To figure out which reward program would best suit your spending style, answer these questions.
How much do you spend monthly? ______________________________
How much do you spend each month in these common reward categories?
- Gas ___________________
- Groceries _______________
- Drugstore _______________
- Travel _____________________
- Restaurants ___________________
- Other ________________________
Now look at the cash-back survey results and fill in information about the cash-back card you're interested in.
Do purchases at the stores where you most often shop qualify for cash-back rewards? _____________
How much do you need to spend to get a rebate? __________
How many months will it take to reach the top reward tier? _______
What is the cap on the rewards? ________________________
What is the expiration date on the rewards? ___________
Does the card have an annual fee? Do the benefits outweigh that cost? _________________
Do you want to get your reward annually or more often? _________
Do you care if the cash back is a credit on your statement, a check or a gift card? ______________
Now that you've analyzed the cash-back program, you should be able to decide if that is the best card for you. Do your spending habits earn the highest cash back amount from the card you want? If not, try this exercise again with a different card.