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If you like the idea of being given FREE MONEY by banks, a cash reward credit card will help you. These credit cards provide cash back to you when you make purchases, and even sometimes cash advances and balance transfers. Here you can get specific details about what banks offer cash back credit cards and compare their differences. Apply online for a cash back credit card if you find one that's right for your wallet. |
How are cash rebates accrued?
Banks offering cash rebates may accrue your return in different manners. In most cases you earn a percentage of what you spend on the credit card account. This base percentage could be one, two, or sometimes even as high as three percent, depending on the credit card issuer. Some credit card issuers may even extend bonus cash rewards when you make purchases at specific types of stores.
What type of companies qualify for these category bonuses? This too depends on the credit card issuer. Some common company types that several banks provide a bonus on include the following:
- gas stations
- grocery stores and supermarkets
- drug stores and pharmacies
- convenience stores
- restaurants
- clothing stores
- utility companies
- cable and other pay television services
You may receive up to 5% or more on these category bonuses. Be careful though, a store that you consider to be in one of these categories may very well not be. A great example is the popular store Wal-Mart. A lot of consumers believe that Wal-Mart is a grocery store since they can buy groceries there. Unfortunately, that is not the case, Wal-Mart in most cases designates their self as a discount store.
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I Want To Compare All Credit Cards That Offer Me Cash Back
Now that I've accumulated some cash, how do I redeem it? This is a tricky question. In most cases a check will be mailed directly to you. Some banks mail the check automatically after you reach an accumulation hurdle. Others may require that you call to request a check after you reach that threshold.
Another less common method of redeeming your cash back includes receiving a credit on your statement for your accumulated dollars. If getting cash in hand is not as important to you as spending it, some banks may give you an incentive to redeem your accumulated cash as gift cards. The incentive may even be as rewarding as redeeming $20.00 cash back for $40.00 in gift cards, for example.
Student Cash Reward Credit Cards
Personal Cash Reward Credit Cards
Read more about Clear from American Express
A final tip for hunting down a cash reward credit card is to check the yearly cap. You may only be allowed to earn a maximum dollar amount of cash rewards on specific accounts. Some accounts do not have an annual cap though. Depending on how much you plan to spend on the account each year, you may want to take the extra time to find a cash reward credit card without a cap.
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