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Credit Cards: Rewards Programs, Cash Back, Interest Rates

Credit Cards: Rewards Programs, Cash Back, Interest Rates

Credit Cards: Rewards Programs, Cash Back, Interest Rates

Credit cards rewards programs cash back interest rates are functions that need checking when signing up for a new credit card. Credit card companies have always been eager to attract new customers, and underlining the countless benefits of having such a card is believed to be an easy marketing task. But with the over-saturation of the credit card market, companies had to pay more attention to providing benefits for the already existing customers, hence the credit card reward systems were born.

There are two type of popular schemes, both of which tries to tie down the customer by offering rewards for spending more and more. The idea is to persuade the customer to make a long term commitment, and become a stable business partner of the bank. As expected, both systems have their respective advantages and disadvantages.

First of all, the reward scheme, which is considered to be the oldest trick in the book. The concept is simple, sing up for a credit card, and depending on the subscription, the customer will receive benefits in form of points. These reward points can give the customer lifestyle benefits, vouchers and other discounts. The other popular system is called the cash back scheme, in which the customer receives cash benefits after every purchase made. This concept is more direct, providing an easy to follow and tangible concept.

Whatever scheme the customer chooses, it is always important to outline the advantages and disadvantages of having such a card. Credit and debt are not concepts to play with, and acknowledging this during our financially tumorous times it is of paramount importance.

The other important thing to consider is the credit card interest rate which is usually much higher than the bank standard rate. How much higher will depend on the provider, so do your homework first.

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