How to pick credit card rewards without getting duped?

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How to pick credit card rewards without getting duped?


Updated: December 26, 2012

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There are a number of different kinds of credit card companies that constantly try to lure customers around the world with their credit card rewards. If you are not careful, you might end up applying for a credit card that doesn`t really offer good rewards. While it might sound enticing initially, it might turn out to be something truly different. In order to avoid such situations and get a suitable credit card, it is recommended that you do some research and look at all the options before applying.

Cash back schemes

One of the oldest kinds of credit card rewards that are available today would probably come in the form cash backs. These rewards have been around forever and are one of the most common ones available to consumers. While cash back is definitely a lucrative option to go for, it is not necessarily as rosy as it might sound. There are certain things that you may not be aware of, so speak with the credit card company regarding the offers.

Point based system

If there is no cash back schemes, then the credit card company will usually provide the customer with a point based reward system. This is somewhat different from the previous kind of rewards, wherein you get a certain percent back with the transaction. In this kind of reward, the customer accumulates a lot of points to exchange for some gift after a certain period of time. The exact kind of point based system will vary based on the actual credit card, and might even have some options.

Loyalty points

Some credit card companies offer loyalty bonuses that boost the image of the company while rewarding the customer for being loyal and dedicated. These are quite lucrative, but do take a long period of time to accumulate and take advantage of.  Apply for these cards if you are getting good rates on the credit card as well. Most card companies offer this if they are having a high attrition rate with their customers. It is advisable to be safe and sure of such credit card rewards before you actually apply.

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