Because of this, consumers should be wary of over-borrowing from a credit card company’s because the cost of the debt is high. However, consumers who are shopping around for a good credit card can find them if they seek out the most consumer-friendly credit cards on the market.
Get Rewarded for Shopping
There is good news for credit card users today as more credit card companies in the industry have changed and many companies have found ways to earn money without overcharging the consumer. In fact, today not all credit cards cost consumers money. Some credit cards even pay their cardholders to be a customer.One of the best ways that people can offset any annual fees and interest expenses charged on a credit card is through using a credit card that offers a cash back rewards program which allows consumers to earn money for using the credit card company’s money.
Do Your Research and Find the Card That is Right for You
In order to not overspend on credit card debt consumers need to read the fine print of the credit card agreement and the offers available to them. While there are many credit card companies that do not have or offer cash back credit cards, there are quite a few companies that do. For people who like to be able to use credit cards for travel and their regular monthly purchases, these types of credit cards are great ways to maximize rewards and offer cash back to a consumer if planned right. When comparing cash back credit cards to other credit cards it is easy to see the many benefits of using this type of credit card. Consumers who shop for credit cards that have low-interest rates, low annual fees, and great cash back programs are much better off financially than those who have a more traditional credit card with high-interest rates, annual fees and offer no cash back incentives for buyers. A credit card that offers cash back can end up giving hundreds of dollars back to the cardholder annually. That means instead of costing them hundreds of dollars they build savings.
How Do Cash Back Credit Cards Work?
Consumers who are shopping around for a good credit card should first seek out the most consumer-friendly credit cards they can find. These are the cards that offer low-interest rates and a 1% to 5% cash back amount for everyday purchases. As long as these card balances are paid off monthly, these credit cards can actually act like a savings account for the consumer who chooses to maximize rewards. When used properly the 1% to 5% cash back on gas and groceries adds up to a rather substantial bonus. These purchases are the best use of these cards because the purchase of gas and groceries are a consistent need for consumers.At the very least, these cards can pay for themselves so borrowing money on them actually costs the consumer nothing if used properly. The cash back amounts are shown as credits to the account in the credit card statement at the end of each month. Consumers do not need to do anything else other than using their cash back credit card for purchases and pay it off as soon as the bill comes in and the savings can start to add up quickly.
The Top 3 Credit Cards That Give Cash Back
- Blue Cash Everyday Card from American Express
- Wells Fargo Cash Wise Visa Card
- Chase Freedom Unlimited
All of three of these cards have the highest amount of cash back allowances, the lowest interest rates, and the lowest annual fees. While each of these cards does offer special incentives at different times, the basic cash back plan and interest rates of these three make them the Top 3 Cash Back Cards. Their consistent cash back plans are overall the best incentives in the marketplace.