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Cash Back Credit Cards: Are They Worth It?

Mar 30, 2008
If you're a fan of credit cards like I am, I'm sure you're aware that there are so many credit cards on the market. From saving on gas to saving on groceries at your local grocery store, you can really save a lot of money, that's if you use your credit card properly. What a lot of people don't realize is if they abuse their credit card spending, they won't reap the rewards and it will just seem like an illusion.

In today's society, credit cards are in just about everyone's hand. People love to spend, spend, and spend some more every time of the day. The true question is, "Are cash back credit cards worth it and how can I reap the benefits?" If you're an everyday spender like me, you probably spend your money everywhere and this is why a cash back credit card will come in handy.

The nice thing about a cash back card is that you're able to spend it everywhere and you'll benefit off of every purchase and not just a certain industry like gas and air travel. Now, when you decide that you want a cash back credit card, it's important that you remember to pay off your credit card bill in time on time. If you know you're not going to do this, you're not going to get all of the benefits that come with the credit card.

Why is it important that you pay it off in full each month? It's simple. Credit cards have to make their money somewhere and every time you don't pay your bill off in full, they tack on the interest rate aka an APR rate. If you pay your bill off in full each month, the credit card companies won't charge you that rate. What does this mean for you? It means that if you pay off the bill in full on time, it's like you're using cash but the companies are rewarding you for using their card.

Generally, with a cash back card, you'll find that you'll be able to save anywhere from a percent and on. With some cards, you'll find that you're able to save in particular areas compared to others. This doesn't mean you won't get rewards in every purchase, you will. Once again, it will all depend on the carrier you apply to and what kind of card you get. Remember that your credit history will play a big part when it comes to applying. The better your credit is, the better the rewards are going to be.

If you tend to spend your money everywhere and you're responsible with a credit card, I would highly recommend a cash back card. It's like getting a reward for using your card. As long as that bill is paid off in time, you're going to get the maximum benefits. It's a shame the credit card industry gets such a bad rap and it's because of the people who spend carelessly and don't know how to pay their bills off on time. As long as you're not one of these people, I would go down this card route.
About the Author
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