Rewarding Yourself Using Your Credit Card
November 1, 2009
If you are one of the six out of ten people who actually pay their credit cards off at the end of each month, then it should be time that you think about taking on board a rewarding credit card to make the most of the money you spend.
There are dozens of credit card offers out there that will reward you for every pound you spend either in straight cash back to your account or in the form of reward points. Once you have accumulated enough points you can then use these against particular card features. An example of some features on offer at the moment would be to use points gained against, flights, upgrades, hotel vouchers, days out amongst many others.
These type of credit cards are only beneficial to the customer if they pay their balance off at the end of each month. If they do not make the payments then the interest rates can cancel out the value of the rewards should the balance not being paid off. Setting up a direct debit mandate with the credit card provider can be a way of making sure that payment is made at a specified date.
It can take some time to decide what credit card is the best suited due to taking on board exactly what each offer and what is going to benefit most overall. Once you have made the right choice and manage the credit card in the right manner then you will start to reap the rewards. Head of credit cards at moneysupermarket.com, Peter Harrison, says “The accrual and redemption rates can vary a lot and there’s no real transparency in what the value of each reward is. So we’re looking at rewards and aim to get research out next year.”
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