Credit Report Repair

Max Your Credit Card Reward Points

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Credit card rewards offer a range of benefits to people in all walks of life by offering a variety of incentives to use their cards. In fact, it seems that there is a reward credit card for almost every type of shopper, with incentives ranging from cashback and discounts to air miles and free hotel rooms.

The best kind of reward credit card for you will depend on how you use your card. Thankfully, there are so many rewards options on the market you will almost certainly find something to suit you. So, if you plan to use your card to make a lot of purchases, then the cashback option might be the one for you. If you are a regular traveller then a card with frequent flyer points, car rental discounts or travel insurance might work for you. Put simply, choose a reward card that reflects you lifestyle and your shopping habits when you try to find the best credit card for you.

Unless there is something very specific you want from a reward credit card, a cashback card is probably the best choice. These give money back on the amount you purchase, often in the region of 1%. In this case you’d get back $10 for each one thousand dollars spent on your card. So if you use your credit card a lot, this could be a good option.

When choosing a reward credit card it is a good idea to look at the card as a whole, and not just the reward aspect. The credit card should represent all-round good value for money, with a low interest rate and no hidden fees and charges. For example, 1% cashback is of little value if you are being hit with very high interest rate charges each month.

Like most products in the world of personal finance reward credit cards come with their own terms and conditions, so be sure to read the small print. Find out if there are limits to the amount or value of rewards you can accumulate each month; check to see if you have to claim rewards within a certain timeframe; and investigate whether there are certain situations or circumstances where you are not entitled to claim rewards. Ideally, rewards should be limitless and they should not expire, so keep this in mind when making a credit card comparison.

Also, be sure to use your common sense when spending with a reward credit card. It can be tempting to make unnecessary purchases to get those few extra air miles or a little more cashback, but the rewards should not dictate your spending decisions. Try to follow the golden rules that apply to any credit card – pay off your balance each month; don’t exceed your credit limit; and spend wisely.

Used properly and chosen wisely, reward credit cards can offer great benefits so be sure to shop around to find the right one for you.

Article by Richard from click4credit.com.au which compares reward cards including the ANZ Balance Visa. Visit the site for more useful information or to apply online.

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