Cash back credit cards operate as their name implies; you receive cash from the credit card company based on the amount you spend. Thats right – you earn money just for swiping the card! But before you apply, there are some factors you should know about cash back credit cards. Read on to learn how cash back credit cards work and find one that best fits your lifestyle.
How Cash Back Credit Cards Work
While the concept is the same in all cash back credit cards, the method for calculating your reward varies greatly. Some companies offer up to 5% cash back on frequently purchased items, such as gas or groceries. So if you spend $1,000 at the grocery store each month, you can expect a return of $50. Other offers calculate a straight percentage of cash back on all purchases. Still others include a point system. You might earn one point for each dollar you spend. The points can then be redeemed for cash.
Another way that cash back credit cards differ from one another is in the rebate system. Many companies will send you a rebate check at a certain time or year or when you earn a certain amount of money, such as $25. Some credit the money to your account....
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