Copyright (c) 2008 Ann Wilson
Credit card holders love to obtain credit card reward programs. And why not? Reward credit cards give bonuses and privilege to its members by simply using credit cards on their purchases. However, not all rewards credit cards are suitable for all types of people. Using the wrong types of credit cards can be more of a disadvantage rather than an advantage if not correctly used. Thus, as a consumer, you need to make sure that you’ll get the one suitable to your needs and lifestyle.
All rewards credit cards require its users to gather points in order to get a bonus or an incentive. Points are collected with each time the card holder makes a purchase using his credit card. Different credit cards give different points equivalent to every dollar of purchase. When the card holder has collected the minimum points needed, she can claim his bonus or reward.
Credit card rewards come in different packages. There are credit cards that especially provide free travel privileges, gas rebates, cash rebates on purchases, cash back rewards, discounts, freebies and a combination of all these bonuses. Hence, you can select your preferred type of reward that you can most benefit with.
An important reminder for rewards credit card holder is to select the card that matches their spending. For example, a frequent travel miles card may not be best for those who only use their credit cards once in awhile. It will usually take a huge number of mileage points before you can receive your travel reward. Thus, you may need to make a very large amount of purchase before you can collect the minimum number of mileage points required to travel.
Those in business generally make large purchases so they can easily collect mileage points with a travel rewards credit card. On the other hand, for those who only use their credit cards for their personal needs can perhaps best benefit from a gas rewards credit card of a cash back rewards credit card. This is because these cards usually do not entail very large amounts of purchases before the card holder is able to redeem rewards.For instance, with a gas rewards credit card, you can get a 3% to 5% rebate on your gas purchases. Imagine how much money you’ll be able to save in an entire month by adding up all the rebates you earn for this whole period. Also, some credit cards award 1% up to 10% rebates on all purchases while others use a point system to give rewards. There are credit cards that give 1 point for each dollar spent on your account while other card issuers give double points for each dollar.Obviously, you need to choose your rewards credit card very carefully. Don’t forget to review all terms and conditions that apply to that specific rewards credit card you’re applying for. Furthermore, bear in mind that the important thing with owning a credit card is to pay your balances on time. Otherwise, you may lose your privilege of redeeming your rewards and even worse, you can be facing bad credit in no time at all.
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