A lot of people ask this – can you get a money back credit card? The answer is yes and no. It depends on the credit card that you have. If you have a credit card with a zero percent introductory interest rate, you can be sure you can get money back just by using your card.
The reason for this is pretty simple. You will need to make a purchase within a specified period of time. If you are fortunate enough to have a zero percent introductory interest rate, you should make a purchase before your interest rate ends. That means that if you find a great rate, you should use it to pay down your balance and then you can use any interest free time you have left over to pay off the balance completely. If not, you can usually get money back credit card just by making another purchase within a month or two of the last one.
How long do you have to pay off the balance is what makes all the difference. If you are lucky enough to have a zero percent card, you will likely pay nothing more than the interest for as long as you own the card. If you are stuck paying high interest rates, it may take you a few years to pay off the balance. Money back card offers you the chance to take advantage of the first five or ten percent you pay off so you can get rid of the debt as soon as possible.
Of course, you do have to watch out for hidden fees that could add up to your overall cost over time. Money back credit card can really help you pay off your debt quicker, but you still have to look out for other hidden fees. Read the terms and conditions of the credit card thoroughly before signing up. If you don't like the way it works, you should cancel your account.
Most credit cards offer money back rewards as incentives to continue using their card. This means that after you have made your monthly purchases for the month, you get to keep the cash you earned instead of paying interest on it. Keep in mind that the credit card companies also earn an income from the interest you pay, so keep your balance paid off if at all possible. While you are enjoying your money back benefits, be sure not to use the card too much or else you will find yourself in debt again.
Once you have started to build your credit back up, you can then apply for a regular credit card. These cards usually offer lower interest rates, which can save you quite a bit of money each month. Make sure to always pay off your balance every month and cancel your old cards if you want to keep a good credit rating. When you go to pay the money back credit card company, don't be afraid to let them know how much money you saved through using their credit card versus your own spending. If you do this, you are sure to get some free perks and save yourself even more money in the process.