So you want a rewards card, huh?! If you have a good credit score and are the owner of excellent credit then you are probably able to get instant online approval for many of the best cash rebate credit cards on the market.
You are most likely a person who has neglected to get in trouble by missing payments or sending them in late and you have shown that you are responsible not only in your credit endeavors but in your rent payments, phone bills and any other bills that are in your name. Because of all your hard work keeping your credit in good standing you are able to cash in with the great credit cards and rewards cards now. All you have to do is look!
If you have good credit then you are probably already being drowned in credit card offers. Credit cards offering frequent flier miles, balance transfers, no annual fees and cash rebates are filling up your mailbox and you have a trash can full of unopened envelopes because you just cannot possibly open all of these offers.
Credit card companies are clawing over each other for your business because someone with good credit is sought after like nothing else! But because everyone is requesting your business, you may want to consider taking advantage of the great cash back credit cards or rewards programs out there which actually benefit you every time you use your card! Hey, you earned it, why not take advantage!
What Credit Card Rewards Are There Under The Sun!
If you haven't seen all the television commercials or read any of the credit card solicitations then you probably don't know of the best credit card offers out right now. If you haven't heard, you're probably living under a rock too! Customized plans are all the rage today and everyone can find a platinum credit card that fits their wallet and their lifestyle.
Whether you want frequent flier miles, gasoline credit cards, 0 intro APR or hotel discount credit cards, you can find it with nearly any VISA or MasterCard credit card! Even though there are hundreds of options out there, you can separate your rewards programs into two camps - cash back and rewards. Let's look at each!
Getting Some Hard Spent Cash Back
Cash back credit cards are the most popular way to capitalize on a credit card company's rewards program because you can get money for simply using your credit card! Most of the time you will get between 1% and 5% cash back, which means for every $100 spent you will get between $1 and $5 back!
Usually you will have the money credited back to your card although many companies allow you to get the money in check form as well. Cash rebate credit cards work off of either a flat percentage rate or a tiered percentage rate.
When your cash rebate credit card is calculated off a flat percentage rate (which most are) then you are getting a straight percentage back; like mentioned above most card give 1% to 5% back. Some cards will even give more back if you spend at specific retailers. This straight forward way of figuring out how much you earned back is very simple and easy for consumers to do. The only thing to look out for is the cap limitations that some credit card companies have.
You should read the fine print to see if you will be limited to how many 'bonus points' you can earn over the course of a year. Some card companies will say you can only earn up to a certain amount per year no matter how much you spend. If you want the best credit cards then look for a card without limitations that says you can earn unlimited points.
While most companies go off of a flat percentage rate, some still use cash rebate credit cards tied to a tiered percentage rate. This calculates your rewards from the money you spend on an annual basis. It is more confusing to figure out so it is advised to stick with flat percentage rate credit cards.
Show Me Some Credit Card Rewards!
People love being rewarded for using their credit cards and credit card companies such as VISA, MasterCard, American Express and Discover love rewarding their customers. The two biggest ways to cash in on rewards are through points/miles and retail/merchandise.
- Points/miles are a great choice of rewards programs if you are a frequent flier. Why? You can get frequent flier miles by using your card at certain places and get free tickets because of it! These points' cards usually will give you a point for each dollar you spend so you can start building points with each purchase. You should look into getting a miles card if you travel frequently or if you are looking for a cash back business credit card. If you have any employees who travel a lot you may want to consider getting one of these cards. One thing to look out for though - you probably will have to pay an annual fee! Because free airline tickets are a great reward, figure on paying between $50 and $125 just for keeping your card active each year.
- Retail/merchandise credit cards are great because they work on a similar point system as the miles cards above but you can cash them in at certain retailers such as Wal-Mart, Starbucks and Target. When your credit card company partners with retailers it is you who comes out the winner! The more you spend the more money you will get in the form of gift certificates to use at retailers and restaurants across the country!
If you've shown a great credit score and a responsible nature in paying your bills then you probably qualify for instant online approval for nearly any rewards credit card you want. Take advantage of the great deals and most of all...spend you rewards well!
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