Excellent Credit Means You Can Choose Between Top Rewards and Cash Back Card Offers
Having an excellent credit will make it easy for you to get approved for the best rewards credit cards. When your credit score is excellent, it shows that you are a responsible person that never miss a payment. Credit card companies will always assess the risks of the applicant prior to approving the application. So, if your credit score is perfect, it will be much easier to qualify for a good rewards credit card that allows you to earn back a portion of what you spend in the forms of cash back or rewards points. Examples of rewards points is the frequent flyer points which you can use for redeeming an air ticket.
See Our Entire List Of The Best Cash Back and Rewards Cards Reviewed For 2016 and Apply Online – powered by CardRatings
Through the rewards program, you will be able to earn a few points for each dollar you spend. There are terms that you must meet in order to redeem the points so you should find out all about it prior to submitting your credit card application. For example, there may be a minimum spending limit and time frame, for example, you will be rewarded with 30,000 points if you spend $3000 in the first 3 months. Additionally, you also have to take into account the fees such as annual fees to make sure it is worth it to apply for the rewards credit card.
To take full advantage, you should only sign up for the rewards credit card if you are confident that you can afford to pay back in full by the repayment date. This because you will be paying interests which makes it not worthwhile if you carry a balance every month. To make sure you pay back on time every month, you can set up a direct debit to automatically deduct the outstanding balance from your bank account. The benefit of paying in full is that you won’t be charged with any interest. In the meantime, you can also build your credit score provided that you always make on time repayment.
Many rewards credit cards also offer cash back schemes, so that you earn cash back for every dollar you spend. Some cash back programs will convert your cash back into gift vouchers which you can then use them for exchanging other goods. There are some credit cards that offer deals such as free electronic goods or free air ticket to a holiday destination for new sign ups. Even if you don’t plan to use the credit card, you can just sign up to take advantage of the freebies.
In conclusion, you should start right now to build your credit score if your current credit score is not in favorable. This allows you to sign up for a credit card that offers a good rewards and cash back program so that you can get paid while spending money for your expenses.