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      May 31, 2020

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How to Choose a Cash Back Credit Card

It is important that you choose the right card. When researching cash back credit cards, compare the annual fees, interest rates and rewards to determine the best card. Consider your spending habits when choosing a credit card and find one that will offer you the most benefits with a minimal cost. You want the card to fit the spending pattern you already have.

When possible, opt for a card that has no annual fee. However, don’t rule them out before doing some more research. Some of these cards have great introductory rewards that pay for the fee. These cards typically are better for big spenders and offer more generous bonuses.

When looking at interest rates, it is important to evaluate your spending habits. If you plan to pay off your balance in full, then look for the card with the best benefits. If you plan to carry a balance on your card month to month, choose a card with a low rate. If you are paying high amounts of interest on your card then you are not receiving the full benefits of using a cash back card. Some cards offer a 0% interest for a limited time, which may be good if you are transferring another debt to the card or planning on making a larger purchase.

When choosing a card, it is important to evaluate the places and things you spend your money on. Different credit cards have partnerships with companies that offer higher cash back rewards for frequent shoppers. For example, if you had a card the partnered with Old Navy, you might earn a higher percentage of cash back when purchasing items from Old Navy than when you spent money on gas.

Other cards have rotating categories where you earn more points for spending money on a specific category. For example, one month you might earn double points when you spend money on gas and the next month you earn triple points at restaraunts. These categories and point awards rotate every few months.

Many stores also offer their own cash back credit cards. This may mean the rewards come as “store cash” specific to the store. This works well for those that frequently shop at a specific store. With other cash back credit cards, you might receive a statement credit, visa gift card or check in the mail.

Pay attention to cards that have “minimum tiers.” This would mean that a card might offer 1% cash back, but you have to reach a minimum purchase in order to benefit from the rewards. Make sure you read the fine print on all cards before signing up.

When searching for cards, also consider the company and the website. Does it look professional and trustworthy? Is there contact information listed? Is it easy to get questions answered if a problem arises with your credit card? These are important to keep in mind in the long run.

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If you subscribe to one or more streaming service, consider using a credit card that offers bonus rewards on this monthly purchase.

Published:  Thu, 28 May 2020 13:32:00 GMT



This Week In Credit Card News: Pandemic Brings Huge Increases In Card Fraud And Mobile Banking

Fraudsters are increasingly using pilfered credit card numbers and phishing attacks to prey on overwhelmed consumers and banks during the coronavirus pandemic. There has been a big jump in attempted ...

Published:  Fri, 29 May 2020 11:52:00 GMT



Credit card issuers like American Express and Capital One are adding new ways to earn and redeem points during quarantine

Amex, Capital One, and other issuers are making it easier to earn welcome bonuses or enjoy card benefits with new, non-travel features.

Published:  Fri, 29 May 2020 13:55:00 GMT



Why it's important to open a credit card at age 18

CNBC Select reviews why experts recommend getting a credit card at age 18 and how to protect your credit score as a new cardholder.

Published:  Thu, 28 May 2020 18:12:00 GMT



6 things to consider before closing a credit card with an annual fee

Card issuers often waive the annual fee for the first year, but when the statement arrives on your anniversary with the cost included, it's time to decide if it's worth it. Before you choose to keep ...

Published:  Thu, 28 May 2020 13:39:00 GMT



If you have a side gig, there might be a better credit card for you

Entrepreneurial types who freelance and side hustle their way through the week likely have access to a tool that could help them thrive: a business credit card. That's useful information for the ...

Published:  Thu, 28 May 2020 01:02:00 GMT



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