Save Money Through Credit Card Rewards

Credit cards with reward programs are meant to give bonuses and special privileges that non-rewards cardholders don’t enjoy. Yes, by choosing the right type of reward credit card, it is possible to save more from your spending and enjoy more benefits from your credit card.

The most popular types of reward credit cards are those with cash back rewards, gas rebates or gas rewards, and travel rewards or frequent flyer miles credit cards. Some credit card issuers offer a combination of two or more types of rewards so customers can have the option to choose.

For instance, there are reward credit cards that enable its holders to redeem their points as cash, cheque or gift certificates, free travel, as merchandise, or as credit to their accounts. There are even credit cards that allow you to donate a percentage from the rewards you earned to your chosen charitable institutions.

For business owners, small business credit cards with rewards are great tools for building business credit while getting more from your spending at the same time. Since businesses tend to spend on larger purchases, they can collect bigger points and claim rewards more quickly than consumers.

Credit cards with rewards – High Rate Credit Cards?

It is true that credit cards with rewards often have higher APR than non-rewards credit cards. Interest rates may range from 15% to 20% for credit cards with rewards. However, this doesn’t mean that you can’t find ones with reasonable interest. The key to finding the right reward credit card is doing research and comparison.

Find out more on: Save Money Through Credit Card Rewards

Top 10 Credit Card Tips

1. Pick a credit card - or cards - according to your spending habits. If you clear your balance each month, look for a cash back card or one with loyalty points. If you won't be able to pay it off straightaway, opt for a low or 0% interest rate card.
   
   
2. Before traveling abroad, check the charges your credit card firm will make. You may find it makes sense to take out a card that doesn't apply an overseas loading charge.
   
   
3. Steer clear of store cards: the interest rates are extortionate so you'll get better value from an ordinary credit card. Many retailers will offer you 10% or 20% off your purchases if you take out a store card - it's fine to take advantage of these offers just make sure you pay it off immediately otherwise the high interest charges will quickly wipe out your savings.
   
   
4. Set up monthly direct debits to pay at least the minimum repayment off your card. This avoids late payment charges.
   
   
5. Always pay more than the minimum balance - otherwise it could take 25 years to repay a £2,000 debt.
   
   
6. If you have a 0% card make a note in your diary when this rate is due to expire - if you haven't repaid your debt or shifted it onto another card in time, you'll start paying interest.
   
   
7. If you can't repay the debt in that time and think you won't get round to switching again go for a card with a low rate for the life of the balance (rates vary between 4% and 5%).
   
   
8. If you do transfer debt onto a new card, don't spend on it. Credit cards prioritise the debts you repay and so you'll more than likely be stung by a higher rate of interest on new purchases.
   
   
9. Don't leave yourself open to fraud - always check statements thoroughly and check your credit record with a credit referencing company like Experian. If you suspect foul play contact your card issuer immediately.
   
   
10. Keep a watch on your credit card spending - if you find yourself in the situation where you need to put regular expenses like bills and food on your credit card, then it's time to make cut backs and review your financial situation.

from money.scotsman.com: Top 10 credit card tips


Related Site(s):

• Top 10 Credit Cards