A cash back reward program is a reward program operated by many credit card providers in which a pre-determined percentage of the money charged is paid directly back to the holder on a monthly basis. This can be of great benefit to regular users of credit cards, as they will receive a sizable chunk of change back every time they use their card. For the more discerning consumer, cash back offers can offer hundreds of dollars in cash back bonus points each month. However, the caps often vary significantly from company to company, and some offer far less in cash back than others. In order to find the best cash back credit card, it is necessary to search for a provider that offers the greatest amount of cash back per dollar spent.
Some cards may offer up to a three percent cash back rate, while others may give anywhere between two and five percent. Credit cards may also come with a fixed amount of money that must be deposited directly into your checking account each month in order to earn the cash back bonus points. Or you may have the option of redeeming your points for air tickets, merchandise, home rental or travel insurance. Cash back cards may also be used to pay for your monthly cell phone service, select movie passes or special gift cards.
Depending upon the types of services that are offered, the actual percentage of cash back that can be earned may differ. Some cards may pay out one point per dollar for gas purchases. Other cards may pay out two points per dollar for all purchases, including those made at restaurants, department stores and specialty stores. While earning cash back on these types of purchases is typically not as valuable as earning it on purchases made within their higher category categories, these rewards can still be quite substantial. If you are planning on making most of your purchases in the higher category categories, a cash back card may be a good fit for you.
Credit card consumers also have the option of redeeming points for travel miles and hotel stays at participating hotels. If you are a business traveler then the points can be used towards paying for business expenses when you take your business trip. These types of offers are becoming more common with CITI. CITI has also made partnerships with other companies to offer consumers additional opportunities to earn cash back through their card programs.
There are a number of different cash back reward programs available through CITI. The terms and conditions of these programs vary from one cash back card to another. Most programs will require that you make your initial purchases with your cash back card through a participating retailer. In many cases, this means that you will be limited to specific types of purchases (e.g. products within a particular category).
Other cash back programs are not tied to particular categories or retailers. For example, CITI offers the option to discover a variety of different restaurants located in your local area. Once you have chosen which restaurant you would like to eat at you can redeem your points towards additional dining experiences. There are even opportunities to discover exclusive experiences (e.g. dining at the new Le Radieux) as well as discounts on select grocery stores.
A few cash back cards have become available specifically through the major airlines. You can find cards available from American Airlines, Delta Airlines, US Airways and many others. Many of these cards allow the consumer to cash back on not only tickets purchased but also on any purchases made at participating merchants (e.g. gasoline stations, drugstores and select grocery stores). You will want to review the terms of each airline's program to determine what types of purchases you can make using your points.
Overall, the cash back rewards credit cards offer a great opportunity for consumers who wish to make their purchases online. They are a great way to maximize the benefits of shopping online while receiving the added benefit of cash back. No matter which type of card you choose, it is important that you review all the terms and conditions for information on how the cash back works.
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