If you've thought about applying for credit cards with money back offers but haven't yet made up your mind, you might want to take a second look at the way these offers work. While many people use them fairly regularly, there are really only two really good reasons to apply for this type of card: to build credit and to make purchases. In general, credit cards with money back offers can do more good than bad for people who are in need of some kind of credit boost. So how exactly do these cards work? And are they really any better than regular credit cards?
Credit cards with money back offers are simply credit cards that provide cash refunds when the consumer makes purchases. Credit cards that offer no interest payments are called zero-rate cards, as in the case of a regular card. These kind of credit cards do not require the cardholder to make any purchases, so in a sense they are “free cash” accounts. They function just like debit cards, in that there is no balance transfer fee, as long as the account stays in effect and the purchases listed on the credit cards are paid off each month. This is a good choice for people who can pay cash for large purchases, as purchases under $100 are exempt from balance transfers.
Another example of credit cards with money back offers comes in the form of checking accounts. A common credit card with no interest charge is a checking account. A checking account may be used just like a credit card, in that there is a monthly balance payment, and there are usually no APRs to consider. These checking account can also be used for non-cash purchases and have the advantage of not having to be assessed for a balance transfer fee or any other fee.
Many checking accounts also offer money orders for convenience. A money order is simply a prepaid debit card, which can be used for making purchases over the Internet or over the phone. The advantage of these types of credit cards is that they offer the convenience of both a debit card and a credit card, without the need for additional financial expense. You can carry around cash and use it as if it were a credit card, and if you find that your income fluctuates from time to time, then a money order can provide an effective way to handle your financial situation until it returns to more stable levels.
Credit cards that offer cash back rewards programs come in two flavors: store-specific cards, and card sections within general banks. Some credit unions or other large financial institutions offer their own versions of these cards. In most cases, these cards allow the cardholder to earn points or cash backs for each purchase. The amount earned varies by the company offering the rewards, but typically it is in the form of a discount on the cost of the purchase or an equal percentage of the purchase price. Different companies offer different terms and conditions on how the points are earned and used, so it is necessary to read the terms carefully.
Some credit cards offer rewards that only apply to the first year of use, while others require a one time fee that is paid annually. Some offers require the cardholder to pay an annual fee, even if they do not use the credit card once during the year. Others have an annual fee but offer no cash back benefits. In general, the longer the term, the less cash back rewards will be, but the longer the term, the more the credit card company will earn a discount on the cost of the purchase.
A couple of things to consider when choosing credit cards with money back rewards are whether the cards offer foreign transaction fees and if the credit cards have an annual fee. Foreign transaction fees are charged according to the countries' value, not the monetary value of the transactions. The annual fee can make or break the incentive program and most people prefer the no annual fee card to earn rewards. Credit cards with money back rewards are also worth researching to find the lowest interest rate. Many companies charge very high interest rates for their credit cards. If you can find a credit card with a lower interest rate, it may be worth it to pay the higher monthly payment in order to get extra reward points.
A final section to consider when choosing credit cards with money back rewards is the rewards section. Almost all credit cards offer cash back rewards on a variety of small and large purchases made using the card. There are some credit cards that offer no cash back incentive at all, however, such as airline miles or hotel stays at a particular hotel. Some companies offer money back rewards on just about any type of purchase, which is why a variety of different credit cards with money back options are available. Taking the time to explore these options is important when searching for a credit card that will offer a large sum of reward based credit.
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