The content is accurate at the time of publication and is subject to change.
Credit cards were once for the privileged class. Owning and operating a credit card required a large deposit and a regular reliable source of income. However nowadays, credit cards are being offered to everybody who has reached a certain age. Even teenagers are availing the benefits of credit cards with the help of their parents. Credit cards are now being marketed as a mass commodity and credit card rewards are a way of enticing the customer.
The types of reward schemes vary with the different types of banks. And it also depends on the type of customer. Credit card rewards are not something that can be chosen arbitrarily. You will have to in most cases pay an annual fee in order to take advantage of the scheme. When you choose a rewards scheme, make sure it suits your lifestyle. Getting an air miles reward scheme when you are having to deal with a full time job can be counter productive as you cannot use the air tickets that you gain from the rewards scheme. If you think that you can take a long vacation after a couple of years, you are in for a surprise because the points will be forfeited after a certain period of time.
Firstly, try to figure out how much free time you have in your life. Then find out what sort of merchandise you will need for say Christmas or New Years Eve. If you are an avid shopper, you will find that the points based schemes are more beneficial for your needs. But remember that a point’s based scheme will require you to be loyal to a certain merchant whenever you make purchases.
Another reward scheme is the gas miles. This offer is ideal if you are a frequent driver, and you will fill it up every week. You need not go shopping for stuff that you do not need or you do not need to worry about taking a vacation to use your air miles. All it takes to use up your gas miles is to fill up again and get to work everyday. It is a very ideal money saving scheme.
But if you do not want to worry about buying commodities with your points, you can settle for a cash back scheme. Cash back offers are the best for people who just do not want to worry about where to buy essential items or gifts. The money will automatically be credited to your account without you having to worry about claiming the points on time.