Identifying the most suitable credit card reward

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Credit Card Applications » Research » Guides » Travel with Credit Cards » Identifying the most suitable credit card reward

Identifying the most suitable credit card reward


Updated: December 26, 2012

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.
Since credit cards are everywhere, they are used for almost all kinds of shopping, be it online, grocery or even business deals. There are many reward programs developed by credit card companies to suit the needs of various types of shoppers who use credit cards on a daily basis. Before choosing the right credit card, it is a good idea to compare credit cards by reward schemes and choose the one that gives maximum benefit. The different kinds of reward schemes available are listed below, to help choose the cards better. Point system Features: • It is the most basic reward scheme that is available with almost all kinds of credit cards. • For every dollar spent with credit card, there will be a point accumulated by the reward scheme. • This can later be redeemed either for cash or any merchandize at participating stores. Who Benefits the most - people using the card on a daily basis for groceries and other requirements accumulate points fairly quickly. Also, students using the card for university expenses and daily expenses may benefit from this reward scheme Gas Reward Scheme Features: • For every use of credit card for gasoline purchases, reward points are accumulated. • These points can be redeemed as a cash back, or instant discount on the next gas purchase. • It can also combine discounts for purchases related to automobile. • Reward scheme applies in only participating gas stations. Who benefits the most - people commuting to work in car every day, or people using their cars on a regular basis can benefit the most from these reward scheme. Also people who travel frequently between cities using car can get good discounts on gasoline purchases. Cash Back Features: • Works the same as point system, but only, cash back can be obtained in exchange to points. • Any number of points can be redeemed for cash. • Upon redeeming the points, a check will be mailed to the card owner in typically two weeks. The cash back can also be used in the next billing cycle, and the amount redeemed will be deducted from the bill. Who benefits the most - people who use credit cards on a daily basis can get a fair amount at the end of every month. People who use credit cards for business also can benefit, since the amount spent from the card every month will be big. The cash back obtained is big, if the amount spent is big. Air miles and Travel Features: • With every dollar spent from the credit card, air mile points will be accumulated, which can be redeemed for discounts on air tickets, or even free air tickets. • Works well with hotel stay and rental card discounts, since travel reward schemes offer both sometimes. • The accumulated air mile points will have an expiration date, so redeeming them within the date is required. Who benefits the most - without doubt, businessmen who are frequent flyers benefit the most from this reward scheme. People who travel by the air at least once in two months can take advantage of this reward scheme including the hotel stay discounts.

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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