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Credit cards are used by large numbers of people around the world irrespective of their financial or social standings. Carrying a credit card has become a necessity for most and a status symbol for others. Some carry more than one card according to their need and the facilities offered by the cards.
It is always better to have fewer cards or one card that give you rewards than having many that bring nothing in return. So get a credit card that will bring the most rewards from your purchases. To find the right one may be tough, but it is worth the effort you put in. Here are some points on how you choose the credit card that is most appropriate and rewarding to you.
There are different types of credit cards and the rewards they offer differ from one to other. The benefits they offer range from cash back, gifts, airline travel, and other such awards. There is no point in applying for a credit card that offers rewards for shopping for a particular furniture brand that you never liked. It is the same if the reward is for logging flying hours, and you are the type that never uses air transport as a medium to travel. After deliberating on your needs and habits you should choose one credit card that brings maximum rewards on your purchases.
Always check for the reward’s limitation for the credit card. It is not wise to apply for a credit card that puts a cap on the rewards you can earn. Selecting a credit card that does not have a limit on rewards is advisable. Another thing you should check out on a credit card is whether it carries an annual fee. Most cards that carry rewards for flying have such a clause. Calculate the probable amount you will earn by airline rewards and compare it with the annual fee. If you find you will be paying more than what you are likely to earn, decline the offer. Some cards have black out period, and you don’t earn rewards during that time.
Sometime rewards that expire after a certain amount of time are offered by credit card companies. If you accept such a card, then be sure that you make your purchases before the rewards they carry expire.
Most cards offer rewards on every purchase you make, and there are some that impose the rewards after a certain time period. In this way, you are forced to spend more money than you intend to. So this type of card is not for you.
You must be wondering how you can benefit from these rewards. It is usually more or less around 1% of the amount you spend on purchase. Certain items carry slightly higher percent of reward.
So it is of paramount importance that you check on all these aspects and decide on the one credit card that rewards you the most.