|
Cash back credit cards
are very attractive and are sometimes preferred above other
merchant specific reward credit cards. This is because you are in control
of what you spend your cash back on, and are not confined to redeeming points at
specific merchants.
There are various Cashback
offers on the market, and it may be difficult to choose, so this article was
written as a guide to show you how to you compare credit card Cashback offers?
You can start by focussing on the following areas:
Cash Back Percentage
When choosing your card, look
at the percentage of Cashback that the credit card offers. This could range
from 1% to 5%. Offers normally include a fixed percentage on named categories
like gas stations, restaurants etc, and a lower Cashback percentage on other
categories outside the named merchants.
Extra Bonuses Available
While you are free to spend
your Cashback at your choice of merchants, some credit card offers allow you to
double your cash back when you redeem at named partners. This is a nice extra
which gives you more spending power.
Expiration Date of
Incentives
Based on how often you use
your credit card, it could take a while to accumulate Cashbacks. The last thing
you need is for your rewards to expire before you could spend it. When you
compare credit card Cashback offers, choose a card that has unlimited earnings
capacity and no expiry date on Cashback earnings.
Redeeming Options
When you are deciding on the
best card, keep in mind the places you shop most. Some cards give you double
points if you redeem at their partner gas stations, but if you do not shop at
that merchant this reward would not benefit you. When considering points
redemption find out in which category or at what merchant/s the most points
would be rewarded.
Below is a comparison guide
to help you see at a glance how to compare credit card cashback offers.
|
Card Name |
Cash Back % |
APR |
Annual Fee |
Extra Benefits |
|
Discover Platinum |
5% in named categories
1% in all other
categories
No expiry date |
0% for 12 months |
None |
Double Cashback when you
redeem for gift cards or certificates |
|
Bank of America Cash Rewards |
1% on all purchases
No expiry date |
0% for 12 months |
None |
N/A |
|
BP Visa Rewards Card |
5% rebate on BP purchases
1% on other eligible
purchases |
0% for 6 months |
None |
Double rebates for 2
Months |
|
Chase Free Cash Rewards Visa |
1 point for every dollar
spent |
0% for 12 months |
None |
1000 points with first
purchase |
|
Blue Cash From American Express
|
Up to 5% cash back
Unlimited cash rewards |
0% for 6 months |
None |
N/A |
From the list above you can
see that the differences in the offers are quite small. When it comes to
choosing the right cashback credit card, ensure that you chose one that allows
you to earn and redeem points in places you do your most spending. This way you
know that you will be getting a card that gives you the most cashback benefits.
|
