The range of Credit card rewards you can opt from
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The range of Credit card rewards you can opt from


Updated: December 26, 2012

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There are a plethora of options when one is out shopping for credit cards these days. The global economic downturn has bought with it immense hardship for banks all around the planet. This has made them start giving out special rewards for customers with a view to increase their customer base. But there are a lot of things to keep in mind apart from just rewards while looking for credit cards.

The basic type of reward system that is on offer these days is the points based system. The points based system is basically a reward which depends on the usage of the card. There are two types of points based systems when broadly classified. The first type is based on the amount of money spent in dollars by the card holder. For every dollar spent, a certain number of points would be accrued. The other sort of system is based on the number of times that the card is swiped by the card holder. The more you swipe, irrespective of the amount spent, the more the number of points you will get.

Once you get the points, the next step is to start getting reimbursed for the same. There are a number of options here. You can go for freebies like household commodities or other stuff. You can also look for vacation packages which are pretty common these days with the downturn in tourist expenditure. In some cases, you can also get cash for all the points that you have accumulated. The cash system is a good idea if you already own all sorts of commodities and do not want to accumulate more in your home. But the cash value of the commodities that you get will usually be much greater than the hard cash that you would get because the banks will usually have a tie up with the consumer goods manufacturer.

The other types of rewards system would be basically instant rewards like commodities or vacation packages when you first buy the card from the bank. But more than rewards try to get a lower interest rate on the credit card that you get. A low interest rate will let you use the card more often and much more. And also look for interest free periods during which you do not have to worry about paying any interest on the purchases made with your card.

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