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Rewards Credit Cards for a Rewarding Experience

Posted on | by Kevin Strauss

Rewards credit cards are a way to earn money back, points, or miles for your spending. You could get rewards for specific categories or you could get a flat rate for purchases. When shopping for a rewards card, you can see that the cards will vary widely in whether or not there are a sign-up bonus and annual fee, and the kind of rewards that are offered. Cash back cards may not have any annual fees but many travel cards will.

Different Types of Rewards Credit Cards

There are a number of different types of rewards credit cards, including airline loyalty cards, hotel, and cash back cards, along with gas and retail cards. About 60% of credit cards that are issued in the country are actually tied to a rewards program.

Gas

These can also be called fuel cards. This type of credit card started back in the 1920s for convenience. New rewards cards have pretty much replaced the gas credit card. However, there can still be some generous rewards for these types of cards and they only require a fair credit score to apply. If you are on the road a lot, this can be a good option for you.

Travel

There are different types of travel rewards cards, including general purpose, hotel, and airline. Some cards will reward you with an extra boost in your points through a redemption portal. This is a good option if you are okay with not traveling with a particular brand. If you choose a hotel or airline card that partners with specific brands, you can redeem your points for those brands. Since hotel partnerships are so large you are able to access hundreds of hotels in many different countries with just a single card.

Cash Back

Discover originally started the cash back program as a way to give money back at the end of the year based on the charges. This has since expanded to cards that give cash back in bank accounts, checks, and statement credits. Many cash back cards will give you a certain percentage for everything and there may be quarterly categories that give you more cash back.

Store

This type of rewards card is tied to a department store or store brand. The cards can give high percentages of cash back for first purchases and can help you save when you shop at that store.

Luxury

If you travel often then a luxury card can be a good choice since you get access to airport lounges and concierge services.

Business

You can get cash back for business-related spending with this type of card. If you spend a lot on business items then this type of card might make sense.

Popular Credit Card Rewards Programs

There are many different types of credit card rewards programs and you are sure to find one that suits your needs.

chase ultimate rewards

Chase Ultimate Rewards

This is a travel portal that you can use. Chase offers two types of rewards cards for a total of six cards. There are some with an annual fee and some without an annual fee. You can earn points through travel and dining, and for rotating categories, such as groceries, gas, and more. With the portal, you can book all types of travel, as well as enjoy redemptions for merchandise and gift cards.

American Express Membership Rewards

American Express Membership Rewards

You can use these rewards on eligible airfare, hotel stays, retail purchases, car rentals, and more. There are also eligible business purchases, such as office supplies, that can be used.

Hilton Honors

This includes other brands, such as Homewood Suites and Waldorf Astoria. You get the chance to earn points through partners for car rentals, cruises, and more. You can use the points as a gift by purchasing gift cards or treating yourself to a weekend away. Use the points toward flights, vehicle upgrades, and more.

Резултат слика за Citi ThankYou Rewards

Citi ThankYou Rewards

This program is offered through a handful of Citi cards with options to redeem for travel, gift cards, electronics, merchandise, and more. Depending on the product, you can earn 1.25x points when you book travel in the same way that some of the Chase cards are structured. There are about 15 different airline partners in this program.

Cash Back

is the most appealing travel reward among U.S cardholders.

Wells Fargo Go Far Rewards logo.

Wells Fargo Go Far Rewards

There are two ways to earn rewards with this program. You can get them by spending with a Wells Fargo credit card or by shopping on the Earn More Mall site. Unlike other programs, these rewards can’t be transferred to an airline partner. Redemptions can come in the form of cash back, statement credits, gift cards, merchandise, or travel.

Резултат слика за Bank of America Preferred Rewards

Bank of America Preferred Rewards

This program works a little differently from other card issuer programs. It also rewards you for how much you keep in your Bank of American bank accounts.

How to Choose a Rewards Credit Card

When choosing between different rewards credit cards, there are some things to keep in mind.

Travel or Cash Back Rewards: Determine if you prefer a cash back or travel rewards card.

How to Earn Rewards: See how to earn the rewards and if this would make sense with your current financial plans.

How Credits Are Redeemed: See how the rewards are redeemed with the card.

Minimum Spending: Make sure that you are able to meet any minimum spending requirements to actually earn the rewards.

When choosing a card, one credit card shopping trick is to pay attention to the sign-up bonus. See if there are any additional perks, such as access to airport lounges or tickets to some special events. Annual fees will vary from one credit card to another and can range from zero to several hundred dollars. You need to see if the annual fee is going to be worth the rewards you are getting. Some cards will also waive foreign transaction fees when using your card abroad. This may make sense for you if you travel abroad a lot.

Pros and Cons of Rewards Credit Cards

If you are going to have a credit card, it makes sense to use a rewards credit card or else you could be leaving money on the table. There can be great benefits, including waived fees, accrued points, and cash back. However, if you have trouble meeting the budget and tend to overspend with a credit card then these cards may not be the best option for you.

Pros

One of the main pros is you get points, miles, or cash back. Rewards cards can offer extended warranties, shopping and travel benefits, and rental car insurance. Just with other credit cards, rewards cards can be used as a way to build your credit, as long as you pay your bill on time each month. Another benefit is the fees waived on some of the best travel cards. Many of these cards don’t have any foreign transaction fees and some even waive the annual fee for the first year.

Cons

Even with so many positives of rewards credit cards, it helps to be aware of the cons. There may be a higher credit score required in order to qualify. While it’s possible to qualify with a lower score, the cards with better rewards tend to need a higher credit score. Be sure to check the required score of a card you are interested in before you apply. Some rewards cards can cost you in time since you have to spend some time to maximize cash or points. Some travel cards also have blackout dates that can limit your choices.

If you don’t want to invest any time then there are some rewards cards with flat rates. While it’s easy to improve your score each month with on-time payments, if you aren’t careful, the cards can destroy your score if you carry high balances. You also don’t want to destroy your budget if you aren’t paying attention to your spending and are only focusing on the rewards. Interest rates on some rewards cards may be higher. If you are going to pay off your card each month then it’s not a problem but that’s not always the case.

How to Maximize Credit Card Rewards

If you are spending wisely then you can earn a lot of cash back or points when you take advantage of rewards credit cards.

Choose a Card That Gives Rewards for Your Type of Spending

If you are loyal to a certain airline then their co-branded credit card can be a good option for you. When you choose a card that rewards where you spend the most money then you can get the most rewards possible. If you don’t travel much then you won’t benefit from a travel rewards credit card. In order to figure out what you spend the most money on, go through your credit card statements from the past few years to help you pick a card that lets you maximize your rewards.

Look at the Sign-Up Bonus

Cards offer a sign-up bonus as a way to get new customers. It’s a good way to be able to quickly get lots of rewards. If a sign-up bonus looks good to you, make sure you know the terms of the bonus. To earn the bonus, you likely need to spend a specific amount of money in a specified time frame. Be sure you are able to pay off what you spend with that sign-up bonus. If you don’t then the points you accumulate may not be worth the interest you are paying. Also, note what purchases qualify for the bonus offer. Things like balance transfers may not qualify.

Use the Card for Everyday Expenses

When you use your card for everyday expenses that you were going to purchase anyway, it’s a great way to get lots of rewards. Add utility bills, grocery shopping, gas, and streaming services to your card. Since these are things you are already paying for then they are likely to fit in your monthly budget. You may even get rewards for these spending categories.

Add Authorized Users to the Account

When you add an authorized user to your credit card, it can help build up your rewards. People will usually like to add family members, such as a child or spouse. You are responsible for paying off the purchases that the authorized user makes so be sure it is someone you trust.

Look for Other Opportunities

Some credit cards have revolving quarterly categories that give you more cash back. These cash back categories can include restaurants, gas stations, and rideshares. If you have one of these credit cards then try planning your spending throughout the year to get more rewards. Some rewards portals let you get more cash back if you purchase through online retailers when you link the card to their sites.

Pick Just One or Two Store Cards

During the holidays, every store you visit tries to get you to apply for its store credit card. The key to getting the most rewards is to hold back and then just have one or two cards that offer the most rewards at the stores you shop at the most.

Final Thoughts

There are plenty of different rewards credit cards to choose from that can help you earn miles, cash back, or points on purchases that you make. Choosing rewards credit cards will depend on your personal financial goals. If you travel often, you may find a travel rewards card is better suited for your needs. Keep in mind that there are pros and cons to rewards credit cards, just as there are to regular credit cards. Once you choose rewards credit cards, learn more about the program and some tips and tricks to maximize your rewards.

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Credit Cards for Fair Credit: Swipe Here

Posted on | by Brandy Woodfolk

Credit cards can be excellent tools when handled responsibly. If you have been thinking about obtaining a credit card but are afraid you will be turned down due to your fair credit score, we have good news: there is a card out there for pretty much anyone. Fair credit may not be the best, but you can still find a credit card to help you meet your goals. This information should help you with your search.

What is Fair Credit?

If you are looking into credit, there is a chance that you have heard of more than one type of credit score: a FICO score and a Vantage score. While lenders vary, the most commonly used and well-known credit scores are FICO scores. These usually range from 300 to 850. The following is how these scores are viewed:

580-669

is a score range that is considered fair on the FICO scale.

Approximately 17% of Americans fit in the Fair category. A full 33% of Americans fall into either the Very Poor or Fair credit. If you have fair credit, you are most definitely not alone. The good news is that fair credit still gets some opportunities; so if you are looking for credit cards for fair credit, do not despair. There is hope.

Breakdown of a Credit Score

It is important to know exactly what goes into your credit score, so let’s break it down:

What makes up a credit score.

Note that the two biggest factors include your payment history and the total you owe. Though you should work on your credit as a whole, these two sections are a great place to start. As we will go over in this article, you should always try to keep your payment history looking as good as possible. Pay what you owe on time as much as you can. Try not to be a bit late.

Then, pay off as much as you can. The less you owe, the better your credit score will be. Make a repayment plan, even if you can only pay $5 on a debt each month. Try picking up extra shifts or a side hustle to pay it off quicker.

Opening new credit cards can help, too. First, by lowering your credit utilization, then by adding more to your credit mix and putting a little more activity on your credit. Even if your credit is less than desirable at the moment, by following the tips listed here, you can increase your score for the future.

What is the Difference in Credit Cards for Fair Credit vs. Other Credit?

Credit cards are basically the same. They are simply avenues of borrowing money. The difference comes in the terms that come with each credit card. Credit cards for good credit will have much more favorable terms than credit cards for fair credit, though credit cards for fair credit will have more favorable terms than those for poor credit. These terms will include things such as your interest rate and available credit limit.

Credit score scale

Things to Know When Shopping for Credit Cards for Fair Credit

Anytime you are getting ready to make a move, especially in your finances, you need to be educated about what you will face. When you are shopping for credit cards for fair credit, there are quite a few facts you should be aware of.

Different Types of Credit Cards for Fair Credit

Some credit cards for fair credit will require that you put up collateral, typically in the form of a deposit. These are called secured cards, and they may require deposits as low as $39, or they may require a deposit in the full amount of your credit limit. As long as you make your payments on time, most companies refund this deposit after a certain amount of payments.

Interest Rates

Most credit cards for fair credit will come with pretty high-interest rates. You cannot really control these rates. They are, unfortunately, one of the major downsides to having lower credit scores. Over time, if you handle your credit card responsibly, you should find opportunities for cards with lower credit card interest rates. Sadly, when your credit is less than stellar, you will have to start out closer to the bottom and work your way up.

Credit Limit

Credit cards for fair credit will likely not have very high credit limits. While it will really depend on the credit card company, it is usually best not to expect more than a couple or a few hundred. Most companies will increase your limit over time if you make timely payments, but the lower your credit score, the lower your initial credit limit.

Fees

Some credit card companies will charge annual fees. These fees can range in price, and sometimes make the card not worth it. As you compare credit cards, make sure you know what- if any- annual fees you will be paying and if there are any benefits to paying those fees. There are usually other fees, too. These can include anything from a paper statement fee to a late fee.

Credit Card Perks

When you are credit card shopping, you have to watch out for the advertised perks. It is very common for people to fall for credit cards with high fees or high-interest rates due to the perks that come with them. The perks themselves are not necessarily bad things, though. The problems come due to the following people sign up for the perks that they never use.

I have actually known people to sign up for credit cards for airline miles. This would not be a bad thing except that these particular people never- and I do mean never- fly. When I asked one of them why they signed up, she said, “Well, so they’ll be there if I ever decide to use them.”

Basically, she paid a crazy annual fee for something she knew she would probably never use. She would have been better off putting that annual fee in a savings account or investment account every year. If she ever did decide to go somewhere, she could easily pay for her plane ticket with that money, or she would have it for something she actually would use.

Do not fall for credit cards just for the perks unless the perks are something you already use. Earning cash back on groceries or gas, for instance, would be worth it for many people- unless, of course, you never drive and always eat out.

Where to Find Credit Cards for Fair Credit

Credit cards seem to be available everywhere now, but finding the one that is right for your credit and your life is not always a walk in the park. It is very important to compare multiple credit cards to get the best terms and interest rates. Especially when you have fair credit. Without shopping are for credit card interest rates and terms, you could end up with a card that does you a lot more harm than good.

The best way thing to do is to buy credit card online. Through the Internet, you can compare multiple cards at once. In fact, you can even start your search with your personal criteria, such as your credit score. Shopping credit cards for fair credit online will save you a ton of time. And most likely show you some options you would not find out about otherwise. You just might be surprised by what you find.

How Can I Improve My Credit to Get a Better Credit Card?

One of the great things about credit is that it can always be improved. Also, they can be used to fix credit. If this is what you are aiming for so that you can get better credit cards or a home, or even if you want to just keep your good credit, here are some steps to take:

Be Responsible

The biggest thing to remember is to be responsible with the credit card. Do not overspend. Spending more than you can repay is the exact step you should take if you want to be in debt and destroy your credit. Otherwise, be sure you only charge what you can repay.

The first step to following through on this is determining how much you can afford to repay. A good rule of thumb is to not charge anything that was not already coming out of your check. If you were not planning to buy an $800 smartphone this weekend out of your weekly paycheck, do not purchase it with your credit card. In other words, do not just go crazy and spend it because it is available.

Large Purchases

At the same time, credit cards can be useful for larger purchases- if you plan and prepare correctly. Here is the thing about credit cards: they are similar to mortgages and auto loans in that they can help you get things you cannot normally afford all at once. You have to remember, though, that they are also like mortgages and auto loans in the fact that you will be paying back more than you borrow. Interest is going to be added, so you have to really think it through.

When it comes to your credit card, you have to look at it the same way. Is the item you want to charge worth paying interest on until you pay it off? For instance, if you were considering purchasing that $800 cell phone I mentioned a moment ago, will you be willing to pay out extra each month to have it? Or would it be better to pick up a few extra shifts at work to pay for it outright?

This decision really comes down to you. You will be the one paying the bill, so only you can decide what is worth the money. Your priorities can help you make these decisions. I, personally, would not put a TV on my credit card, but if one of my kids asked for a really special gift on their birthday, I might consider it- if I have not saved enough for the gift.

Emergencies

Credit cards can be great tools during emergencies if you have any room left on your card. If you have a card that is specifically for emergencies, normally, you should leave it alone. However, if you were only able to get credit cards for fair credit, you may currently be stuck with a $200 or $300 credit limit. What happens if you have a $700 emergency?

While you do want to be very careful with your emergency credit card so it is available when you need it, you also need to put some activity on it so that you can increase your credit limit. Try just using it for $20 worth of gas once or twice a month and pay it off quickly. Definitely do not use your emergency card for shopping, just for some small charges and repayments that make you look like a responsible cardholder.

Pay Your Bill On Time or Early

Do not be late. I repeat, do not be late with your payment. Late payments can affect your credit more than you will ever know. Be on time with your payment, or early if you can. It can be hard sometimes when you are broke or struggling, but it is possible. Let me tell you my “secret” of paying early.

It can be pretty easy to take care of your bill with a little planning and some type of income. It is important to do a few things. First, make sure your credit card does not charge interest until the end of the billing cycle. And you should definitely know when the end of the billing cycle is. Second, figure out which of your checks will come every month prior to the end of the cycle, and be sure you budget your credit card bill into that check.

Pay More Than What is Due

When you receive your credit card bill, it will tell you a minimum amount to pay. It can be very tempting to only pay that amount when you are broke. The problem is that paying that amount is only going to help you for that moment. Typically, that minimum amount is not even enough to cover the interest you owe.

That means that the next month, you will get charged interest on your purchases and the remainder of your prior month’s interest. Every month, you will get charged interest on your interest. What was once a $200 credit card can quickly increase to thousands of dollars. As long as you are making those minimum payments, the credit card company will continue to let your balance grow.

And that, my friends, is how so many people end up in crazy amounts of credit card debt. I promise, it is not what you want to go through, so pay more than is due every month. If you can follow the system I mentioned above, this will not be an issue for you.

Pick a Good Due Date

Many credit card companies will now let you choose your due date. Try to find a company that gives you this option. Then, before you choose a date, consider which check of the month will be the easiest to make your payment from.

Conclusion

While fair credit may sound unappealing, it does not have to be. It also does not have to keep you from building a better financial life for yourself. There are lenders and credit card companies all over the place now. Some of them work specifically with lower credit scores to help those people build their credit.

If you have fair credit, do not just sit around and wait for your score to go up on its own. There is a credit card out there that can help you increase your score and build up your credit. With some patience, determination, and some work, you can find a great credit card for your current financial situation that can help you build a better one.

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