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Cash in With a Cash Back Credit Card

Consumers have different criteria when purchasing credit cards. Most credit card reviews focus on two characteristics of the card: interest rate and fees. That’s because statistics show that most people with credit cards don’t pay off their balances in full each month.

For those who pay their balance in full, the interest rate is not as important. For many people, they look at the types of rewards that come with the card. This is where cash back credit cards look even more attractive.

Don’t be fooled. A cash back credit card doesn’t necessarily mean you’ll get a check in the mail. Some cards are really that simple, but many pack rewards in various ways. At the end of the calendar year, you will receive a check for the charges you have made to your card. Sometimes you get a rebate based on a simple percentage, and some credit card companies have a complicated formula for calculating rewards, so trying to keep track throughout the year can be difficult.

You may remember when the Discover card came out. At the time, Mastercard, Visa, and American Express were the big three credit card companies, but when Discover launched, they were touting cash back. Because of this rebate, the card has gained popularity with consumers.

Since the days of Discover, cash back cards have become popular and have evolved into many other options than just cash. These cash awards can be converted into investment products such as airline miles, gas awards, charitable contributions or 529 college funds.

Cards like this usually require you to have good or excellent credit. There are a small number of credit cards available for people with damaged credit, but remember that these people must rebuild their credit first, so the quality of the rewards should be lower on their list of criteria. Low fees and low interest rates should be at the top of the list.

Watch the fine print! With cash back credit cards and all rewards cards, you have to pay your bills on time. Breaking the rules is not allowed, or you could end up paying more than someone without a rewards card. Why? Sometimes there is a clause in the fine print that if you pay late, some of your rewards will be forfeited. Sometimes this amount can be very large, sometimes as high as $40, on top of the late fee.

Don’t forget that if you’re a consumer who usually has a balance on the card, you should care more about the interest rate. Holding a balance will almost always mean you pay more in interest than you earn from rewards, so only consider a cash back credit card if the interest rate is comparable to other cards.

Finally, don’t let the temptation of getting something for free get in the way of your good financial sense. No amount of rewards points is worth the debt, just as coupons for buying name brands are often more expensive than equally delicious generics. Practice good financial discipline no matter what your credit card company offers you.

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