Believe it or not, there isn’t a “one size fits all” credit card rewards program. For every card on the market, it seems like there are a million different ways to earn rewards.
With all the options, the research can be overwhelming and you might not know where to start. We’ve come up with a few ways you can choose the right credit card rewards program.
That’s the first question you need to ask yourself. A rewards card isn’t right for everyone. Here’s a handy checklist to run through to help you decide whether or not a rewards card is a good fit for you:
Now that you’ve determined you could benefit from a rewards card, let’s talk about choosing the card with the program that best suits your lifestyle and spending habits.
There are three main things to consider when choosing a card: your spending habits, personal preferences and credit score. If you don’t look at your spending habits and personal preferences, you could end up spending a lot of money and racking up rewards that aren’t right for you.
Let’s say you have a large family and your primary expenses are groceries and gas. It would make sense for you to have a credit card that offers bonus rewards on those purchases. But, if you’re single, have a small grocery budget or don’t have a car, those rewards wouldn’t make sense.
The more you use your card, the more rewards points you’ll rack up. But, don’t let that be an invitation to start spending money on things you don’t need. Instead, use your credit card in the place of cash or your debit card whenever possible.
Start looking for everyday situations where you can use your credit card instead of another payment method – gas, groceries, food, etc. But, always make sure you only spend what you can pay off every month.
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