Are Cash Back Credit Cards A Good Or Bad Idea?
Keywords: financial services
Getting a credit card that offers cash back always sounds like a good idea. What could be better than getting cash back on all the purchases that you make with your credit card? It sounds too good to be true, doesn’t it?
Well, there are cards that give you free cash, but it is usually only around 1% cash back. However, free money is free money, right? Well, sometimes.
If you like to buy a lot of things in one month, this kind of credit card probably sounds great to you. However, you need to keep in mind that they are not going to give you cash back on every purchase that you make. Even if they claim to give you cash back on every purchase, they will only give you up to a certain amount per transaction. The company also has a strict limit on the amount that they will give back to their customers. If you read the little, bitty print on the form that you signed, you will see a paragraph with their limits in the terms and agreements.
This is another way to try to draw in new customers for these companies. It is a good credit card to have and sounds great in theory, but they will have to check your credit rating before they will give you their card.
Research different credit card companies to see what they are offering. You may be surprised to find a cash back credit card that offers you just what you need and want with a high cash back percentage, few limits on the amount they will give you back, and instant cash deposits when you make each purchase with their card.
Although these credit cards seem like a great thing to have, some companies will need your credit rating to be great too. However, there are credit card companies that offer these cards to people with a low credit rating to help them rebuild their credit. Research all of your options.
What should your decision be? If you have a good credit rating, then this card is a great option for you. Research different card companies - there are cards out there that offer you up to 3% cash back and impose very few limits. If, however, you have a bad credit rating, you may want to find a credit card that will help you rebuild your credit.
Gregg Hall is a business consultant and author for many online and offline businesses and lives in Navarre Florida with his 16 year old son. Get deals on financial services at www.dealsonfinancialservices.com
Previous Articles Highlighter:
Got Bad Credit And Need A Car Loan? (1)
The first step is to get your credit report with its score. It is best if you can obtain the report from all three credit bureaus (Experian, Equifax and Trans-union).
Some Ideas For Debt Negotiation (2)
You need the advantage of having time to think, which is why you should always negotiate with them by post. Getting it in writing also means that you can hold them to what they say later on.
How To Quickly And Immediately Improve Your Credit (3)
Usually, as a rule, they are similar, but negative items or entries do tend to stay longer on some then others and some tend to have more errors in their entry reporting.
Why You Shouldn't Save When You Have Debt (4)
When you have enough money to pay off your debt, there's absolutely no reason to keep it. Debt is for people who don't have the money, and need to borrow it.
Credit Card Debt Statistics (5)
The problem is simply a matter of people leaving their balances on credit cards for too long, not realizing just how high the interest really is. Gregg Hall is a business consultant and author for many online and offline businesses and lives in Navarre Florida.
How To Get Approved For A Car Loan After Bankruptcy Or With Bad Credit (6)
This is a crucial step as your credit report may and probably will contain some erroneous and derogatory information. It is a known fact that over 90 percent of credit reports contain some sort of error or incorrect information.
How To Save On Your Auto Insurance Like George Bush (7)
This in turn is driving up inflation and the cost of almost everything we buy or need including auto or car insurance. Here's how to turn the tables in your favor and save money on your auto insurance like George Bush would if he had to pay for it.
Rising Car Arson And Insurance Fraud Costs Everyone (8)
These can all be fixed. In California numerous consumer protection laws have been passed which obligate the dealer to be more responsible, but more needs to be done like enforcing maximum debt ratios.
Car Dealer Scams (9)
To beat this one ask about advertising fees demand to see a copy of the invoice if you are not completely satisfied. They will usually also add a bogus processing fee of from $100 to more than $500 (the processing fee is pure profit for the car dealer that he does not have to pay any commission on to salespeople).
Get Out Of Debt Free Article (10)
They will negotiate your debt, interest, payments, etc... with your creditors solely in your favor and make a debt free plan for you. Stick to this plan and then you will soon realize the wonderful relief and feeling brought by debt freedom.
What You Need To Know About Debt That The Credit Card Companies Do Not Want You To Know (11)
Basically, a mortgage is a forced savings plan and it far outweighs any savings account interest. So, with that in mind, if you are renting and do not live in Los Angeles or NYC buy a house.
How To Get Debt Collectors Off Your Back Permanently (12)
If you don't want to hear from them again, its easy. Just write them a letter stating that you wish they cease all contact with you (make sure you put in the letter that - P.S.
How To Qualify For The Best Rate On Your Mortgage Or Refinance (13)
If you lie, they will catch you when they examine your loan prior to funding and you won't be able to close. Also be wary of lenders that promise things you shouldn't be able to qualify for.
Boost Your Home's Resale Value Guaranteed (14)
Do not out price your neighborhood or you will risk throwing away money. Your realtor can best help you here as to whether you should go with granite, tile, formica and similar questions.
U.S. Auto Manufacturers Are They Ready To Declare Bankruptcy? (15)
The government is currently reeling from Katrina, New Orleans, and the war in Iraq. It can't afford to bail out Ford or G.M. The public opinion is against a government bailout as the economy is not its best.
Great Tips On Lowering Auto Insurance Costs (16)
For an additional discount some insurance companies like Progressive and Geico offer discounts for sponsored driving classes. Make sure you check with your insurance company to see which ones it accepts.
7 Great Money Tips To Lead You To Financial Freedom (17)
3) Medical and life insurance. You need to have them, if you think you don't just ask anyone that didn't have it when something unexpected happened. If you love your family, they are a must.
Hot Stock Picks For This Week (18)
A well diversified group of stocks that no investor will beat. Best thing is I didn't charge you a penny, just do me the favor of helping me promote my websites below.
8 Tips To Improve Your Forex Trading By 100% Now (19)
1. Do not trade on anything lower than 4H charts. If you are new to trading or loosing consistently you must follow this rule, it will keep your trading account alive and growing.
Why Is Umbrella Insurance Important (20)
Well, first off, it does not cover the umbrella you protect yourself from the rain. It is a figure of speech. An umbrella policy is designed to shield you from almost everything that your home and auto insurance does not, as well as fill in gaps in coverage when the limits of your regular policy are exhausted.
Newer Articles Highlighter:
Why Credit Cards Destroy Your Debt Reduction Plans (1)
Not only that, but you're paying your credit card bill as soon as you get your wages, so you don't have the chance to earn any interest on them from your bank.
A Closer Look At Day Trading (2)
Most stocks on the NYSE and NASDAQ have a high degree of liquidity. A day trader also looks at volume individually, in addition to using it as criteria for liquidity.
How TO Buy A Foreclosed Home (3)
A major fixer upper may be offered at a lower than normal price, whereas a property that is in fair condition may go for a price just the below the market value.
Some Of The Top Credit Card Mistakes (4)
Paying Late. If you don't set up any kind of automatic payment, then it can be tempting to just put your credit card bill on a pile and get to it when you have time.
Things To Consider Before You Get A Debt Consolidation Loan (5)
The Length of the Loan. The most dangerous thing about debt consolidation loans is that the ones with lower payments generally last a very long time - you could be paying it off for twenty years, or even longer.
Stop Paying The Minimum Payment On Your Credit Cards (6)
The answers aren't fun, but they are true. Firstly, look for a card with a high minimum payment - this is a good way to discipline yourself into paying off the debt faster.
Here Are Some Considerations When Applying For Credit Cards Online (7)
Another benefit is that after you have come to a decision as to which company you are going to give your business to it is just a matter of typing in you information and pressing a button to get an instant reply and receive your new credit card very quickly as opposed to using regular mail and hard copy forms.
Buying A Car? Do These Things First (8)
This is a BIG trick at dealerships, never negotiate based on payments. 7.Be aware of penalties. Some lenders might charge you for paying off your loan early. Many states have laws against this now, be sure to check the laws in your state.
Before Considering Bankruptcy Try These Things (9)
Yet bankruptcies are on the rise. Out of ignorance or stupidity, more and more people seem to be using bankruptcy as a first option, instead of a last resort.
So Why Would I Want A Prepaid Credit Card? (10)
If you have a low credit score or some issues with your credit that keep you from being able to get a regular credit card you should look into a prepaid credit card.
How Do I Know If I Should Buy Or Lease A Car (11)
Mileage: No mileage restrictions with a loan. Leases restrict the number of miles you can drive the car each year. If you exceed the mileage allowed, you have to pay the dealer for each mile over the limit, in accordance with your lease.
How To Get Free Travel From Using Your Credit Card (12)
Credit card companies use as promotional or marketing strategies the giving of rewards to their card customers by giving points for every time they use their credit cards when making transactions.
How Your Credit Score Can Get You Better Rates (13)
By checking on your credit score these agencies can determine if you are a good "risk" for them. In other words, they can decide if they will get their money back if they should loan you some.
A Closer Look At Instant Approval Credit Cards (14)
It only means that you are qualified to apply for the credit card. The credit card application will be your next step once you have been given the "go signal" by the bank.
How Do I Know What The Best Credit Card Would Be For Me? (15)
This is especially true of credit cards that target people with lower credit scores where they may issue a card with a $300 limit but the initiation fee and annual fees ad up to $250!
How To Compare Credit Cards To Get Your Best Deal (16)
You always have the liberty of comparing one credit card to another. Always choose the credit card that offers the lowest annual percentage rate (APR). APR's could either be a "fixed" or a "variable" rate.
Some Of The Main Reasons We Need Credit Cards (17)
Simply stated, a credit card (or for many, just known as credit, is a financial arrangement between you, the consumer or the card user, and an institution (in most instances a bank), that you have to borrow instant money from them and promises that you will repay them back in the future.
What Does A Zero Interest Credit Card Really Cost You? (18)
If you fall into the latter category then a zero interest offer may be just what the credit doctor ordered. If not, then shop around for the lowest annual fee with the most add on benefits for using the card.
How To Get Easy Grants For Small Businesses From The Government (19)
The grants offered can be found in the Catalog for Federal Domestic Assistance (CFDA) website www.sfda.gov under the "Small Business" and "Small Business Person" beneficiary category. You can browse this free government grants for small business at CFDA free of charge.
Some Of The Things You Need To Consider When Looking For Debt Solutions (20)
The people filing for them must also take credit counseling classes prior to the debts being discharged. Other people may consider filing a chapter 11 bankruptcy and pay the debts off over a period of time.