| Many people miss out on the opportunity of getting the best cash back credit card simply because they didn't realize that getting that type of card was an option. In truth, these types of credit cards are fairly common, but they aren't all the same. Each company will have it's own specific benefits for their credit cards. To get the best deal for you and your situation, you will have to be willing to spend some time to find the best fit for you.
Here are a few things to keep in mind as you look for a card:
1. Find several banks that offer this type of credit card, most every bank will have some version so at this point just make note of the top 5 or 6 so it doesn't get too overly complicated.
2. Next to each of the cards on your list make note of what the percentage of cash back you will receive as well as how many points need to be accumulated before you can get a cash back payment. Also make a note of any special restrictions each card has. Some cards will offer a higher reward for certain purchases. If this is the case consider how often you're likely to make that particular type of purchase. If you only get a high percentage cash back on items you hardly ever buy, you might want to keep looking.
Also take into consideration whether or not there is an annual fee, what that fee is, and whether or not you feel comfortable paying a fee.
3. Once you've gotten a basic list than you can whittle it down by looking at which card pays the most cash back percentage and also has the least number of points required for a cash back payment.
4. What are the interest rates of all the cards on your list? If one or more of the cards are offering an introductory rate make sure you know when that rate will expire and what it will go up to at that point. If everything else is the same, it's usually a good idea to go with the card that has the lowest interest rate.
5. Make sure you carefully read all the fine print with any card you are considering. It's also important to note if the card has restrictions on what you can use your cash back for. If your purchases are limited to things that you don't actually buy that often, it won't do you much good.
When it comes to your finances there is no such thing as being too careful. You have a lot of choices when it comes to which type of credit card to get. Don't rush this decision or sign up for whatever offer you happen to get in the mail. Instead take a little time and use the tips I've given you to find the absolute best cash back credit card for you, your goals, and your lifestyle. That way your credit card can be a helpful financial tool, not a heavy anchor. |