Rewards
Everyone gets goosebumps for reward cards. EVERYONE. Even pets! says Gerri Willis Last year over 6 billion credit card solicitations were sent out. You alone probably received about 72 offers. According to Gerri, When it comes to reward cards, there are generally three types of programs: point-based programs, like the one from American Express, cash-back programs, and, of course, frequent flier reward cards.
I have often wondered about this reward cards, yet I have a few of them. So I did some reading.
(a) Point-based programs, let you accumulate points with your purchases and then you get to choose your reward.
(b) With cash-back cards, you may have to spend a certain amount annually before you get the advertised rebate.
(c) As for frequent flier reward cards, to get a free airline ticket - in most cases, you'll have to spend $25,000 a year to earn a domestic flight.
All these entices sound good but are they worth it? Yes, it's all in the details. With today's high gas prices, gas-rebate credit cards are becoming increasingly popular. And chances are, you've been tempted just as I was. Right before Thanksgiving last year, I signed up for a Best Buy rewards zone Mastercard. With this card I would earn 4% on Best Buy purchases and up to 3% elsewhere. Between then and last week I had earned some 3500 points which are equivalent to $65.00. And because my 4 year 2.4Ghz phone was kinda outdated, I decided to upgrade. So off I went to Best Buy and found this Uniden - DECT 6.0 Expandable Cordless Phone. With the $65.00 coupons and an additional 10% I ended up paying $7.00.
With the price of gas hitting the roof, it makes sense to enroll in a gas-rebate credit card. After all, whether you like it or not you'll pay for gas (unless you ride a bicycle). I found one in early February (Chase Perfectcard). With the Chase PerfectCard, you earn a 3% rebate on all eligible gas purchases at any gas station and a 1% rebate on all other purchases. Your rebate is automatically credited to your monthly statement - no forms to fill out, no keeping track of points. I am curious to find out how much money I'll have earned by the end of the year. Keep in mind though that you have to be very disciplined in paying off (in full) your purchases when you get your statement.
I hope to revisit this post at the end of the year and share my rebates!!!
Parallel of great principle: "The LORD rewards every man for his righteousness and faithfulness." 1 Sam 26:23
With the price of gas hitting the roof, it makes sense to enroll in a gas-rebate credit card. After all, whether you like it or not you'll pay for gas (unless you ride a bicycle). I found one in early February (Chase Perfectcard). With the Chase PerfectCard, you earn a 3% rebate on all eligible gas purchases at any gas station and a 1% rebate on all other purchases. Your rebate is automatically credited to your monthly statement - no forms to fill out, no keeping track of points. I am curious to find out how much money I'll have earned by the end of the year. Keep in mind though that you have to be very disciplined in paying off (in full) your purchases when you get your statement.
I hope to revisit this post at the end of the year and share my rebates!!!
Parallel of great principle: "The LORD rewards every man for his righteousness and faithfulness." 1 Sam 26:23
2 comments:
I'm not a big fan of reward cards though I have a few. I've got Macy's, Dick sporting and Bestbuy rewards. I will not touch any card with annual fees.
Recently banks in my country has started offering Cash Back offers and amount of money they are offering is not bad at all. You can get this Cash Back by paying your monthly bills (phone, electricity etc.) through them. However, people are still skeptical about authenticity of such offers! And their card come for FREE.
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