Best Cards For Rewards And Cash Back

Reward credit cards are special credit cards that earn the cardholder rewards in form of cash backs, free air miles or reward points redeemable against cash or discounts on purchases. This is again a method followed by credit card companies to attract customers and keep competition at bay. These cards can be great money savers if you use your credit card for frequent purchases. Thus, more you spend more you earn. However, you must consider your spending habits before opting for these credit cards. If you use your credit only occasionally for high end purchases or when you run out of cash then these are not for you. Also you must consider which reward program you sign up for else what use are those accumulated air miles if you do not fly often.

When you spend through a reward credit card try being disciplined. Since most of them have high rate of interest, if you run into debts with these credit cards you might just end up in a financial soup. Generally credit card companies set a minimum amount that you need to spend through your reward or cash back credit card in order to avail the rewards. The level of spending determines the level of benefits earned. If reward credit card is not used carefully you could end up spending more than you benefit out of it. Say for example, £5,000 balance at a rate of 10 percent paid off in equal installments over the next 12 months would result in total interest of £274.95, but the 5,000 frequent flier miles earned will not get you off the ground. Thus, a good credit card offering reward program will be the one that offers maximum reward benefit with low rate of interest and low minimum spending limit.

UK market is thriving in credit cards that offer one reward program or other but there are only handfuls that give genuine advantage to the subscriber. A UK market survey reveals that there are credit card issuers like Amex, GM, Morgan Stanley, and Virgin etc that offer best reward program credit card deals. GM Platinum offers the best cash back deal in UK with 3% cash back and an APR of 14.9% with a 0% balance transfer and purchases for initial 5 months. Plus you get free travel accident insurance and online account management service. The Virgin Air miles card is the best reward card offering free air miles followed closely by British Airways Amex Premium Plus.

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