When a Rewards Card Fails to Reward
Monday April 14, 2008
Imagine a credit card that gives you 5% cashback on your purchases. You would get $5 cash (check) for every $100 you charged on your card. Sounds like a very good incentive to use that card.
But what if the fine print said you wouldn't start getting 5% cash back until you charged $10,000 on your card during the year. Not such a great reward anymore, is it?
Many rewards cards have those kinds of stipulations - rewards that sound great until you take a closer look. If you're considering a rewards credit card, make sure you pay close attention to everything you have to do to receive the rewards. You might find the card isn't so rewarding.
Read: 7 Things That Make a Rewards Credit Card Unrewarding
More on Rewards Credit Cards:Choosing a Rewards Credit Card | Don't Let a Rewards Card Lead You to Debt
Comments
If you are looking for rewards cards that are actually thought to be pretty good, i found this site that seems to have a pretty good selection: MileCardReviews.com
It has reviews and selects the best in each category - no fee, best rewards program, no blackout dates, etc. maybe too much info but it looks like they’ve got them all covered.