credit cards

Choosing among rewards credit cards

Who can resist getting something for nothing? That's what helps make rewards credit cards such a big draw.

It's particularly true these days, when saving money is a key concern, and credit cards offering cash back, miles or points account for many of the credit card offers hitting consumer mailboxes today.

People looking to stretch their cash have been particularly drawn to cash-back credit cards and the financial rewards they can accrue. But your preference may be to rack up airline miles or to acquire points that you can use to pay for a wide array of products.

You can use Bankrate.com to find the best offers on all types of rewards credit cards.

Some cards offer extra cash-back rewards for purchases of staples, such as gasoline or groceries. Others offer bonuses for use at restaurants, at particular retailers or for travel.

Like any credit card, the first thing you need to check is whether the card has annual fees and what the interest rate is. If it's a card that carries fees, you need to consider whether paying them is worth the rewards.

Will you use those miles?

You also need to take into account whether there are limits on the amount of rewards you can earn in a year or if the rewards expire after a certain amount of time.

And consider your own spending habits. If you don't use a credit card much, it could take eons to earn the reward you want. Or if you charge a lot, you might look for cards that pay larger cash-back percentages once you charge a certain amount in a year.

With frequent-flier reward credit cards, consider whether they have blackout dates because it can be hard to book a flight to your dream destination during peak travel season.

Like any credit card, your best bet is to pay off your balance each month so you are actually reaping the rewards of the credit card without also spending money paying interest.

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Product Rate Change Last week
Balance Transfer Cards 15.80% --0.00 15.80%
Cash Back Cards 16.42% --0.00 16.42%
Low Interest Cards 11.09% --0.00 11.09%
 
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