Credit Card Quick

Your Key to Successful Rewards Credit Card Spending

Choosing Credit Card

Rewards credit cards are now the most popular type of credit card, by a landslide. Most consumers now understand that there are many ways in which they can benefit from rewards credit cards, thereby making simple, everyday purchases advantageous in the long run.

With that said, there are a number of things to remember when it comes to rewards credit cards to ensure you establish a successful relationship with your rewards credit card:

• If you are considering a rewards credit card, take the time to really consider which type of rewards card makes the most sense for your budget and your shopping habits. For example, if you are a business traveler, a rewards card for airline miles or points probably just makes sense. The best place to research rewards credit cards is online, as there are a number of websites that compare rewards cards, side by side, so you can decide which is best for you.
• Remember that all rewards credit cards are not created equal. Don’t assume that one cash back rewards credit card is going to feature similar features as its competitor. In fact, rewards credit cards can vary greatly when it comes to everything from rewards programs to interest rates.
• Carefully read the terms of your credit card’s introductory offer. Many rewards credit cards will feature very attractive initial terms, such as bonus miles or points, so make sure to take advantage of these offers. For example, some rewards credit cards will offer thousands of rewards “bonus” points simply for spending a certain amount of money during the initial months after you opened the account.
• Carefully read all correspondence from your credit card company. Many rewards credit cards feature revolving promotions that allow you to earn more rewards simply by shopping at certain retailers or at certain types of stores. For example, you may receive notice from your credit card company regarding additional rewards points for charging your gasoline purchases for the month of September. So, take advantage of these offers and maximize your rewards credit card!

Four Ways to Make a Rewards Credit Card Work for You

Credit Card Rewards

We love rewards credit cards because they reward us for shopping! Rewards credit cards are commonly offered by credit card companies these days and widely used by consumers across the U.S.  However attractive a rewards credit card may seem, though, if you don’t adhere to the card’s terms and conditions, your rewards credit card may not be so rewarding after all.

Here are the top four ways to make sure your rewards credit card is working for you:

1. Apply for a card that best fits your spending habits – Rewards credit cards are a dime a dozen these days, so finding one that best suits you and your spending habits may take some time. However, your persistence will pay off in the form of rewards, so do yourself a favor and research the newest rewards credit cards until you find one that is most in line with how you shop, when you shop and where you shop.
2. Pay close attention to the rewards schedule – Most rewards credit cards have changing rewards schedules, meaning that you earn rewards in a variety of ways each month. For example, some cash back rewards feature rolling rewards schedules that allow you to earn more cash back rewards if you shop at certain retailers at certain times. Take the time to review the rewards schedule for your credit card, and the terms and conditions associated with earning those rewards, and always pay attention to any correspondence your credit card company sends you, as this will likely detail changes to your rewards schedule.
3. Charge! – The only way you will make your rewards credit card work for you in terms of rewards is if you spend on the card.
4. Pay off your balance each month- You can earn all the rewards you want, but if you fail to pay off your balance when your statement arrives each month, the finance charges you will pay on that balance will likely negate any rewards you earned throughout the month. In short, if you use a rewards credit card, pay off the balance each month. If you are the type of spender who frequently carries a balance over each month, then it makes more sense to find a credit card with a low, fixed rate and skip a rewards credit card.

Which Type of Credit Card Customer are you?

Choosing Credit Card

Not all credit cards are created equal, and not all features benefit every customer. In other words, what might make one credit card ideal for one person may make it a poor choice for another person.  It therefore pays to consider what type of credit card customer you are before embarking on a search for a new credit card.

Here are a few questions you should be asking yourself before applying for a new credit card:

• Will I use my credit card frequently throughout the month?

For customers who use their credit cards frequently throughout the month, either for business or personal expenses, it probably pays to use a rewards credit card. It is quite easy to begin racking up rewards points if you use the card frequently, even for smaller purchases, such as groceries and gas. The type of rewards customer you are, however, will depend on what you need or want. Remember: rewards credit cards can range from gas perks to airline perks, so take the time to examine which type of rewards credit card is best for you.

• Will I pay my balance off each month?

If you spend a lot, but you don’t pay off your balance each month when your bill arrives, it probably makes more sense to stick to a credit card with a low, competitive interest rate instead of rewards. This is because, although you may be earning rewards, they will be likely offset by the finance charges you will be paying on the card each month. Don’t forget, too, that some rewards cards come with higher interest rates to account for the card’s rewards, so if you are not paying off the balance of your credit card each month, you could be paying far more interest than you should.

• Will I use additional credit card features?

If you want to take advantage of some of the features found with new credit cards, such as online payments and fraud alerts, then you need to pay close attention to the features afforded with each credit card. In other words, take the time to read about all of the features that come along with a particular credit card.

The Popularity of Cash-Back Reward Credit Cards Continues to Grow

Credit Card Rewards

We all love our cash-back rewards credit cards, and now that the bulk of the credit crisis has been resolved, credit card companies are once again hunting down credit card customers who want a great deal on cash-back rewards.

A cash-back credit card can be a great deal, provided you follow the new credit card rules. If you act responsibly and pay your credit card on time, a cash-back credit card can provide you with many perks – simply for spending as you normally would.

Although credit card companies are stilling shelling out loads of cash-back rewards to their customers, the rules have become slightly stricter, particularly for individuals who fail to pay their bills on time. Another factor to also consider when choosing a cash-back rewards credit card is the interest rate, as some come with fairly high APRs.

Cash Back versus Other Perks

Do you want cash back or do you like the perks, such as airline points? It seems that the vast majority of people want the cash. In fact, according to J.D. Power’s 2009 credit card satisfaction survey, nearly 62 percent of respondents opted for cash rewards, which was nearly five times that of the next popular perks, which were airline points or rewards.

This is probably due to the fact that many individuals just don’t want to deal with points and rewards, all of which can prove to be quite confusing. But let’s face it: cash is cash and everyone understands that.

There are also many credit card companies that offer very generous cash-back programs, such as Discover. Using their 5% cash back program, customers can earn rewards on everyday purchases, such as gasoline, groceries and restaurant bills, just to name a few.

Chase’s Freedom card also offers good cash rewards, as it boasts a 0% introductory rate, as well as a $100 cash reward if you charge at least $799 on your credit card in the first three months.

Considering that the average family spends about$6,000 a year on credit cards and it’s clear that rewards programs can certainly pay off for many credit card customers.

Comparing Credit Cards: What to Look for

Choosing Credit Card

So, you’re looking for a credit card? Do you know what to look for? Do you know that a good credit card is more than just a low interest rate?

If not, then you’re like most Americans that fail to look at all of the features of a credit card before choosing one. For example, if you pay your bills in full each month, a credit card with a low interest rate probably isn’t that important to you; perhaps instead you may want to look at rewards credit cards or those with no annual fee. In other words, a good credit card means different things to different people, depending on their financial needs and wants.

With that said, here is a list of items that you may want to consider when shopping for your next credit card:

• Length of APR – Is the APR simply an introductory rate and, if so, what is the interest rate once the introductory period has ended? Is the rate variable or fixed? If it is variable, how is the interest rate determined? Is it tied to the current prime rate or Treasury Index?
• APR and Purchases – Is the APR different for purchases and cash advances? Does the APR apply to balance transfers?
• Late Payment Penalties – Can the creditor raise your interest rate after just one late payment?
• Annual Fee – Does the credit card have an annual fee? If so, are the credit card’s perks and rewards worth the annual fee? Is the annual fee negotiable with the credit card company?
• Payment Terms – How is the minimum payment calculated? How many days from your statement date do you have to pay on the credit card before it is deemed late?
• Website Features – Does the card have an easy-to-navigate website? Can you make payments, view your balances and check recent purchases online?
• Finance Charges – How are the finance charges calculated? How does the credit card company determine your average daily balance? Is there a minimum finance charge imposed by the company?
• Credit Limit – What is the credit limit?
• Rewards, Incentives, Rebates – Does the card offer any rewards, incentives or rebates? Are these rewards worth paying more in finance charges? How are the rewards and incentives calculated and earned? Are there rewards bonuses for signing up?

How to Find the Best Travel Rewards Credit Card

Credit Card Rewards

Travel rewards credit cards are a great perk for travelers; but all travel rewards credit cards are not created equal.

Don’t assume that your travel rewards credit card is just as good as the competition, as travel rewards credit cards can vary greatly regarding their rewards, terms and conditions.

So, how do you know if you’re getting best rewards credit card? Start by looking for a travel rewards credit card that offers the following features:

• An attractive sign-on bonus – Many travel rewards credit cards now offer fantastic sign-on bonuses that lure customers to their card. Many sign-on bonuses include free companion flights or a large number of bonus points or miles when you make your first purchase. Because so many travel rewards credit cards offer great sign-on bonuses it only makes sense to find a particularly attractive sign-on bonus.
• Look for extra perks – Many travel rewards credit card companies encourage consumers to use particular retailers by offering double or even triple rewards points. Other travel rewards credit card companies also offer bonus rewards points for shopping at certain retailer categories, such as home improvement or travel-related companies, for example.
• Terms and conditions – Aside from the obvious travel rewards points and perks, it is important to pay close attention to the card’s terms and conditions. Often times, credit card companies offer great travel rewards upfront, but catch the consumer on the back end by charging high fees or interest rates. There is no reason why you can’t find a travel rewards credit card that has both attractive rewards and competitive terms and conditions – it is just up to you to find the card that best works for you.
• Weigh the card’s benefits – if you are a big spender then a travel rewards credit card is probably right for you, as you are likely to earn travel rewards more quickly. If you pay off your card in full each month then a travel rewards credit card is also probably beneficial for you. However, if you don’t spend much or if you are often unable to pay your card in full each month then you may want to consider a standard credit card with a low, fixed interest rate.

Are you Taking Full Advantage of your Rewards Credit Card?

Credit Card Rewards

Many of us have taken advantage of rewards credit cards because they reward us for spending. However, do you know if you’re fully taking advantage of everything your rewards credit card has to offer?

There are many ways to ensure that you are getting the most out of your rewards credit card:

• Before applying for a rewards credit card, do your research on a variety of different rewards cards to be sure that you are getting the card that best fits your lifestyle and spending habits. In other words, it doesn’t make much sense to have a credit card that offers airline travel rewards when what you really need is a gasoline rewards credit card because you travel by car much more than you do by air.
• Once you receive your rewards credit card, read the cardholder agreement carefully, so that you fully understand how the card works. In addition, read any information that is sent with your monthly statement, as this may contain important information about your credit account and rewards system. For example, many rewards creditors offer additional rewards or benefits when you use the card at certain retailers, and these benefits usually change on a monthly basis.  In other words, it always pays to check your cardholder statement!
• Read the reward terms carefully, too! This is a very important step that many cardholders fail to do, which therefore leaves them in a quite a bind when they learn that their rewards points have expired or changed. It is up to you to learn about your rewards, and that includes how to redeem them, how to use them, where you can use them, when you can redeem them, etc.
• Don’t lose all the advantages of your rewards credit card by racking up interest charges. The best way to get the most out of your rewards credit card is to pay your bill in full, if possible. After all, it doesn’t make much sense to earn rewards when you end up paying much more in finance charges.

The Top Five Tips to Remember about your Rewards Credit Card

Credit Card Rewards

Rewards credit cards offer many consumers a nice variety of credit card perks. They enable consumers to spend as they normally would while at the same earn rewards for nearly anything from cash and free hotel stays to rebates and frequent flier miles.

In order to take full advantage of your rewards credit card, however, there are a few things to always remember:

1. When deciding upon a rewards card, it is important to look further than just the rewards benefits of the card. In other words, don’t forget to pay close attention to the card’s APR, annual fee, terms and conditions, as these could very well defeat the advantages of the rewards card if they are not competitive.
2. If you don’t plan on paying off your balance every month, the money you may end up paying in interest fees will likely cancel out any rewards offered by the cardholder. If you plan on carrying a balance, it may benefit you more to simply look for a credit card with a low, fixed interest rate.
3. Pay close attention to how and when you can redeem your credit card rewards. Many consumers, for example, are shocked to hear that their rewards expired because they didn’t redeem them in time when, in reality, the information was always readily available if they only had taken the time to read it.
4. Before choosing a rewards credit card, take the time to compare the perks of several different credit cards. For example, rewards credit cards that offer frequent flier miles are not all the same, and you may benefit more from one card than the next
5. Always read the information sent to you by the creditor, as it could contain important information about your rewards or your credit account. Some rewards credit cards, for example, offer perks for using specific retailers, and these perks often change on a monthly basis.

Remember: to take full advantage of your rewards credit card, always carefully read the card’s terms and conditions. If you don’t understand something, call the creditor and ask questions so that you can enjoy the benefits that come along with your rewards credit card.