Let’s talk about rating your credit card and what it can do for you. Are you feeling the love from your credit card company? Many credit card issuers offer perks to get your business. The benefits typically increase with better credit scores and credit histories. Here’s a rundown of the most popular offerings so you can see how your credit card stacks up. Remember the best offers goes to those with awesome credit scores.
0% Interest Rate credit cards
With interest rates at historical lows a big offer credit card companies are giving is introductory interest rates as low as 0%. Many of these introductory rates are for 3 – 6 months. However some cards give as much at 15 months at 0%. If you have a large purchase in mind and would like up to 15 months to pay it off this may be an offer to get you on board. If you do opt for one of these introductory rates be mindful of what the rate goes to once the honeymoon period is over.
Cash Back credit cards
Who doesn’t like money? Making money by spending money. What a concept! Watch out though I don’t think you make more than you spend…. Darn it.
But wait… maybe you can. If you pay off your balance at the end of the month every month than you won’t incur any interest charges. Hmmm… So you can spend the money you were going to spend already but get money back. It seems like it doesn’t make sense not to do this. If you have good credit you may qualify for cards that give any where from 1 – 5% cash back on purchases.
Reward Points for credit cards
Rewards points have been around for a long time. Here’s how it works: You get points towards offers or discounts. These could range anywhere from restaurants, merchandise or even gift cards. Some credit card companies offer double or triple rewards points. So if you are looking at 2 different rewards type cards here’s what you want to check out:
1. What kind of rewards do they give you and to what places
2. How many rewards points does it take to get things you would like
3. Will the double or triple points get you closer to your goal
Airline Miles credit cards
For those of you are big travel bugs or are just always on the go with business looking for a card with the best air mile benefits may be your cup of tea. Some cards even give you enough airline miles to get you a free ticket just for getting their credit card.
Gas credit cards
There are even credit cards that will give you money back in the form of gas. This is very useful if you are coming up short with the funds to fill up the tank to get to your next shopping adventure.
Travel Insurance with your credit card
Travel Insurance sounds really boring until you’re on one and something happens. This can come in real handy in a tough situation.
Although these benefits can be impressive take note as to the true cost of holding your card including yearly fees and interest rates. Used smartly you can put your credit card experience in the A+ rating category.