Reaping The Rewards: How To Get The Best Credit Card Deals
When investigating reward cards you may find that since most cards these days don’t have to offer reward schemes, as people often sign up for the standard card associated with their account, there are few truly rewarding cards around. The most important thing to remember is to look around and see what is available to you and figure out whether these ‘benefits’ really will make a difference to you, and your current spending habits, or whether they’re simply there to lure you in to signing up. Card reward schemes are only ever a beneficial way to spend when you are not being charged interest, so make sure you aren’t losing out before you start.
When choosing a credit card reward scheme make sure the benefits are relevant to your spending and offset your current lifestyle i.e. not the lifestyle you project to be enjoying in 5 years. There are several cards that offer money off petrol or air miles, money off grocery shopping and there are even cards which offer money off new vehicles such as the GM card.
A common mistake people make is applying for a credit card appropriate to a lifestyle that they imagine themselves having in x amount of years, rather than the lifestyle they’ve right now. Perhaps they think that they can use a card to supplement their income until they receive some notional salary increase in the future, or choose a card that gives great deals on air miles even though they currently do not ever leave the ground! It is vital to look at your finances with brutal honesty and factor in all the unknowns that could hinder future repayments. There is simply no point in applying for a card that provides money off petrol if you don’t own a automobile but intend to buy one at some point in the future, but you end up being unable to afford the monthly interest in the mean time.
The best way to use your new card is to pay for affiliated products frequently and to pay the balance in full every month; this way you will receive the points or cash back the card offers and stay on top of your finances. The more that you spend and subsequently pay back, the more points/cash back you’ll receive. It is possible to make money back from your card this way – however you must have selected the appropriate card, be able to avoid temptation and keep your wits about you at all times. The juicier credit card reward schemes tend to be offered on platinum cards, which means that you will have to use the card an awful lot in order to get any money back at all.
When you receive your chosen card make a note of introductory offer expiration dates e.g. the new nectar card offers double points for the first 3 months so making a date in your calendar of when this time limit is up and buying all of your larger purchases within this time frame will help you to maximise on points as well as getting you onboard security under section 75 of consumers law if the product costs over 100.
No matter which type of reward scheme you choose it’s important to remember the security a credit card offers. All buys made on credit cards are protected protection under section 75 of the Consumer Credit Act. That means that the card companies are as responsible for faulty goods as the shop the item was bought at – perhaps that is the most useful reward of all.
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