What To Look For When Picking A Cash Rebate Credit Card
If you use a credit card regularly and is able to pay your balance duly, a credit card with cash rebate privileges may be a much better option for you. You can gain rebates on your purchases, which could be used to buy more items. Easy enough to understand, right? Although, picking the best cash rebate credit card is easier said than done. There are several common pitfalls that will disable you from maximizing the potential cash back rewards you can get. Below are the things to look for your cash rebate credit card.
Know the average cash back rate. Most major banks and credit card issuers offer a 1 percent return rate. However, some cash rebate cards offer the ability to optimize your payout depending on your spending frequency, purchases made in specific classes, or category incentives. For example, the Example Seven Freedom card provides a 5 percent cash rebate for a specific set of items, which are usually modified on a regular basis.
Use websites that compare cash rebate credit cards. Websites like ours hopefully will make it easier for you to narrow down your options and get an idea of what benchmarks are set as far as return rates are concerned. The website has a chart that plots the cash back ratio of different banks. A “reward” algorithm that specifies the bonuses and explains the break points for greater payouts is also posted.
Pick a card that best complements your spending lifestyle. Do not choose a cash rebate card because it has plenty of adverts, has friendly customer support representatives, or has an enticing offer that sounds too good to be true. Although these elements do play a role in delivering the end service, the decision should be strongly based on the card’s compatibility with your lifestyle. You have to gauge how much you spend and where you direct those purchases.
Dive into details. Don’t just get fed with the basics. Explore the ins and outs of cash rebate credit cards. Look for features that could either serve as an advantage or disadvantage when matched to your lifestyle or circumstances. Study the long-term expenses, added benefits, and possible restrictions. Added expenses and limitations on cash returns are necessary to factor in, especially if you are not looking to keep the credit card for a long period of time or cannot use it frequently.
Assess if cash rebate credit cards are for you. If you are financially unstable and cannot commit to monthly credit responsibilities, it may be best to simply save your money for rainy days. After all, if you cannot use the cash rebate credit card regularly, it won’t be of much use as it doesn’t earn points or rewards.