One way to earn extra money on your credit card is to find a “best buy” credit card, where you earn rewards for every dollar you charge. Best buy credit cards are one of the easiest ways to earn rewards since you can use them for just about any purchase you make. These cards can really help you if you like to splurge, or if you travel a lot. Below, we will discuss best buy credit cards and how they can benefit you.
First of all, what is a best buy credit card? They are credit cards that feature no annual fee, but which offer rewards for purchases made using your card. In other words, they are not interest free. If you have a good credit history, the opportunities to earn high rewards can be great. Typically, they are offered by many different Visa companies, including MasterCard, Visa partnered with American Express, and/or Visa partnered with Chase or Discover. There are even cards that are Visa-exclusive and don't offer rewards to any other credit card holder.
Best buy credit cards usually have two versions. The standard version features the same incentives as the regular credit cards, with the usual Visa features such as reward expiration dates, low APRs, and no annual fee. The VIP edition credit cards, however, are much more limited in rewards offered.
These special editions credit cards usually offer two rewards certificates for every one dollar you charge. The certificates are normally only good for purchases you make using your card (with the exception of gas). So, if you normally use your card to make five dollar hotel stays, you can only get two reward certificates. So, you will need to plan carefully if you are going to earn these rewards. This is where having a “best buy” credit card would come in handy.
One of the biggest advantages of these special editions is that they do not require you to pay the normal interest rate of credit cards. This means that instead of paying four percent or more in interest, you can earn miles for spending money! You do, however, need to be careful about not paying the full amount of your purchase back after your first anniversary since you will then be charged an annual fee that amounts to approximately ten percent of your total purchases.
Most credit card companies offer these special editions at attractive financing rates. The catch, however, is that you have to pay interest on the amount you finance and not just the interest on the purchases. This means that you will not earn the rewards but you will be financing an expensive product (even though it's a credit card). If you go about financing this way, you should know that you will be financing a lot of expense. Many times, the amount of money you spend to pay back the finance will be greater than the amount you earn.
There are also many disadvantages to using a special credit card for shopping incentives. For one thing, your interest rates will be much higher if you go this route. Also, you must be aware that most cardholders who have used these cards as the primary method of financing purchases rarely get significant rewards. Credit cardholders almost never earn more than a half of the value of the item they financed.
Special offers, incentives, and deferred financing plans provide convenience, ease of use, low interest rates, and rewards. You can also save by avoiding the hassle of having to make all of your purchases (with cash) before you receive your card. You can choose any item you want and purchase it at any time. All you need to do is make your purchase and wait for the rebate or the credited amount to appear on your statement. You can then use this money toward whatever you want to purchase.
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