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How Cash Reward Credit Cards Work
Iým sure youýve heard of a cash reward credit card before and some of you may know how it works and some may not. Well today, Iým going to show you how cash reward credit card works and how you can benefit from one but first, we have to go over the basics.
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When youýre using your card and you want to capitalize on the rewards, there are some things that you should remember at all times.
NEVER spend over your head: always buy what you can afford. If you find that you canýt afford something, donýt buy it. You have to treat this card as if it were cash. If you canýt do this, donýt get one.
ALWAYS pay on time in FULL: if you canýt pay in full, youýre not going to take advantage. Why not? Youýre going to end up paying more in interest rates at the end of the billing cycle rather than the rewards youýre actually going to get. This isnýt good.
Now that you know what you need to do and canýt do with a card, Iým going to show you how a cash rewards credit card works ý
There are going to be cards out there that will give you multiple points for particular categories. For example, a card company may give you 3 points back on gas, 2 points back on groceries and 1 point back on everything else. Now, donýt get points confused with cash because it will work the same in the long run. Generally, you can exchange these points for gift cards to just about anywhere. If you want cash, the worst case scenario, you can sell them on ebay.
Now, letýs use the above example and letýs say your spending looks like this ý
You spend $1,000 on groceries a month
You spend $300 on gas for the month
You spend $1,000 on anything else
We have a grand total of $2,300. Now, we can break this down to show you how much youýre going to get on your cash rewards card.
For the first category of groceries, we are going to get 2 points back for every dollar we spend. We spent $1,000 and we get 2,000 points. For the gas, we get 3 points back. For the $300, we get 900 points back. For everything else, we get a simple point back. For the extra $1,000,, we get 1,000 points. This leaves us with 3,900 points!
Now, the question is what can I get with 3,900 points? With some of the cards I have worked with, I have received $50 gift cards to just about anywhere from 5,000 points but this differs but Iým hoping you get a good idea. It really isnýt that hard to build up the points. In fact, itýs quite simple! You just have to follow the rules above and find a card that suits your spending habits. As long as you use it for most purchases, youýre going to take full advantage of your everyday spending.
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