Been sucked in to the lure of a rewards credit card only to get burned in the end by high interest rates and a less than stellar return when it came time to cash in those points? Youre not alone.
For credit card companies, acquiring customers is big business, and most cards today offer some kind of incentive for running up the charges on your plastic. If youre not careful, and use your card at will just to collect a few measly points, you could get stung. But by following a few simple rules, you can turn the tables on the credit cards companies and use that rewards card to your advantage.
What to choose?
Most likely, your mailbox is full of pre-approved offers for new and exciting credit cards. In fact, in 2005 over 6 billion unsolicited credit card applications were mailed. The average person received approximately 72 offers. If youre in the market for a new card, its important to weigh your options carefully. Most credit cards today offer some kind of rewards, but which one is right for you?
Take a look at your lifestyle and spending habits. Would you benefit from a points-based rewards card, an air mileage card, or one that offers cash back on...
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