Cash Rebate Credit Cards – Exploring Your Options

Cash rebate credit cards and cash back credit cards are the same thing just with slightly different names. Whichever name the card uses both will give you a
certain amount of money back on purchases made on your credit cards. While there are many different cash rebate credit cards they fall into 5 basic types.

Here is a brief explanation of those types and what you can expect from each one. Keep in mind that most companies who offer cash rewards only accept applications from people with good or excellent credit.

Basic Rebate Cards

The basic rebate cards usually offer you 1% rebate on all purchases across the board. However, make sure to read the restrictions for these and any cash back
credit cards as some cards will only rebate you for purchases on certain items such as gas or groceries and not on every purchase.

The Tier Cash Back Card

The tier cash rebate credit cards are based on the amount you spend. They usually start out with a basic cash back percentage and then offer higher maximum percentages after you spend a certain amount. This is not all bad as the maximum percentages are often quite high making them a good deal for people who can
afford to spend the maximum amount.

Reverse Tier Cards

Reverse Tier cash rebate credit cards may not be much of an advantage as they actually pay you a lower percentage each time you go over a certain amount. So,
while they may be a good deal for people who don’t use their credit card often, you can actually lose money if you use this credit card for too many purchases.

Capped Cash back Cards

Even worse than the reverse tier cards is the capped cash back card. These credit cards actually put a cap on the amount of cash back they will give. Once you
reach that limit, you will receive no more cash back regardless of how much you spend. Again capped credit cards are a better deal for people who don’t use
their credit cards frequently.

Mixed Rebate Cards

There are some rebate cards that offer higher rebates on certain types of purchases like gas, supermarkets, utilities, travel and restaurants. These rates run between 2% and 5% while the rebates for all other purchases run the basic 1%. These are often great cards to have because they give you the most money back overall.

Remember, that the best way to earn the most money back is to use these credit cards more like debit cards and to pay off the entire balance each month. When you have a balance that carries over then the interest rates will severely cut into if not completely obliterate the cash back reward.

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