Why Your Bank Account Is Missing Out On Free Cashback Credit Card Rewards

Cashback credit cards have been around a while now, and are one of the many different kinds of credit card available that offer rewards to the card holders for their spending.

How much cash back can I earn?

The amount of cashback you can earn varies depending on which card you go with, and then on what you spend and where you spend it. The minimum cash back reward is usually 1% and can be as high as 5% with certain retailers or types of retailer. If you consider that in today’s world you are likely earn less than 1% on your savings, earning cashback is better value!

How do I find the right card for me?

You will need to do some old fashioned research to figure out which card is the best card for you. Every card is a little different. Some cards pay cashback only up to a certain amount of expenditure each month, so watch out for that. Other cards pay more cash back with some retailers than others. Also do not assume that the benefits that you sign up for will be the same month in, month out.

Is there anything else I need to watch out for?

The APR on a credit card is going to be very important to you if you do not pay your balance off each month. That’s because the APR (which stands for annual percentage rate) is essentially how much you are paying the credit card provider for the benefit of having an unpaid balance with them. It covers both the interest rate & administration fees. APR amounts can vary dramatically between around 15% and 22% - you’ll want a card at the lower end of that scale! The other variable are the annual card fees that the cardholders charge. You need to work out if your expenditure on the card and the cashback you’ll earn will outweigh the annual fee, or not.