Cash rebate credit cards give you cash benefits each and every time you make a purchase with your credit card. There are many types of rewards credit cards around but cash back credit cards are the most popular. Why? At the end of the day, you want to get a surprise in the mail or on your expenses, and that’s exactly what you get with cash rebate cards.
It is not to say that store discounts and airline rewards are not popular. In fact , airline bank cards are running a close second to cash rebate cards for smaller businesses. But if you are a heavy credit card consumer, cash rebate credit cards will give you lots of money in return. I personally know a pay-per-click marketer who uses Advanta’s on the internet marketer’s card to get 5% cash back on his advertising costs. In fact , he has three different cash back cards to increase his rebates. Isn’t it wise to cut your costs by 3-5%?
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Most cash back cards come with increased rates and fees, so do be careful before applying for a cash discount credit card. But if you can afford to pay your balances in full and on time, then cash back rewards can be ideal for you and your business.
The percentage of cash back will vary, but it will be between 1%, with 5% depending on the type of your purchase. For every purchase a person make using your cash rebate bank card, you’ll get a small amount of money back. Using your bank card on a frequent basis will give you lots of cash back at the end of the year. Make sure you read the fine print before planning your dream vacation with your own rebates. Most credit card companies limit just how much you can earn back and some drop the rebate percentage to 1% or less after your first couple of thousands of spending.
So here is what you should know before applying for a cash rebate charge card:
* Monthly Expenditures: How much money do you plan on putting on your credit card? Sometimes it’s better to choose a different rewards credit card, depending on your monthly balance.
* Cash Back %: you need to know exactly how much you will be getting from a cash back charge card before applying. A cash back charge card that pays you 1% on your fees may not be the best option.
* Cash Back Limits: do yourself a favor and read the terms and conditions before applying. The majority of credit cards impose limits on the amount of cash you can earn back with their cards. There are two types of limits:
Balance Limit: with this type of limit, you can’t earn more than a certain amount, let’s say $500. So that you can put $1m on your credit card but all you’ll be getting back is $500.
Balance Threshold Limit: this type of restrict is becoming more popular with credit card companies as increasing numbers of people forget to read the terms and conditions. You apply for a card and you think you can be getting back 5% on all your qualifying purchases, right? Wrong! Since you failed to read the terms and conditions and the tiny “font 13 lines carefully, you missed the fact that you will be getting 5% cash return for your first $1000. After that, you’ll probably looking at 1-2% cash back which is considerably lower. The $1000 is your stability threshold. If you pass it, you may less rewards.
* Fees: make sure you check out the APR and other Miscellaneous charges. Cash back cards are likely to have increased fees, so don’t plan to park balances on these cards.
* Form of Payment: you may also want to learn the form of rebate you will be getting at the end of each month. Some companies can literally send you checks while others will provide you with statement credit. I personally prefer the credit as it’s less of a trouble. Either way, it’s good to know the way you will be getting your money back.
Always seek information before applying for a card. You are able to earn a decent amount of money back in case you go with multiple cash back cards, but you need to make sure you choose the right ones.