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Credit Card Basics - Reward Cards 101
Do you walk out to get your mail each day and find your box with the latest credit card offers? If you're like the typical household you do. Every one of these is offering up something different. So, what are all the different reward credit cards about? How do I know what to look for? Here's a quick rundown on the basics you should be aware of.
Reward credit cards have come a long way in the last 20 years since they first came out. You could get cash back with Discover, or get free airline miles with other cards. Nowadays, too many of these reward cards are junk. When you really start looking over the important facts such as fees, charges and interest rates, you find they cost you far more than that free night a motel.
Cash Back Credit Cards
This is the biggest program going for credit card companies. While the average cash back is around 1%, you can find cards offering more than that. Look out for fees and interest rates, and also be sure they do not cap the limit on the cash back.
Points Program Cards
This is another popular card that gives you a certain number of points for every charge made. As your points accumulate, you can use them on merchandise gift certificates, etc. The thing to keep in mind here is, does the credit card company have a time limit on redeeming points? Is there a cap on the total you can accumulate, and finally, is the merchandise that you can redeem the points for, worth having to start with?
Airline Miles Credit Cards
One other immensely popular rewards card is the one offering airline miles. For every charge you make with your card, you'll get a corresponding number of free miles. It's a great concept. Who doesn't like the thought of getting a free round-trip ticket to the Caribbean?
Keep an eye out on the qualifications. Many companies have a 25,000 "mile" minimum before you can use it. Is there a time limit on accumulating and redeeming your miles? These are just a few things to look for.
There are a lot of great reward credit cards on the market. You just have to take your time and shop around.
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About the Author: Terry Edwards is the owner of Credit Cards A-Z, a site providing great information and help with credit cards. Find out more about Rewards Credit Cards as well as get more information about all types of credit cards at http://www.CreditCardOffersA-z.com