How To Find The Best Cash Back Cards
Best Cash Back Cards are one of the most popular credit cards on the market today. What is great about these cards is that they can save you a lot of money every month. They have great rewards, features, and a zero percent APR until the full amount is paid off. There are many advantages and disadvantages to these types of cards.
Rewards: Rewards are important when you are deciding which one is best for you. Some of the best cash back credit cards offer air miles for every dollar spent, or points with every purchase you make. Other rewards include discounts at restaurants, department stores, hotels, and theme parks. All other eligible expenditures will earn you 1% cash back.
Annual Fee: This card only offers a zero percent introductory APR on your purchases and all other eligible purchases for the first 15 months. After this introductory period, your APR will be permanently increased. The interest rate on this type of card is variable, so you could end up paying a higher than normal interest rate. You should compare any cash back offers with other cards to determine whether you will actually save money by making your purchases with this card. If you choose to use reward programs, you will have even less control over your spending because these programs require you to pay for your purchases before receiving your rewards.
Cash Back Bonuses: Many credit card companies provide cash bonuses for spending amounts above a specific amount each quarter. The best cash back cards offer the highest percentage of cash back to their valued customers. Some credit companies give extra cash back if you use your card to make purchases at select locations. For example, if you buy gas at the Shell Gas station located at a certain address, you will receive twice the amount you spent.
Welcome Offer: Most credit card companies offer a special free bonus, or welcome offer, when you make your first (or any subsequent) purchase with their card. The welcome offer may be redeemable toward purchasing more merchandise at a later time or toward receiving a special gift. You are not obligated to make any purchases with the credit card that has the special offer. However, you do earn a point toward each purchase that you make using your new card, which earns you some nice points towards your next purchase.
Other Rewards: There are other rewards besides shopping discounts and gift certificates for purchases. Some credit cards will also offer cash rebates for various services, depending on the issuing company and the service being provided. Other rewards might come in the form of travel miles, or air miles. There are many different types of incentives available for the best cash back credit cards.
Annual fee: It is important to note that some credit cards do have annual fees that will raise the overall interest rate. Even if you pay this annual fee, however, you can often lower your monthly payment by taking advantage of special promotional offers. Also, it is usually cheaper to pay off the annual fee over the course of a year rather than all at once. Some cards offer longer cash back rates when you pay off the balance in full each month, while those cards with shorter terms offer higher cash back rates if you pay the balance in full at the end of the term.
What Not To Buy: While the welcome offer is a great way to earn points toward purchases, it is important to remember not to use the card to spend excessively. Instead, save the money for emergencies or unexpected events, such as a car repair or medical bill. If you do happen to run out of money while you are shopping, wait until you get home to pay the store and apply the cash back or rewards you earned to pay off the store.