Picking the right credit card can get you more cash back every month
NEW YORK, NY, May 06, 2021 /24-7PressRelease/ — Cash back credit cards let you earn money back for your everyday spending. From rotating bonus categories to sign-up offers, a cash rewards credit card can earn many benefits. Let’s dive deeper into the different types of rewards these cards offer and how you can maximize your cash back.
Types of cash back credit cards
Cash back credit cards vary in how you can earn rewards. Here are the main types of cash back rewards credit cards to help you see which one may suit your spending.
Flat-rate rewards
Many cash back cards offer flat rate rewards that will get you the same amount of cash back on every purchase you make. Flat-rate cards typically have a 1-2% cash back rate across all purchases.
Tiered categories
Cash back credit cards with tiered categories allow you to earn more cash back for certain spending, like grocery store purchases or gas. Some cards even let you choose your bonus earning categories. With tiered cards, there may be a spending or purchase limit for each category.
Rotating categories
With rotating categories, you can earn a higher cash back rate on certain purchases for a specified time period. The bonus categories will typically change each quarter, and you may have to select or activate them to get the higher cash back rate.
How to make the most out of your cash back credit card
Here are some ways you can make the most out of your cash back credit card:
Take advantage of bonus earning categories
Bonus earning categories will give you more cash back for your spending. Whether your card has a bigger cash back rate for groceries, gas, or dining at restaurants, make sure you’re paying for those types of purchases with your credit card so you can increase your rewards. If you have a card with rotating bonus categories, keep track of these rewards and activate them every quarter.
Pay off your balance each month
If you have a revolving balance each month, this can accumulate interest and outweigh the rewards you’re earning. By paying off your full statement balance each month within the grace period, you can avoid paying interest on your monthly purchases.
Only make purchases that you afford to pay for and try to pay off your monthly balance whenever possible. This way, you can maximize your rewards and avoid paying unnecessary interest.
Use your card for bigger purchases
Consider paying for large purchases and making bill payments with your credit card. If you’re buying new electronics or paying your monthly bills, using your credit card can get you more cash back.
Cash back credit cards offer an easy way to get more out of your spending. Just make sure you don’t spend more than you can afford to, and try to pay off your full statement balance as often as possible. If you use your card wisely and take advantage of offers like rotating bonus categories, you can get the most value out of your cash back card.
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