A credit card that offers a reward point scheme means that as you use the card you accumulate a certain number of points which can then be converted into a reward of your choice. It can be air miles, gift vouchers, or a purchase of some kind. But to get the most benefit out of a reward card you need to ensure that it offers good value for your money. Did you know it could take over five years and an expenditure of over US$ 5000 to get a free ticket within the US.
Credit rewards are carrots dangled by credit card companies. Before you are caught by the enticement evaluate your monthly earnings, expenditure, as well as loans. Do not invite a financial hurricane if you are not in a position to pay all your bills every month. Interest rates on reward cards can be at least 2-3% higher than other cards.
1. If you love travel then choose to treat reward points as frequent flier miles. Check out the options your credit card offers.
2. Many cards offer a cash rebate. The enticement carries hidden a higher interest rate and if you are not in a position to settle your bill immediately you will spend much more than you earn on the rebate.
3. Use a...
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