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Credit Card Rewards

Credit rewards cards are nice to have. It’s a little like getting your money to work harder.

There is considerable competition between credit card companies. In order to get your business some offer different types of rewards. The choices are many, some give cash back, some air miles; you can get points toward a car or gasoline, hotel rooms and trips as well.

There are a variety of rewards programs they fall into the categories seen here:

Cash-back rebate.
You get a percentage of the money you spend back. Variants include programs that give the money to a charity or deposit it in a college savings account.

  • The affinity rewards program.

    Pick something you like and earn points toward it: this can be airline miles or cars, fishing gear or restaurants. These can be great but only if you are interested in the item
  • Airline Miles
  • Gasoline
  • Restaurant
  • Automobile points

    Some airline cards let you combine miles from purchases with those you accumulate by flying. This helps infrequent flyers earn a free ticket. If you are not loyal to a particular airline, consider a "points" card, which lets you accumulate discounts on any airline. One drawback with the airline cards, however is that most come with a steep annual fee.
  • The general rewards program.
    Increasingly, card companies are offering their own rewards

Frequently rewards cards have higher interest rates. If you carry a balance or are not interested in the rewards these may not be the best card for you.

Always remember to read the fine print to make sure you want the card and the rewards

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