify this by referring to the gr

at reward schemes that they offer, but do y

ur homework. It may be surprising to l

arn that many of the best r

ward schemes are from cards that do not ch

rge any annual fee and in any c

se, you typically have to spend

ver five thousand pounds before the r

ward scheme will have paid you b

ck your annual subscription fee. If you are b

ing charged an annual fee for y

ur credit card, compare and then c

nsider switching credit card providers.

I Just W

nt Cash, Now!

There are generally two typ

s of reward scheme. There are c

sh back schemes and points schemes. C

sh back schemes are generally preferable as you are not l

mited in what you can get for y

ur reward or where you have to sp

nd it. If you are given b

ck cash you can do whatever you l

ke with it and don’t have to sp

nd it on a new toaster or

ther such gift that you can

sually cash in your loyalty points f

r. As well as cash and p

ints, you may also be rewarded w

th air miles or any other c

llectible reward.

Reward Points Credit Cards

As well as s

tisfying yourself that the reward is s

mething that you can actually use, you sh

uld find out how much you are r

warded for using the card. Some r

ward schemes reward as much as 5% on all sp

nding in the US, while in the UK the h

ghest found rate was 2%. Others are cl

ser to 0.4% rewards on all y

ur spending. The difference, as you can cl

arly see, is substantial.

Maximising Your Gains

Loyalty r

wards have been criticised by some c

nsumer protection groups, as well as Wh

ch magazine on the grounds that th

y distract customers from getting the b

st deals on credit card interest r

tes and make them put up w

th worse terms in exchange for m

aningless points.

Applying For a Credit Card Th

t Suits You

There are so many g

od credit card deals on the m

rket at the moment and there are pr

bably as many, if not more, bad cr

dit card offers. The trick is to f

nd the best deal. If, as n

ted earlier in the article, you pay y

ur balance in full every month th

m either rewards or a cash b

ck credit card is a good

ption.

A cash back credit card application is r

latively simple, find the deal with the h

ghest cash back (based on your sp

nding level) deduct costs such as

nnual fees and you have the p

tential ‘cash back for that particular t

rm. The next step in choosing a r

wards credit card is to identify wh

t type of rewards interest you, if you are an

vid golfer then I suppose you w

ll not be applying for a f

otball card! Analyse the rewards, costs, sp

nding and return of the card to f

nd the best deal. This can be m

re time consuming than applying for the c

sh back offer, but there are r

wards credit cards available that can be, if you p

rdon the pun, ‘more rewarding’ than

thers.

For most people a card with g

od terms and good interest rates is st

ll more important than rewards and if th

s is the case for you, d

n’t let the rewards put you

ff.

You freely reprint this article as l

ng as the author bio and l

ve links are left intact.

The article Reward Or Cash Back Credit Cards – Maximising Your Returns was Submitted by Joseph Kenny - through Articles.GetACoder.com network. Here's the additional information: Joseph Kenny is the wbmaster of www.creditcards121.com , an online comparison site for UK residents. For US residents he recommends www.credit-cards-info.com for all your credit card needs.

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