Credit card companies are presently offering some of the best cash back sign up bonuses of all time. These large cash sign up incentives are accompanied by 0% interest rate promotions that can further increase savings for those who currently have credit card balances.
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5% Cash Back Credit Cards Are Getting Better: Credit card companies boldly advertise 5% cash back rewards, but earning 5% cash back with many of these cards requires careful attention to detail. Presently, the big trend is to offer 5% cash back in categories that rotate four times a year. This cash back structure can be beneficial if you can max out one or two of these categories and extremely beneficial if all categories can be maxed out. For example, when 5% cash back is offered on gas, groceries, or travel, this can add an extra $200 or more to total yearly cash back earnings. The fact that many of these credit cards offer $100 sign up bonuses also makes these excellent choices for consumers who don't spend heavily.
$100 Cash Back Sign Up Bonuses Are Excellent Deals: A number of major credit card companies including Chase and Citibank have been promoting cash back credit cards with $100 sign-up bonuses. Since it takes $10,000 of spending on a card that offers 1% cash back to earn $100, these cards provide very good value, especially for people who only spend a few thousand dollars a year. The one catch to these offers is that you need to spend $500 within three months of opening a new account. If you can do this without overspending and racking up debt, this isn't a big deal. But if you end up breaking the budget to earn your reward, it may be best to pass on these deals.
Ideas to Help You Find the Right Cash Back Credit Card
Cash Back Credit Cards Are the Best Type of Rewards Cards: There are a number of factors that make cash back card rewards superior to other types of rewards cards. Apart from the fact that these cards generally carry no annual fees, the main benefits of having a cash back credit card are that the rewards you earn can be used for anything you like and the cash you earn never loses value. Full Article.
Cash Back Credit Card Trends: Cash back credit cards have undergone significant changes recently. A few years ago, a number of companies offered cards that provided a full 5% cash back on every purchase made at gas stations and grocery stores. Today, credit card companies offer 5% cash back on certain purchase, but they rotate categories that qualify for 5% rewards four times a year. However, the introduction of large sign-up bonuses more than offsets the fact these drawbacks, as getting a $100 sign up bonus after spending only $500 is equivalent to getting a 20% cash back bonus right off the bat. Full Article
What Type of Rewards Credit Card is Best for You?: For most people, the best type of rewards card to have is a cash back card. These cards offer the most straightforward benefit and redeeming rewards for cash is substantially easier than using points or miles. However, it is important to consider how you use your credit cards to figure out what type of rewards card is best for you. Full Article.
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