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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.

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Best business credit cards for travel

... Preferred℠ Credit Card earns high marks on our list of the best travel business credit cards due to its affiliation with the Chase Ultimate Rewards® program. Points earned with this card can be us...

Published:  Wed, 20 Feb 2019 07:52:00 GMT



Apple Credit Card Rumors Resurface

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Published:  Thu, 21 Feb 2019 11:38:00 GMT



Top Gas Rewards Credit Cards in 2019

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Navy Federal revamps its credit card member rewards program

In the intense competition for credit card customers, Navy Federal Credit Union has revamped its member rewards program by significantly increasing the rewards it offers members. The credit union has ...

Published:  Tue, 12 Feb 2019 07:30:00 GMT



5 credit cards that offer free credit scores - and lucrative rewards

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Published:  Tue, 12 Feb 2019 14:34:00 GMT



The Apple Credit Card Will Drop in the Spring: Likely Perks, Pros, and Cons

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Published:  Thu, 21 Feb 2019 10:38:00 GMT



What to Look for In Your Credit Card's Terms and Conditions

"You want to make sure the rules aren't too restrictive," says McClary. For example, some credit card rewards programs require a minimum before you can redeem, such as 2,500 points. Finally ...

Published:  Wed, 20 Feb 2019 08:31:00 GMT



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