A lot of people find reward credit cards hard to resist. After all through these cards, they can enjoy the great products and services provided by their grateful card issuers. What are some of the most common credit card rewards?
Most credit card companies provide a wide range of freebies and perks to their loyal consumers. Some of the most usual credit card rewards that cardholders can earn are free flights to their dream destinations, free accommodations in world-class hotels, rebates on their purchases and even discount cards and gift certificates from their favorite shops.
Still, despite the great incentives provided through reward credit cards, you need not hastily apply for the very first card offered to you. You need to take your time shopping for the right program that will suit your needs and expectations. To help you do this, we have enumerated several questions you need to ask customer service representatives of credit card firms, as well as yourself before signing up for reward credit cards.
Questions You Should Ask
We have provided below several questions that you should consider prior to taking a reward credit card program:
1. How good is the reward? As we have mentioned above you can take your pick from a wide array of credit card rewards. You can choose a card program that will allow you to use excellent products or enjoy unique experiences. So, think of the gift item or reward that you would like to receive. This will serve as your motivation to use your credit card as frequently as possible.
2. How long will it take me to earn the reward? Since different card programs employ different point systems, you need to check how long it will take you to earn the reward you desire. Consider your current finances. And try estimating how much time you need and how much cash you should spend just so you can receive your target credit card rewards. This way, you can evaluate whether or not it is worthwhile to secure the reward credit card program being offered to you.
3. When do your reward points expire? You also need to be wary of expiration dates of your points. Remember that you spent cash just so you can earn your points. So when you lose them to expiration, it’s as if you wasted your money on points you cannot use. So always look for reward programs that employ longer expiration dates and even those with no expiration dates at all.
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4. How easy is it to redeem your rewards? Ask about the process of redeeming your rewards. Be sure that the step by step procedure of redeeming your credit card rewards, as well as converting your points to receive other items, will be very easy to follow.
5. What are the upfront and hidden costs? Of course, just like ordinary credit cards, reward cards have their own set of interest rates and charges. So try shopping for the card program that offers the lowest interest rate, and the least number of fees and penalties. This way, you can enjoy charging your purchases to your card and earning rewards without paying much on interest and fees.
Think about these questions carefully and for sure you can choose the best reward credit card program that will work to your advantage.