Credit cards are already a part of our lives. This is how we conveniently go about our daily lives. We use it for gas, we use it for groceries, and we use it for payment and also use it for business. With how frequent we utilize these cards, we make the credit card companies profit even more. And because we make them profit, it is only right for them to give us rewards. There are different kinds of rewards with different types of credit cards:
What is a credit card Cash Back Reward?
Cash back is a rebate awarded to your credit card account because you were able to reach some qualifications. Basically you will earn an amount of money that you can deduct from your balance. The amount of rebate will depend on the banks. Most of the time, it is just a percentage of your balance. In order for you to get this type of reward, you need to make a number of purchases and some even a number of purchases with an affiliated retail store. You can ask you bank representative if they have this option for you.
What is a Point System Reward?
A point system rewards is when you earn points when you make purchases. Each point has an equivalent dollar amount, let`s say for every $50 purchase is one point. These points are accumulated and you can exchange them for rebate, or freebies. It will depend on the banks what you can redeem from the points that you earned.
Can I get credit card rewards from traveling much?
Yes you can. There are rewards that are given to frequent fliers. It can be in a form of “miles” credit or a plane ticket or a stay in a hotel. For you to get this type of reward, of course, you need to consult with your bank representative what are the requirements needed to achieve for this. Sometimes, just by using your credit card in purchasing plane tickets can earn you this reward. Some also require though that you ride a particular plane just to get the reward.
All I have is a gasoline credit card. Does that have rewards too?
You need to contact your card provider for the specifics of that. But, some gas cards can give you rebate with your purchases from a particular gas company. Some cater to major gas companies though. The rebate can give you as much as 5% back.