Cash It Back With Credit Cards
What is a cash back credit card?
A cash back credit card gives annual rebates or gives back money to the card holder based on how much have been purchased with it. This type of credit card is suitable for those who rarely use cash in their transactions. The rebate is computed as a percentage of the total amount charged to the credit card in a year. Usually, rebates are between 1-2%. Some can even go as high as 3%.
Are rebates always in the form of cash?
Strictly speaking, cash rebates should be in the form of cash. But now that card companies are diversifying, rebates may now come in the form of gift certificates and discount coupons. This somehow blurs the line between and among the different types of credit cards mentioned in the first paragraph of this article.
Some cash back credit cards offer upgrading of membership status which allow their members to more discounts and gifts during anniversaries and holidays like Christmas and birthdays. Moreover, some credit card companies also have partnerships with other consumer products that entitle their members to added product discounts in future purchases.
What banks offer cash back credit cards?
There are many banks that offer cash back credit cards in kind. They usually have a rewards program for members wherein card holders receive gifts and discounts courtesy of partner product companies; discount coupons to hotels, restaurants, specialty stores; and travel miles for non-travel purchases. Below are some banks that offer cash back benefits.
1. Citibank
2. Chevy Chase Bank
3. HSBC
4. Royal Bank Avion (Canada)
5. Standard Chartered Bank
Are cash back credit cards offered only by banks?
No. Since business establishments are innovating their services and benefits for their customers, some of them offer cash back to their loyal customers e.g. Discover Card (Discover Magazine). Aside from giving book and magazine discounts, airline miles are also offered by Discover Card. Big grocery stores such as Krogers, Wal Mart, and Bi-Lo offer cash back but in the form of cash certificates and discount coupons.
How does one get a cash back credit card?
Since almost all credit card companies (e.g. banks, stores, airlines) offer cash (or in kind) back benefits, all that has to be done is to file an application in any of their office or stores, or signup online by visiting their web sites. Just be a word of caution for online applications, make sure that the transaction is made through a secure internet connection since identity theft has become rampant with the advent of credit card use.
Credit Cards
How Attractive Are Gas Credit Card Rebates?
Finding The Right Credit Card.
The Ins And Outs Of Gas Credit Cards
How To Get A Higher Credit Card Limit
College Student Credit Card: Investment Or Expense?
Protecting Your Personal Information
Credit Cards
Getting Everybody Into The Act
... attack on the credit card problem that can threaten the family's financial safety. That is cutting costs. Have everyone in the family come up with one way to save money each week. It might be as simple as turning off their lights before leaving for school or as ambitious as giving up cable TV or cutting ...
Credit Card Debt: How To Deal With It
... a day, then it is not a great and sound budgeting decision. Your goal is ensure that you can answer for all the basic necessities: food, housing, clothes, health-related costs, among others. Contacting Your Creditors. Remember: Running away from your creditors is not the answer. It is not a solution, ...
... points, you can redeem them for items and other cool things. Some cards will have limits as to how many points you can receive, which again makes it your best interest to shop around. There are also credit cards with frequent flyer miles, which have been around the longest. Some cards will base their ...
... reason. Grace period. Your grace period is the amount of time between when you spend money and when you start paying interest on it. Good cards can have a grace period of up to two months - bad ones might not have one at all. Minimum payment. A minimum payment is the absolute lowest amount you can pay ...
What Do All Of Those Credit Card Numbers Mean?
... information to say that you used it on a specific date and where you used it, too. This will show up on your credit card statement, which you should thoroughly check every time you receive your credit card statement to ensure that there are no suspicious payments being made without your knowledge or consent. ...