Although they may sound too good to be true, there are some credit cards really do offer cash back on purchases. Even though it's only a small percentage of each qualified purchase, the rewards do add up, and it's a nice way to get a little bit of extra spending money.
There are two primary types of rewards programs:
Most of the time, point-based reward systems allow the customer to choose between redeeming their points for eligible gifts; this is the most common perks program offered. A strictly cash back program will normally only apply a refund or credit directly to the monthly statement. Another type of reward program is one that offers travel points, which can be redeemed for airline tickets. It's important to thoroughly read the terms and conditions of the program before signing up because some point systems only allow customers to redeem points through catalog purchases.
The amount of cash a person can earn is based on the program terms and the amount of money they spend each month. The money is available for redemption provided that the card balance is paid in full for the previous month, and it may be given as a refund, points to redeem in gifts, or applied to the next bill statement. Some cards allow cardholders to earn up to as much as 3% of cash back on qualifying purchases. In general, most rewards programs fall between 1.5-2% money back.
Top perks of enrolling in credit card programs that are offering cash back:
$ back on fuel purchases
$ back on department store purchases
$ back on groceries
Extra holiday gift money
The primary benefit to participating in the best cash back credit card rewards programs is that the credit is usually applied to purchases that are already necessary, like gas and food. The best way to decide on the right credit card that will offer the maximum amount of cash back and spending flexibility is to consult with a qualified representative about available options.
However, it's important to remember that most credit card companies offering cash back programs retain the right to revoke customer privileges if payments to the account are late. Additionally, exceeding the spending limit on the card may also result in a suspended or revoked rewards program account. Provided that a person stays within the contract limitations, receiving cash back for purchases they were already going to make is a very handy way to lower the cost of their monthly spending.
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