CashBack Credit Cards
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Cashback credit cards are those which offer cash as a reward. This is often given at the end of the year as a percentage of the total purchase amount. Different categories of purchases can have different percentages of cash back. For example gas might give a higher rate than general purchase.
There are a variety of different rewards offered by different cards. Cash back is one type of reward, others including air miles, restaurant and hotel discounts, special event tickets, free previews, special deals on certain merchandise, and even
mortgage payments. Different rewards will suit different people, so consider other options as well as cash back.
The rewards are not the only significant factor when choosing which card to use. Other factors include interest rate, 0% interest period, yearly fees, late payment fees, and other details of the terms and conditions. Having an initial period with no interest is of course of great benefit, and this can be applied to either purchases, balance transfers or sometimes both.
An initial zero interest period applied to balance transfers can be used to save money by transferring existing loans onto the new card. It can even be used to make money by using the available money to invest in a high-interest bank account or other relatively reliable form of investment.
The percentages given as cash back can of course vary, so be sure to check all the details of different cards. Cash advances are sometimes treated differently from purchases, such as having a higher interest rate, and being charged from the date they are obtained rather than the date of billing. So think if you are likely to need cash advances, as with certain terms and
conditions this might more than offset the advantages of cash back.
Cashback credit cards can be the best choice for some people, but be very sure to check the exact terms and conditions of a range of choices before deciding for sure.
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