Rewards Credit Cards
Credit cards with rewards
If you regularly use a credit card it makes sense to join a programme that rewards you for normal spending.
What is a rewards programme?
A credit cards rewards programme is an incentive linked to your credit card which provides some kind of return to cardholders in exchange for spending with their credit cards. Rewards often take the form of points that can be accumulated and exchanged for goods. Some reward programmes offer specialised incentives for spending, like air miles.
Rewards Credit Cards
Will I benefit from using a credit card with rewards?
If you regularly use your credit card to make everyday payments, a rewards programme makes complete sense. As you are paying with your credit card anyway, you can get points without changing your spending habits.
If you do not regularly use your credit card, or do not yet posses a credit card, you might consider replacing your current payment method with a rewards-linked credit card. This way, you can get the benefit of rewards while meeting your regular payments.
Rewards Credit Cards
Of course, if you have a credit card with rewards, this is not a licence to spend excessively. That will not ultimately be cost effective. Rather, rewards programmes are a great way to benefit from payments that you are making anyway.
How do I choose a rewards credit card?
There are a number a credit card reward offers in South Africa. It has become relatively simple to compare different credit cards by searching on the internet or using a credit card comparison website and choosing the one which has the most suitable combination of qualities.
Some of the essential variables to look out for are:
How quickly you accumulate rewards
Whether the credit card represents good value
How flexible the rewards are:
Can you exchange them for a wide range of goods and services?
Can you redeem them for goods that you personally value?
These factors won't hold equal weight for all customers. For example, many cardholders will value a really flexible reward programme that lets them redeem points for a whole host of products. On the other hand, some cardholders will specific requirements may prefer more targeted rewards, such as air miles for frequent travellers.
A further consideration when choosing a rewards credit card is that the rewards programme is only one aspect of the card. Compare the different cards available, considering features such as costs and interest rates, as well as rewards, in order to find that card with the right mix of benefits and attributes.
Which credit cards have rewards?
The American Express Membership Rewards programme is a renowned and well-established rewards programme that enables cardholders to accumulate rewards rapidly. American Express credit cards also come with a number of benefits, including travel insurance and attentive customer service.
With the Nedbank Greenbacks Credit Card, you get two credit cards on a single account: an American Express credit card, with all the benefits that come with it, plus a MasterCard or Visa credit card. This ensures a maximum rate of acceptance, allowing you to use your Nedbank Greenbacks card wherever credit cards are accepted. Greenbacks points never expire and can be redeemed for a wide range of products and services.
There are many credit cards with rewards on the market. When choosing a rewards programme, consider your objectives and consider how you would like to spend your rewards. Compare the options available and choose the credit card that suits you best.
Frequently Asked Questions
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QUESTION:
I have two reward credit cards. Can I use one to pay the other to get more rewards?
I have two Citibank reward cards that I use for different things. I pay them off every month, don't carry a balance. Can I use one of the cards to pay off the other and then pay off the balance with cash to accrue more reward points and such?-
ANSWER:
No.The only way I know to pay one card off with another is by doing a balance transfer, and that usually doesn't earn rewards and has fees (depending on your Citi card, some do give cash back per 00 balance transfer, but the fee is higher unless you get a special promotion). Unfortunately, you can NEVER do a balance transfer between two cards from the same issuer (at least not if it's a promotional low rate).
The exception to this was MBNA billpay, which allowed you to pay off anything with an MBNA card. I don't think it earned rewards on paying off other cards, just gave you another month of float. I also think that deal is gone now.
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QUESTION:
Why are most credit cards rewards airline miles?
Why are most credit card rewards airline miles? I know there is cash back, etc., but why isn't there a general mortgage payoff rewards, car down payment reward, gift cards, etc? These may be out there, but they certainly are not advertised as much as miles. Why is this and how did it come about?-
ANSWER:
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QUESTION:
Can I get double rewards on credit cards by paying one with the other?
I know it's wrong, but I was wondering if I used 00 on a credit card with reward, and paid for it with another credit card with rewards the next month, then paid for the first one again the following month, would that give me huge reward points on both cards?-
ANSWER:
You cant pay credit cards with another credit card...well, you can but thats a balance transfer and it costs $$$$ with no rewards.
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QUESTION:
What are the pros and cons of rewards credit cards vs. cash back credit cards?
I am interesed in switching to one of these card types but really am not sure which is best for me. I do moderate spending with my card (mostly large sums; gifts, bills etc.) and pay it off completely every month.-
ANSWER:
A reward card usually offers a specific reward; for instance there are gas reward cards, airline miles, retail and more. Some reward cards have an annual fee. I would recommend getting a cash reward card they are my favorite card because you can get up to 2% back of what you spend depending on the card. Plus you can use cash anywhere so you can buy what you would have gotten as a reward.
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QUESTION:
For people w/ rewards credit cards, what's the most fun or bizarre thing you've gone to get more points?
What did you end up getting with the rewards. What compelled you to spend? How has having a rewards card has changed your life and your everyday behaviors. What are you charging now that you never thought you would? Thanks. These can be positive or negative.I'm a grad student doing research about how technology and new financial instruments are affecting people on a granular level.
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ANSWER:
These plastic cards are like magic wands, which entice young and old.Once into their trap, you feel the rap, and then you start to think , what a fool to be trapped into this card of a credit card or what ever.
Interest to pay and amounts to repay, will all look so funny and turn out to be a bizarre joke in the end.
You'll land up paying more on doctor's bills or taking sleeping pills instead.
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QUESTION:
Travel Credit Cards? What is the best travel rewards out there?
I wanted to apply for a Travel Reward Credit Card. I wanted those with no annual fee.-
ANSWER:
Hmmm. "Best"? That depends on which features YOU consider most valuable. Your best bet is to compare several credit card offers.Go to http://www.fastcreditcardoffer.com/credit-card-search/category/reward_travel/default.aspx . Be sure to check out the Full Review of each card that matches your interests.
When you are informed and ready - click "Apply Online"
Good luck.
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QUESTION:
Does anyone use Reward Credit cards to earn Rewards?
What's the best thing you ever got from it?I got a watch for my husband and a gift card.
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ANSWER:
absolutely. 5% cash back on all gas. I've saved over 2 grand in 3 years.
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QUESTION:
Rewards credit cards/cash back cards vs. regular credit cards?
How do rewards credit cards work as opposed to regular credit cards? Do we still pay off the balance each month on rewards/cash back cards?-
ANSWER:
The only difference between reward cards and regular cards is that reward cards give you miles, cash back or points and regular cards give you nothing for using them. for more details check out www.fastcreditcardapprovals.com
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QUESTION:
Does anyone know, or have a site where it lists all of the major credit cards with rewards/points?
I'll be honest, up until now I have paid everything I own with cash, but I think it's time to get a credit card just in case. I figure it's a waste to use a credit card that does not give rewards.As an example I have a friend who has a GM card and uses once in a while only, and he told me he already has 000 towards a new GM vehicle. Thank you.
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ANSWER:
check out these two site they have great informations.http://fastcreditcardapprovals.com/
http://www.fastcardapprovals.com/
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QUESTION:
What are credit card rewards programs of Citi Premier Pass Card?
A friend of mine recommended the Citi Premierpass Card to me. She said the the rewards credit cards benefits and features are awesome.What do you think? Or ... Where can I find a good Citi Premier Pass Credit Card Reviews?
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ANSWER:
Citi PremierPass(SM) reward program enable cardholders to earn a point for each dollar spent for general purchases and a point for each three miles flown by a cardholder on any airline. It may include others who buy the ticket using the card.The points earned can be used for travel, products; gift certificates and the like. The most number of points that can be earned annually is 100,000. There is expiration if the account has no activity in every three years.You may find a great Citi Premier Pass Credit Card Review here:
http://www.rewardcreditcardsite.com/travel-rewards-credit-cards/citi-premeir-pass/
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QUESTION:
If I apply for multiple credit cards for the rewards, will it hurt my credit score?
I have applied for several different credit cards recently that offer various rewards. I use them to make one initial purchase, collect my reward (typically a gift certificate of some form) and then cancel the card and close the account.I may do this a few times a month. How will this affect my credit score if at all? I currently have a credit score around 720.
Thanks!
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ANSWER:
Actually, the ideal number of cards to have is 3. Keep balances low. I usually recommend keeping a balance - but a very low one. Make a 10$ purchase once a month and pay the balance down. Cancelling accounts does hurt your score temporarily. It's better to keep the accounts open - for one, it doesn't hurt your score like closing it will. for another, the average age of your accounts keeps getting more recent (which also has a negative impact on your score).
Clearly, your credit is not in that bad shape, but I wouldn't sacrifice points just so I could get a day-planner or whatever the 'rewards' are.
Good luck!
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QUESTION:
how do rewards on credit cards work.?
once I've choosen a rewards credit card..how do the rewards work...do they give you a check to cash or what..and rewards on what kind of items.. are they all the same ... ?-
ANSWER:
It varies depending on the particular credit card that you sign up for. I would read the fine print on your agreement. It should have all of the details regarding your rewards. It's usually a good idea to read it before you sign up so you know exactly what you're getting into.
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QUESTION:
What is the best rewards credit card for getting the cash back?
I have excellend credit and I love the cash back rewards of credit cards. Right now I have a discover and get 5% cash back on gax, and 1% on everthing else. Does anyone know of any better credit cards for cash back?-
ANSWER:
The best one is Chase Cash Plus. 5% cash back at grocery stores, gas stations and drug stores and 1% cash back on all other. Here is the link
Look toward bottom of page
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QUESTION:
What is the best rewards credit card for me?
I put roughly ,000-,000 per year on my credit card (I pay in full each month). I would like to know which card will give me the best rewards. I would like to use my rewards for flight use, but sometimes travel cards aren't the best option?
I don't travel much at all right now, I would only travel with what rewards I get.-
ANSWER:
Cards with no annual fees that I like are Chase Freedom and American Express Blue
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QUESTION:
Is it a good idea to use your rewards credit card for every purchase?
I have a Power Rewards Card, and I want to use it up to its limit to earn bonus rewards as much as I can. However I do not want to ruin my credit score by overusing my card. Because I heard that the ideal spend rate is 10% of its limit to build a good credit score. What is the best way of keeping balance between earning many rewards and maintaining a good credit score?-
ANSWER:
If you pay you balance in full every month, your utilization rate makes very little difference. Besides, you will make yourself crazy trying to stay at 10% or whatever level some "credit expert" claims you should use for the best score.Credit card companies report once a month to the credit bureaus. Whatever shows at that time is what they report. There is no way for you to calculate when to have that percentage for it to be reported.
Use the card for all your regular stuff and pay in full. That way, you get to use their money interest free and they reward you for it! If you consistently nearly max out the card and pay in full, they will raise your limit.
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