The concept of cash rebate credit cards was first concocted by Discover. Their Cashback program rewarded consumers for every purchase they made on their Discover card by letting them earn actual money back. After seeing the success of Discoverys Cashback program, other companies started to offer their own similar type of rewards credit cards.
You may be mistakenly thinking that the credit card company is going to give back the amount you spent. In reality, cash rebate credit cards work by figuring a percentage of each purchase you made into the cash rebate. Some credit card companies team up with certain companies so that purchases made from these companies offer a higher cash rebate percentage.
This symbiotic relationship benefits the credit card company and the stores they team up with as well. This is because the costumers will be enticed to buy from these stores using their credit cards because they will get more cash back on those purchases.
Some people consider cash rebate credit cards as a great idea and may have gotten them simply for the reward. However, they may sometimes forget that they are still a credit card. You can often be tempted to use this credit card just to get the reward, and may not realize that you are overspending. Since this cards have a high chance of tempting the cardholders into overspending, only persons with good credit rating can qualify for this type of credit cards.
Cash rebate credit cards can be a good way of letting you to earn some money back on purchases that you make. However, you should think about how much you are spending
, rather than the size of the reward that you can get. You have to exercise responsibility when you are using cash rebate credit cards.
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