Cash back credit cards are very hot these days. Among the many types of credit cards in the market, the cash rebate cards are definitely the most preferred. The reason stems from the fact that aside from the comfort of purchasing without the use of cash, cash rebate cards offers a wide variety of rewards for its holders. This may be in the form of cash bonuses, gift cards, gasoline rebates, airline miles, and a lot more.
The task of getting a cash rebate credit card is quite simple. There are many credit card companies all over the world. If you are among the financially stable and employed individual, you might have received a lot of credit card offers via courier, e-mail, or through phone calls. Because of the different offers you get every now and then, you might get confused as to what cash back credit card is the best for you. Below are some of the main factors that you need to consider before getting a cash back credit card
The reward percentage
This is probably the most important factor that you should consider when getting a cash back credit card. The reward percentage refers to the number of points or cash rebate that you will get when you purchase things using the card. The rate will vary depending on the classification of your purchases. Some cards offer a 5% cash rebate on everyday expenses such as grocery items, gas expenses, and apparel. As for the other purchases, most cash rebate credit cards will give you 1% cash back.
The bonus rewards
Aside from the points and rebates, many cash back credit cards offer “double rewards”. These double rewards can be gained through purchases made during a specific introductory period or purchases made with certain shops and stores. In choosing your card, you should consider the extra points that you can potentially earn, along with the length of the introductory period.
The fees
Aside from the rewards that you can get by the purchases that you make using the card, you should also consider the fees that you will have to pay. The most important fee that you should keep in mind is the APR. The average APR for cash back credit cars is 14.99%. However, some cards may offer APRs that are as low as 8.99% or as high as 18.99%.
Such will vary depending on your credit rating and your credit card company. Aside from the APR, some other fees that you should consider are the balance transfer fees and the annual fees. Most credit cards, however, no longer charge annual fees.
