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Rewards Cards: Should You Take the Gift?
By Stewart Pelto on August 24, 2010

MP900406739-(1).jpgRewards cards allow you to get something back on money you were going to spend anyway. You can earn points towards free flights, discounts on hotels and restaurants, rebates towards new cars, even cash back! Sounds great – so how do you get the most out of your rewards card?
The best way is to tailor the card to who you are as a spender. If you love to travel and tend to choose the same airline, get their card. If you have small children and want to spend your way to a cheaper family vacation, consider the cards linked to Disney or Universal. Want to give those same kids a college education instead? Some plans automatically deposit 1% of your purchases in a college savings fund!

So who should get a rewards card? All upstanding “deadbeats” should apply (creditor slang for those who pay down their account to $0 each month, every month, on time, forever), but if you tend to carry a balance, stay away – the rewards you earn will never justify the high interest rates charged to fund those rewards. If this is you, it’s best to find a low-interest line of credit that will help you pay off your debt quickly.

You should also stay away if you don’t charge often. Some cards carry annual fees that will also outweigh the rewards if you don’t purchase enough to earn them regularly. If you prefer cash but need a credit card every so often, find one with a low interest rate, no rewards, and no annual fees. (Sidenote: this author hates annual fees. They are not to be tolerated by anybody with financial freedom as a goal.)

All in all, rewards cards can be a fantastic way to earn a little something extra on purchases you make often – especially on purchases you make often at a single business (these cards are called “loyalty” cards in the UK for a reason). If you do your research and match the card to your interests, you could soon be on a discounted flight to a discounted vacation resort… at full-price satisfaction!
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