Know your reward credit cards well to make the most of it

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Know your reward credit cards well to make the most of it

This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Reward credit cards are something we all love to own. Each of us tries to get the most out of our reward cards by spending when we know we are nearing a reward redemption. This is the biggest reason why reward credit cards are the single biggest marketing strategy for credit cards. In fact the card company will even send text and email alerts to let a customer know that they are just so many dollars away from earning a reward making spending an inevitable action and consequence. It is important to understand that you should not get taken up by these offers. Rather, planning things out will pay off far better.

Reward credit cards always come up with exciting new offers and credit card companies try to outdo one another using their reward cards. Many a time you just get drawn in by the words: free and discounts. It is only later that you understand that the free deal was on something you don’t even buy or that the discount is applicable only if you spend a certain amount of money in the first place. When you are looking to sign up for a reward card, it pays to do some prior research to understand exactly how things work out.

When considering reward cards, choose the airline miles card over every other card, unless you are confident you are getting a good deal. With air miles you cannot go wrong. Also look for cards which allow you to convert the points into cash to redeem against air tickets. You can also look if the card will let you pick out multiple airlines to redeem your points against. There are greater chances of getting your tickets right when you want it that way. Especially when you have a big family, air miles and hotel rewards are quite a handy thing to have.

Consider carefully the annual fees and interest rates applicable. Also check about how much grace period you have if at all you happen to get late on a payment. Most of the time reward cards will have very strict policies and interest rate hikes when you default on their payments. Be safe by finding out the right information before hand so that you do not end up paying through your nose later. Plan things out and research to figure out which reward card will work best for you before you apply. That way you will get approved faster.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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