A cash back card is a great way in which to earn some money off products you normally purchase. These type of rebate credit cards are great for people that always immediately pay off their balance each and every month instead of having a balance.
In essencs, what a cash back card does is allow you to earn money while you spend money. You receive a percentage returned to you either monthly or yearly, according to the terms of your credit card company. Most of the time the credit card rebates you can earn are around .5% to 2%, once again according to your credit card company. You may even find that you can earn 1% on some purchase and 2% on other purchases with the same credit card.
Now for the reason you must pay off your balance each and every month is that the money you earn can be gobbled up by the interest you are paying on your balance. A cash back card usually has a higher APR than a regular card, so any money earned can be used to pay off your interest fees and then you will not be earning as much as you could.
If you wish to earn money on your purchases do not transfer balances to your cash back card, either. If you do this, then all payments...
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