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The Advantages of Cash-Back Credit Cards

There are many different types of credit cards to choose from. Travel rewards credit cards are sometimes a good option but the rewards programs are often complicated or have a number of restrictions. But cash-back credit cards are simple and easy to understand because you get back a certain percentage on every purchase you make.

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The Advantages of Cash-Back Credit Cards

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  1. The Advantages of Cash-Back Credit Cards

  2. There are many different types of of credit cards to choose from. Travel rewards credit cards are sometimes a good option but the rewards programs are often complicated or have a number of restrictions. But cash-back credit cards are simple and easy to understand because you get back a certain percentage on every purchase you make.

  3. The benefits • With some credit cards, you’re limited to how you can redeem the points you earn. For example, some travel rewards cards will force you to only use one airline or a specific hotel chain, which can limit your options. There may also be blackout periods or seat restrictions. Cash-back cards are more flexible and you can use the money you earn to pay for travel, merchandise, or help pay off your balance. The possibilities are endless

  4. Here are some things you should keep in mind when choosing a cash-back credit card: • Returns — The return on a cash-back card is probably the most important feature of all. Many cash-back cards provide a minimum return of 1% (in other words, you earn $1 in cash for every $100 you spend). • Extra rewards on certain spending categories — If you spend more at the grocery or drug store, some cards will give you a better rate of return. You can often get two to four times more cash back in some cases. • No-fee options — While many travel rewards cards have a hefty annual fee, there are some cash-back cards with no annual fee. Cards with fees will usually provide you with a higher percentage of cash back.

  5. Bonuses — When you sign up for most credit cards, you’ll get a reward. With a cash-back card, this will often be in the form of sign-up bonus, a higher return on spending for a short period of time, or a waived annual fee for the first year. • Limits — Some cards will allow you to earn cash back up to a certain threshold every year. If you don’t spend a lot, that’s not a problem. But if it is, you might want to consider a different card.

  6. How to take advantage of cash-back cards • When you’re using a cash-back card, you should try and use your card on purchases that’ll earn you the best rate of return. Some cards will give you a higher return depending on the spending category.

  7. Choose the right card • There are a number of cash-back cards to choose from. If you can’t decide which one is best for you, we’ve narrowed it down to our two favourites:

  8. If you find travel rewards cards are too restrictive or you don’t want to redeem your points towards a limited selection of merchandise, you can use a cash-back rewards card to help pay for travel or for your everyday purchases. FOR MORE INFORMATION VISIT US: www.pandacashback.com

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