Consumers need to be wary about reward cards. Rewards credit cards offer very impressive benefits for spending money. If you are not careful you will end up with more than you bargained for.
Reward cards as a rule will charge a higher interest rate than some of the other prime credit cards. Many will also charge an annual fee. The amount of money you have to spend to even see these rewards are usually exceedingly large dollar amounts. The extra charges can offset the benefits of these cards.
To come out ahead when using one of these credit cards it is best to pay the balance in full at the end of every billing cycle in order to eliminate interest charges and still earn the rewards.
The rewards attached to these cards come with several restrictions so be sure to read the fine print before you commit to a reward credit card.
Here is a list of Best Reward Credit Cards:
Capital One No Hassle Cash Rewards offers you a 25% annual bonus on the cash you earn during the year. You receive 1% cash back for every dollar you spend on all of your purchases. There is a 0% introductory APR on purchases which goes then reverts to a variable rate. There is no limit to the amount of money you can spend and no earning cap on the money you will get back. Your rewards do not expire during the life of your account, and you can request cash back anytime you want. There is no annual fee.
Citi Diamond Preferred Rewards Card offers a 0% APR on balance transfers for 12 months. After that the regular rate charged is one of the more reasonable rates available. After your first purchase you will get a $50 gift card, as long as purchase is made within the first 3 months. You will earn 5 reward points for every $1 you spend at supermarkets, drugstores and gas stations for 12 months; 1 point is earned on every dollar spent on other purchases. There is no annual fee and the rewards program is free.
Capital One No Hassle Miles Rewards has no annual fee, and you can earn 25% more than regular mileage cards. For every dollar spent you will earn 1.25 miles. You can fly anytime on any airline. There are no blackout dates or seat restrictions. Your miles will not expire during the life of your account and no limits apply on the miles you can earn. You will also receive 0% APR on purchases for a limited time. After that you will be charged a variable APR based on current market conditions.
Blue from American Express is the Membership Rewards Express program. It offers a 0% APR on purchases for up to 15 months. There is no annual fee and there is a low balance transfer and fixed APR for the duration of the balance. With Express Approval you will get a decision in less than 60 seconds, making this a true instant approval credit card offer. With this card you will earn shopping and entertainment rewards.
Chase TravelPlus Visa Card is your travel card. You can earn miles redeemable for various travel rewards including airline tickets, hotel stays, cruises, and car rentals. You can travel within the United States or abroad with no blackout dates. You will earn 2 miles for every dollar spent on a travel purchase, and 1 mile on every dollar spent on other purchases. There is a 0% Introductory APR for up to 12 months on new purchases and balance transfers. The regular APR is then applied and there is no annual fee.
These are just some of the credit cards offering rewards for purchases. As with any credit card, read the fine print and familiarize yourself with the features and benefits of each before committing to any credit card. Compare the cards against each other or other prime cards to find the one best suited for your needs.