Earn A Credit Card Reward
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If you're looking to get something for nothing, a credit card reward can help. There are many types of rewards available on credit cards. These include everything from cash back to airline miles. What type of credit card reward do you want to earn? Here you can examine the different types of reward credit cards and select which cards best suit your lifestyle.
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There are about 6 basic types of reward credit cards issued by major banks. I have broken them down below to save you some time in your search for the perfect rewards card.
Cash Rewards
Cash reward credit cards give you exactly that - CASH BACK. The amount you get back varies depending on the bank, types of purchases, and of course the amount you spend.
Cash Reward Credit Cards
How do I redeem the cash rewards? The answer to this questions varies. Some banks will send you a check automatically after you have reached a certain threshold. Others require that you call in to request a check after that threshold has been met.
Point Rewards
Many credit card issuers these days offer point rewards. You accumulate points based on the amount you spend. While some banks give you a specific percentage, others offer an amount comparable to 1 point for every dollar you spend. No matter how the points accrue, they are redeemable for different merchandise, services, gift cards and sometimes cash. Each program has its own unique benefits.
Compare credit card reward programs that give you points.
Retail Rewards
Retail rewards are not as common as other types of credit card rewards. These cards compare closely to point reward cards. The biggest difference is that the rewards you earn can only be redeemed at specific retail websites and store locations. They are great if you frequently shop at a specific store or website where the rewards are redeemable.
See some examples of retail reward credit cards.
Vehicle Rewards
Looking to get a new car? With a credit card reward redeemable on vehicle purchases, you can. These types of cards allow you to earn a percentage on your purchases that is redeemable toward vehicle acquisition. Some even allow you to redeem the dollars earned on auto parts and services. If you can't find the car you're looking for, a few vehicle reward cards even give you a cash back option.
What car reward credit cards can I choose from?
Gas Rewards
Nowadays, gasoline is pretty pricey. Gas credit cards can help save on the cost of this necessity. With a gas reward card, you can earn a percentage of your purchases redeemable for gas gift cards! You may even get a higher percentage back on gasoline purchases over all your other purchases made with these cards.
Travel Rewards
If you travel for a living or like to take vacations often, a travel rewards credit card is your best bet. A travel reward credit card accrues miles or points redeemable on flights, hotels, rental cars, and cruises. A majority of these cards give you a considerable signup bonus for just getting approved and making your first purchase. Travel reward credit cards remain one of the most popular type of credit card reward cards.
Now what?
I hope I've given you some great credit card reward suggestions. Here's some additional tips for choosing and managing a rewards credit card.
- Some reward cards, especially ones that offer travel rewards, charge an annual fee. Be careful, if the annual fee is too high, it may offset the rewards you earn.
- Watch out for yearly caps. Most reward cards allow you to only earn a certain number of rewards per month or year. Once you reach the cap, you won't be able to earn anymore that month or year.
- Pay off your rewards card in full each month to avoid finance charges. There's not much point of paying more in finance charges than you earn in rewards a year.
- Don't let your rewards expire. You may only have a set amount of time the rewards are valid for after earning them.
- Cash advances, balance transfers, and credit card fees are not usually eligible for credit card rewards.
- Before closing your reward credit card account, make sure you have redeemed your rewards, otherwise you might lose them.
Finally, I would like to let you know what my favorite rewards card is, the CitiŽ UpromiseŽ Card. This card helps you save college funds for your children, nieces, nephews, or anyone for that matter. I've earned several hundred on the one I used to have. That money is now sitting in a 529 College Savings Plan earning more money for my nephew's college education.
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