Credit Card Expert

6 Steps To Take To Find Your Great Rewards Credit Card

One of the best features on any plastic is its ability to give you a percentage of your purchases back. These rewards credit cards help you not only financially, but they can also enable you to look forward to getting your credit card bill. A good rewards credit card can provide you with regular rewards and benefits - if you get the right one. Here are 6 steps you can take to help you find your great rewards credit card.

1.  Choose Your General Needs

General needs simply means those needs that are your largest expenditures each month. For some, this could be gas and car expenses, airline tickets, vacations or cruises, home improvement, etc. Rewards credit cards are mostly divided up into a few categories and you need to start by selecting a card according to your greatest monthly expense. By choosing one this way, it will provide you with the greatest amount of savings - since your rewards are based on percentages of your purchases.

2.  Look At The Other Regular Features

Other features would include the amount of a reward that you get for your purchases. Some rewards credit cards will give you as much as 6% back on purchases of gas (on a gas card). Other cards will give you up to 5% on your purchases of gas, food, and prescription medicines. In addition to this, however, all other purchases may get a 1-3% reward. Be sure to note whether or not this offer changes after the introductory offer period - some do not.

3.  Check Out Introductory Offers

Introductory offers usually give you a few great benefits up front. This time period can last anywhere from 3 months up to 15. Features may include an initial large number of points or air miles after your first purchase, balance transfers with 0% APR, 0% APR on your purchases, and more. On some rewards credit cards, it is important to note that not all features of an introductory offer extend for the whole length of it. For instance, balance transfer options may only apply for three months, but the other features of the introductory offer may last six months.

4.  Possible Debt Consolidation

This feature, called balance transfers (part of the introductory offer), can enable you to save some real money on the debt you have on other credit cards. A rewards credit card with this option will enable you to possibly enjoy 0% APR interest for up to 15 months. You cannot get a better debt consolidation option anywhere else. This great feature would enable you to pay down your debt quickly and raise your credit score - as long as you don't max out the other cards again. Stay away from credit cards that charge for this service - many do not.

5.  Scope Out The Interest

Eventually, the introductory offer will expire and you will start paying the regular interest rate on the card. You should go for as low of an interest rate as you can get - especially if you leave balances on the card each month. You will also want to make sure that you pay your bills on time. Some credit card companies will take away the introductory offer benefits and put you automatically into a high interest group - it could be up to 29% - for being late with just one payment!

6.  Compare Offers

After you have selected a couple of rewards credit cards that interest you, compare them with each other. By looking at various things like the fees, the charges, and the benefits, you should be able to quickly come down to the credit card that will give you the most benefits - your great rewards credit card.

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