With the economy the way it is today, every little bit helps.  So look to something that you most likely use-the credit card!  Reward programs have become a common feature with credit issuers.  They have a wide variety of benefits and can be easily found.  All it takes is a little research to find the perfect credit card for you and your family.

The most popular type of reward card is the cash back card.  These cards reward you for using them with cash back incentives.  With many cards, the return is between one and five percent of your total purchases.  Credit cards with cash incentives usually require a “good” to “excellent” credit rating for approval.  Most of these cards offer higher payouts for spending at certain places, such as supermarkets or at the gas pumps.  Usually there are caps on these accelerated rewards and they can vary significantly, so be aware of those caps when looking for a cash reward card.

A couple of other popular reward cards are the points reward cards and travel credit cards.  Points reward credit cards feature the ability to earn reward points for card purchases.  Reward points can be redeemed for a variety of things including merchandise, gift cards or cash back.   The travel credit cards offer airline or hotel rewards.  You can earn frequent flyer miles or rewards points when you travel or when you spend.  The miles or points can be redeemed for airline discounts, free flights, or free nights at hotels.  If you’re a frequent flyer, an airline or travel credit card could help you save on travel costs.

Whatever credit card you choose, keep in mind that additional fees may be tacked on, such as annual fees, late fees or interest charges.   Make sure the rewards outweigh the expense of having the card.

And make sure to pay off your credit card balance on a monthly basis so that you don’t incur any interest charges!

If you have any questions or would like more information, please contact:

Jan Snow

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