Bank cards with reward programs allow cards holders to earn incentives for that purchases the make using the company’s credit card. For every purchase made or a dollar spent, the cardholder earns some points and the points, hence accumulated, can be redeemed by the consumer. Most companies offer good cash rewards as they value a customer’s loyalty and regular paying ability. A prerequisite for most of these programs is for the customer to have a good credit standing. Even the customer feels he is getting some thing in return and appreciates this, making him a more loyal client.
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Via cash back credit cards, cardholders can make money rewards for the purchases they make. Generally, on most cards, customers can make 1 % of the total bought amount. Some card companies offer even higher percentage but only for the first few months. Most of the time, the program begins at 1% and climbs as much as 5 % only if you have made purchases of five to ten 1000 dollars. There are few cards that offer higher cash rebates only with specific merchant outlets or with regard to select purchases. Few companies offer 5% cash back on the select purchases with no annual fee, on the credit card, charged.
Generally speaking, cash back credit cards are always better than gas rebate or frequent flyer points as the cardholder may use the money at his/her convenience. Even so, one should not be lured by these rebates and must read the offer carefully since these cash back credit cards are costly to the companies so they ordinarily have an annual fee. Suppose, a company is offering you an attractive rebate but charging you a high Annual Percentage Rate (APR), after that it’s not such a good deal as it can block out the benefit it offers. This is exactly why, while choosing a cash back credit card, the card holder should consider some points which are distinctive to every program. The percentage cash return he would be getting should be clear. The cardholder should know the maximum possible restrict of the points earned and lastly, time duration within which these factors have to be redeemed before they expire. Many cards have complicated payoff policies like points can be redeemable only within few days which the card holder may not be aware of and he may miss out on the benefit. The card holder should always read the fine print carefully to acquire the full benefits.
Discover pioneered the money rebate program with the Cash Back program and since then many card businesses have followed it offering cash return credit cards. These include American Express, Citibank, Capital One and many other major companies. This is quite understandable as such credit cards are also very profitable because they drive people to spend more.
Cash Back Credit cards are most useful when making huge purchases because the cash back rate is high. These cards are good for those people who use their credit card extensively for making purchases and most importantly, for cardholders who are regular with their monthly payments and never miss them. These cash back credit cards may earn decent amount of money for cardholders over a period of time if used the correct way.