Finding the best cash back rewards credit cards depends on a few factors, like how much your spending habits and the return on investment (ROI). Virtually all major credit card companies offer cash back reward credit cards, but finding the best can be a challenge.
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Cash back credit cards are special because they provide you with ways to earn money when you make purchases on everyday items. The best offer options and convenience. Discover is ranked one of the best credit cards for 2011 by J.D. Power for overall satisfaction, which includes cash back rewards. In fact, the Discover More credit card has excellent benefits to consider.
In addition to the free balance transfer credit card options, the cash back bonus includes 5% in many different categories, like gas and restaurants. Shopping online at Discover.com can earn you up to 20% cash back.
What are other good cash back credit cards?
American Express Blue Cash Everyday and Blue Cash Preferred credit cards are also top choices for cash back rewards. They each provide you with unlimited cash back options.
The Blue Cash Everyday credit card affords you with the opportunity to earn as much as $100 within your first three months and the Blue Cash Preferred credit card can reach as high as $150. Frequent fliers who use their American Express Blue Cash Everyday or Preferred credit card will also receive 6% when shopping at grocery stores.
The Citi Dividend Platinum Select Visa credit card is another good choice. This credit card offers $200 cash back after only $1000 in purchases. Large purchases receive up to 5% cash back and each quarter you are eligible to receive dividends. This credit card has no annual fees.
You will need excellent credit to qualify for the Slate, from Chase. This cash back rewards credit card will allow you to keep the 0% introductory rate for an incredible 15 months. In addition to this unbelievable option, you can receive a $75 credit within the first 90 days, as long as you spend $300.
What is the difference between cash back rewards credit cards and other rewards credit cards?
The difference between cash back rewards credit cards and other reward credit cards is the way you receive your bonus. Since most credit card companies offer many reward plans, you should have an idea of the way they work. Some of the most common include, travel, hotel and gas.
Cash rewards credit cards provide the user with real money. Each time you make a purchase using your cash rewards credit card, you are accumulating a certain amount of cash back; the amount depends on the terms and agreements of your credit card company. Once you accumulate a certain amount of cash back rewards, you can transfer the money into a savings account or pay bills using your checking account.
Non-cash reward credit cards offer similar bonuses, but the result is not cash. You accumulate points that can be used towards special purchases, like personal electronic devices. Some credit card companies send brochures with specific items that cannot be purchased elsewhere.
Others, like travel rewards can be used towards ticket purchases for family vacations or weekend getaways, including discounts on meals and entertainment. The possibilities are endless and completely dependent on your lifestyle. If you prefer reward cards that can benefit you and your family, choose accordingly.
How do I know what kind of credit card I can qualify for?
No matter what type of credit card you apply for, the process remains the same. You must complete the application and depending on your current credit history, options will be presented to you. If you are not aware of your current credit status, the first step you should take is to locate your information with the three credit bureaus, Transunion, Experian, and Equifax.
A quick Internet search will provide you with the correct credit score and from there, you can apply. If you find discrepancies on your credit report, you will need to bring this to the attention of all three credit bureaus as soon as possible. Make note of all of the errors you see and provide a written dispute addressing each issue. Do not apply for any credit cards until your report is accurate.
Once you have an accurate credit report, you should have an idea of what type of rewards card you can apply for. Just remember to make your decision based on your needs and how the card will provide you with the most benefits.
How can I improve my credit score so I can qualify for a rewards credit card?
If your credit score is low due to a string of bad luck with your finances, you may not be eligible for a rewards card because of the high risk you pose. Try to improve your credit score by applying for a secured credit card. These types of credit cards for bad credit require a deposit and this acts as your credit limit; this means you can never spend more than you have.
Secured credit cards are also reported to all three credit bureaus, so as long as you remain faithful paying your monthly credit card payments, your score will improve. As your score improves, so do your chances of obtaining a credit card that offers rewards and bonuses.
Credit cards, whether they are cash back or reward-based are definitely helping people improve the way they manage their finances. The benefits that accompany these credit cards today are changing the way people look at the entire industry and can certainly aid in the present economic outlook.
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- Blue Cash Everyday® Card from American Express
- American Express Centurion Bank American Express Blue
- Blue for Business from American Express
- Blue Cash Preferred® Card from American Express
- Blue White Scholarship Foundation Rewards Visa Credit Card
- Toronto Blue Jays Credit Card
- American Express Centurion Bank American Express Blue Sky