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Take Advantage of Cash Reward Credit Cards

Cash reward credit cards are enticing to many people. The idea that you can get some of your money back on those purchases you make simply by using your credit card may sound appealing and it can be if you have the ability to pay those purchases off each month rather than carrying the charges over and paying interest on your card. Here are the basics of how cash reward credit cards work.

Cash back credit cards usually offer you a cash back on purchases made using their card. However, these cards charge high interest rates so if you have to carry a balance over month to month you are probably paying more in interest than you are getting cash back. Unless you can pay your charges off each month it is better to choose a low interest credit card rather than one that offers cash back.

Some cash reward credit cards only pay cash back after you have charged a certain amount this means that unless you frequently use the credit card you may not reach a level to actually get your cash back.

You need to read the fine print and see exactly how your cash back will be received some companies only apply the cash back credit to the account decreasing the amount you owe on that particular statement. Other cash back programs send you a check or return the cash to your bank account this usually isn’t monthly but may be yearly or quarterly.

Others only actually give you your cash back reward if you call in and request it. So you really need to know how you are going to be getting your cash back before deciding which cash reward credit card to choose.

The amount of cash back on some cards vary. Some cards will give you up to 5% back on things like groceries, gas and even hotel stays and 1% on all other purchases. While this can be a good deal, you may want to stick to only using the card to purchase those items that gives you the highest cash back and then paying the balance off each month.

Keep in mind that although cash reward credit cards are only a good deal if you can pay your monthly balance off immediately. If not, the high interest rates on most of these cards will more than make up for any cash you get back and you will end up actually paying more in the long run.

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