December 15, 2017

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The Tricks of a Credit Card Rewards Program

What to Avoid in a Credit Card Rewards Program

What to Expect from a Credit Card Rewards Program


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The Tricks of a Credit Card Rewards Program

The wide selection and variety of Credit Card rewards programs available for consumers can often lead to some confusion and complications when choosing the right credit card. Credit card companies are clearly in the business to make a profit and do not often lookout for the consumer. They are concerned with their interest rates (which tend to be higher with rewards programs) and fees than with the rewards they are giving the consumer.

With all the confusing credit card lingo and variety of options such as spending tiers, rotating reward categories, and redemption options, there is a chance a credit card can never really work out. You want to have the credit card be a tool to help you with your budget instead of costing you more money.

Here are some tricks that are frequently found with credit card rewards program.

  • Opting-in to earn rewards. These rewards program require you to opt-in when they offer a rewards program such as 5% back on all purchases. This is a good percentage of money to reward users with. This puts the credit card company at an advantage because often many consumers do not opt-in at the deadline, saving the credit card company money, yet they can still advertise their 5% cash back rewards program.
  • Offering a variety of rewards. Having too many rewards to choose from can benefit the credit card company. Not all items in a point price range cost the same, so the credit card companies take advantage of customers selecting lower price merchandise. Often lower priced items cost a higher amount of points because people tend to redeem points more frequently rather than save them for a big ticket item (for example, a $50 gift card may cost 7,000 points and a $25 gift card costs 5,000 points).
  • Reward Caps. Read the fine print. There are often limits on how many points you can earn or redeem in a specific time frame. If a company is offering 5% cash back on all purchases, it may have a dollar limit.
  • Fees. Credit card companies charge a multitude of fees from an annual fee to reward fees. Often consumers get their credit card bills and find fees for items they weren’t even aware of.

There are some other tricks to watch out for. Be aware of a change in interest rates. Late payments or high balances may trigger an increase in your interest rate. Companies can also switch the interest rate when applying. You might apply for a card with a low interest rate and end up with a high interest rate card. Before accepting an offer take a close look at the terms and educate yourself so that you are not tricked by a company.

Starbucks Credit Card Rewards Review: Points and Freebies for Coffee Lovers

the upcoming Starbucks rewards credit card might be the best way to rack up and use rewards points. The current Starbucks Rewards program is connected to a Starbucks card that you register online or on the Starbucks app. It does not involve a store credit ...

Published:  Thu, 14 Dec 2017 17:33:00 GMT

Mastercard rolls out first "˜debit rewards' program

MASTERCARD is setting its sights on the millennial market with a new rewards program targeted at debit card customers, in what it says is an Australian first. Growth in the number and value of debit card transactions continues to outpace growth in credit ...

Published:  Thu, 14 Dec 2017 20:18:00 GMT

Is the Amex SPG Credit Card Going Away in 2018

and Starwood Preferred Guest loyalty programs into one. On the bright side, Marriott and American Express provided a little more clarity this week on the future of the Starwood Amex brand. Marriott is launching new Marriott Rewards credit cards in 2018 ...

Published:  Thu, 14 Dec 2017 16:49:00 GMT

Want to Be Smart About Credit Cards 5 Must-Follow Rules

Just don't be so wooed by the promise of a generous rewards program that you sign up even though you don't actually want the rewards being offered. No matter how much you earn in credit card rewards, you'll still lose money if you're paying interest.

Published:  Wed, 13 Dec 2017 08:19:00 GMT

4 tips to maximize your rewards credit cards

"And they don't even realize it." Of course, the point of getting a rewards credit card is to treat yourself to the perks of the rewards program. Here are four tips that will help you maximize your credit card rewards so you don't leave any on the tabl

Published:  Thu, 07 Dec 2017 09:08:00 GMT

Report: Credit card rewards, online transfers thrive in Canada

That was one the many themes to emerge in a report from Payments Canada, which also concluded that credit cards are paving the way for easy payments and luring new customers with lucrative rewards programs while online and mobile banking are gaining the ...

Published:  Thu, 14 Dec 2017 13:16:00 GMT

Best Student Credit Cards

Our editors thoroughly research all the credit card offers we review, comparing interest rates, features, rewards programs, annual fees, late fees and other features. After weighing the information the editors give an overall star rating for each card.

Published:  Wed, 13 Dec 2017 05:54:00 GMT

The Best Ways to Pay for a Wedding With a Personal Loan or Credit Card

... are the cards that MyBankTracker recommends for couples who want to use credit to foot their wedding bill. Chase Sapphire Preferred ® Card has a versatile rewards program designed for people who spend on travel and dining. Points can be redeemed for ...

Published:  Tue, 12 Dec 2017 13:43:00 GMT

Despite high interest rates, people still sign up for department credit cards

"People of all shapes and sizes, all income levels, they all prefer cash back for their credit card rewards," said Matt Schulz ... Erika was a regular contributor to NPR and PRI programs and Scientific American podcasts. She's been a staff reporter ...

Published:  Mon, 11 Dec 2017 08:15:00 GMT

Annual growth in Australian credit cards just fell for the first time on record

The reduction in the number of credit cards may be due to recent changes to credit card rewards programs introduced in July which saw many issuers limit benefits and transaction amounts that accrue reward points.

Published:  Mon, 11 Dec 2017 20:44:00 GMT

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