All You Need to Know About Credit Card Rebates
Credit card rebates are the rage, after all, who can resist the temptation of earning while spending? However, donít you think that before getting a new card, you should spend a little time going over the pros and cons of the credit card cash back offer? We have outlined everything you need to know about rebate credit cards and how to get the most out of all the various credit card rebates available.
The idea of being paid to spend money seems incredible but that is just the idea behind credit card cash back or rebate credit cards. With the growing popularity of credit cards, companies are sweating it out to make you believe that theirs is the best option for you. Here are certain guidelines on credit card rebates that can help you make the best of your cash back card:
Taking Stock of Credit Card Cash Back Offers
Take stock of your normal purchases and then get a cash back card that pays you for these items. The best option for credit card rebates, of course, is to look for a card that pays you for ALL your purchases, regardless of where you make them. The highest rate of credit card rebates may not be the best one for you. You might get rebate credit cards rates as high as 5% but these may cover only certain purchases and merchants and not necessarily the ones you need.
Choose your rebate credit cards according to your personal choice of reward. Some cards offer immediate discount on purchases, some send you gift cards from time to time, still others will reflect as points in your card statement. Who said a credit card cash back offer was simple? If you would prefer a bonus check, then go for cash back offer that pays dividends on a yearly or six-month basis. This way you could have a decent rebate in your wallet for Christmas!
A gasoline cash back card can be of good use when you have to fill your tank. Every gallon you buy earns discounts. Moreover, you might even receive cash back on purchases at a particular gas station. Cards that pay you on all purchases generally have a lower rate (usually 0.5%) but it might give you decent rewards in the long run, unless you go to only a select range of merchants. In this case, you should go for a card that covers such merchants, though beware, these might carry higher rates of interest.
Regularly compare cash back credit cards on websites to ensure that you donít miss out on better APRs and rewards. In fact, if you are carrying balance on your accounts, interest charges might actually be eating into your cash back rewards.
Are Cash Back Credit Cards For You?
Think of the cash back card as a card that rewards you for taking a loan. These discounts may range between 1% and 5%, depending on the purchases. Make sure you know what you are getting into Ė for example, only apply for a gas rebate credit card if you own a car!
Look for the rebate percentage before sealing the deal. Credit card rebates are given out in different forms. Some companies offer discounts through cash incentives on an annual basis; others may directly send it to the customerís account. You may also find options that link your rebate to a savings account or you may accumulate a certain kind of points. There could also be a deadline by which you have to spend your points, so do not hoard points without knowing the expiration date. If you have a monthly shopping schedule or if you prefer buying products in bulk then this type of card is likely to work for you. Chances are that before you are allowed to use all the privileges offered by the company, you will need to demonstrate a good credit history.
Most importantly, you must be aware that the credit card rebates may not cover all the things you wish to purchase. If you keep this and other basics in mind, you can soon be on your way to saving significantly with credit card rebates.
This article was posted on October 25, 2006
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