Almost 6 in 10 people have a rewards credit card in their wallet — here's how to make the most of one. (via Grow_mag)
Most cash-back cards offer a base reward of 1%-2% back, but some cards offer bonuses as high as 6% back in particular categories. Experts say cash-back cards can be valuable when those bonuses reward your spending priorities and frequent purchases, such as groceries or restaurant meals.
For example, if you do grocery shopping for a big family, consider a card that offers a bonus in that category, making the savings target "easy for families to hit," Ted Rossman, an analyst at CreditCards.com,With a cash-back card, your rewards can typically be redeemed for gift cards, or sent to you as a check or direct deposit into your checking account. But you may also be able to get a statement credit toward your credit card balance, which Kheel says can be a smart option.
"That means instead of paying your monthly bill of say $200, if you apply $20 in cash back as a statement credit, you only need to pay $180 that month," he explains.If you can't pay off the balance on your cash-back card on time and in full each month, you'll start accruing interest, which more than offsets the cash back you've earned, he warns. As of late September, cash-back cards carried anSay you make $500 in purchases.
"Making a cash-back credit card work for you means using it only to buy things that you would have bought otherwise with a cash or debit card,""If you can be disciplined about your budget and not overspend, a rewards credit card that earns cash back is like gold."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nearly 1 in 5 Americans are stashing cash at home in fear of a recessionBased on their fears of a potential recession, 17% of Americans have stashing cash at home, according to a new poll from MetLife
Read more »
African kleptocrats are finding it tougher to stash cash in the West$27m was raised in an auction of cars seized from the son of Equatorial Guinea's president. The money will be returned to the people
Read more »
UN chief orders travel, meetings, heat cut over cash crisis
Read more »
WeWork is now reportedly talking with JPMorgan about a $5 billion credit line and could run out of cash next month without itThe amount under discussion is bigger than previously reported, and the amount of time before WeWork could run out of cash is significantly shorter.
Read more »
James Comey is swimming in cash between six-figure speaking fees, writing contracts, and his book dealA single speaking engagement can net Comey hundreds of thousands — more than his annual salary as FBI director. 'Seriously, it's crazy,' he said.
Read more »
How to Use The Apple Credit Card To Build WealthThe new Apple credit card pays up to 3% cash back. What would happen if instead of spending your cash rewards, you saved and invested them? Could the wealth you build have a meaningful effect on your retirement? The answer may surprise you.
Read more »