Finding the Best Rewards Credit Card For How You Spend

Finding the Best Rewards Credit Card For How You Spend

There are a lot of claims for the ‘best’ credit card. Really, finding the best rewards card is just about matching the right credit card rewards program to how you spend your money. Ideally, you should categorize your past transactions and compare that spend against each credit card’s rewards program.

Using Your Best Credit Card Really Matters

While lot’s of personal finance pundits will discourage you from using credit cards, the truth is that a credit card can be one of the most used and useful financial products you ever have. It’s true that you need to be diligent about paying your credit card off the right way.

Types of Rewards Credit Cards

There are hundreds of credit cards, each offering its own rewards and bonuses. It can get quite overwhelming at times picking out a card that best suits your needs. Rewards credit cards can generally be grouped into three categories: Cash Back, Points, and Miles.

Cash Back Rewards

The cash back rewards program is the easiest and most straightforward out of the three rewards categories. It allows cardholders to earn a certain percentage of cash based on the spending amount.Some cards offer a flat-rate rewards program, meaning you can earn a specific percentage of cash back on all of your eligible purchases.

Points Rewards

Another common way of earning credit card rewards is through a points rewards system. When cardholders make purchases with this type of credit card, they can accumulate points and redeem them for rewards such as hotel stays, cash back, gift cards, plane tickets, gift cards, and more.

Miles Rewards

The last type of reward credit card is specifically designed for hotels and travel. Banks typically brand the cards with an airline or hotel company and the rewards earned are redeemable specifically to these partner offerings.

Ways to Earn Points

The key to maximizing rewards is to pick the right credit card that best fits your spending habits. To order to maximize the amount of points you receive, you should Analyze your past transaction history Figure out what categories you spent the most on.

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