Choosing the Best Credit Card Reward Points for you
Copyright (c) 2008 Ann Wilson
With so many reward credit cards to choose from, how can you pick the best one for you? Here are some questions which you can ask yourself before deciding on which reward credit card you’ll be getting for yourself:
What type of reward do you really want? Rewards credit card may offer travel rewards, gas rewards, and cash back rewards. Which type of reward really suits your lifestyle? Make sure that the reward program you’ll choose is something that you can really benefit from.
Does it have an annual fee? Some reward credit cards charge for a high annual fee to continue your membership in the rewards program. If this is the case, does the annual fee off set the rewards you earn for the whole year? For example, if you need to spend $100 or more for the annual fee just to get a $50 reward points, then that’s not much of a benefit. However, there are many reward credit cards today that offer a free annual or a low annual fee plus the chance to earn unlimited reward points which truly make a great deal.
Does the credit card have a fixed rate or a variable rate? Most reward credit cards have a fixed APR or 0% APR as introductory offer. However, when the introductory period ends, a variable APR applies. Bear in mind that this means your interest rate will be based upon the Prime Rate so there is a risk that when the Prime Rate increases, your APR can also be incredibly high. Also, remember that credit cards have a minimum cap which means even if the Prime Rate falls dramatically, your interest will not go below the minimum cap.
How much will it take before you get a reward? Study carefully the point system that applies on the credit card reward program that you choose. You need to be especially aware about the exact conditions when it comes to earning and redeeming rewards even before you sign up the card.
Does the one point per dollar spent policy apply on general purchases or does it only apply to purchases you’ve made from selected stores? If so, then you might want to consider if the affiliate shop you need to purchase from is a store that offers reasonable prices. If you need to buy from an expensive shop every time just to collect points, then you might only be spending more than what you can afford.
Is if there is a limit on the number of points you can earn? Some credit cards give generous points for their cardholders but only for a limited time period. Afterwards, you may be restricted to earning just a few points in your account.
Is there also an expiration period for collecting rewards? Will the rewards be forfeited if not redeemed after a certain time period? Be sure that the credit card you choose will give you enough time for collecting and earning points, especially if it’s a travel rewards card. Otherwise, you might end up collecting points in vain just because you didn’t earn enough points in time. Better yet, choose the rewards credit card that lets you save as much point as you can for an unlimited period.
Watch the video related to credit card rewards
www.BPCreditCard.Info Apply online for the best gas card with the BP gas credit card. Earn up to 10% introductory rewards with no annual fees and no limit on rewards earned. A good oil card.
Help answer the question about credit card rewards
Will my credit card rewards points transfer to a new card?Are ther any credit card companies that entice new customers by letting them take all their reward points from their old card with them when they switch to a new card?
My current credit card APR is 12%. I want to get a card with a lower rate, but dont want to lose all the reward points I have accrued.
October 3rd, 2009 at 11:20 am
Well, let me be the first to tell you that a credit card can be a "safety net" in the event that you're in a crunch in between paychecks, and especially renting cars. Granted, you can use your debit card, but you better have the money on it, becuase credit and debit cards work completely different in that respect. But even if you just make small payments that you pay off in full every month, it's another way to build credit, which you can't build alone just by paying off loans. Credit and the scoring system is designed to where you should show that you can handle different types of credit both installment(car,furniture,appliance,personal signature, and mortgages) and revolving (credit cards and line of credit). An example of a balanced mixture of credit is 3 credit cards (2 major and one department store card) and either one paid or currently paying installment account.
Now while it is a good thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking account if you use that, it's important to know the true meaning of needs vs. wants. Credit cards are not bad, it's the judgement of some people that use them. They easily confuse the 2 and that's where the problems arise. As long as you keep your priorities straight, and use credit like it's supposed to be used, then you should be ok.
A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway.
Chase, Bank of America, and Citi all offer fairly good cards
I hope this answer helps out,
Good luck!
October 3rd, 2009 at 12:49 pm
The site below has a pretty comprehensive list to allow you to comparison shop.
October 3rd, 2009 at 6:50 pm
October 3rd, 2009 at 7:29 pm
I honestly think you should get an American Express card. I myself do not have one, but they do have an annual fee. There are great travel rewards associated with them and you're treated very well when using it.
The reason I think American Express is the way to go is because it keeps you out of debt while improving your credit score. You do have to pay your balance in full each month.
Also, I would suggest keeping your cards open, even if you don't use them because that will actually lower your credit score. The longer history you have with your credit card, the better credit score you receive. Just tuck it away in a drawer, but use it one every 3 months or so because if you don't use it, they will automatically cancel it.
October 4th, 2009 at 11:19 pm
I have an ipod touch and it is amazing! It has great apps and memory. IT is only 8gb and I have abotu 5 gb left. I dont know what you would want, so I can't really make uyp your mind. You are the only one. hOpe I helped.
October 6th, 2009 at 12:13 am
this site has a bunch of different reward options for you. You should read over the info and choose the best for you.
The page for REWARD CREDIT CARDS has a Capital 1 no hassle card for students too. You might like that one. Anyways this is where i go for cards. Hope it helps.
October 6th, 2009 at 5:30 am
I use to wonder the same thing, and you bring up some good points.
But also, when your VISA has very little available credit left, because you really didn't want 4 new tires, but you needed them just the same…you know you'll always be welcome at BananaMacy, (until their card is maxed).
For people who can't control their spending, extra credit is like a gift, rather than a curse.
Ahhh…the good old days, when credit was just for emergencies.
October 6th, 2009 at 3:31 pm
October 6th, 2009 at 6:49 pm
When I use my Emigrant Direct credit card I get cash back deposited into my online savings account I have with them. The interest rate on the savings account is great, no fees or minimum balance. No annual fee for the card either.