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The Hidden Restrictions With a Cash Back Card

Jun 30, 2008
If you've been on the hunt for a new credit card, you've might have come across a type of card that might peak your interest. What might that credit card be, you might ask? The card I'm talking about would be a cash back credit card. If you're shaking your head yes to this card and you want to know more, you came to the right informative article, if not, I'll give you a quick rundown on how the card works.

A cash back card is like any other credit card but imagine getting a sale price on anything and everything you purchase. Does it sound too good to be true? Well, it's not! This type of card will generally have a set limit on how much you'll get back every time you swipe your card. Depending on the card company, this will all depend how much you get back. Some cards will give you as much as twenty percent back on particular purchases.

Now, that you know how the card works, you will now want to know what you have to look out for when you apply for the card. A lot of credit companies like to hide fees or restrictions that you won't know about until you actually get the card and you start using it.

A cap limit - The cap limit is a limit the companies will place on your card and this means that you will only be able to get so much back. So, if the credit card company says you can only get $500 back in rebates in the year, you can only get that amount back. Once you reach that amount, you won't be able to get anymore back for the rest of the year. Make sure that you read the terms and conditions when you apply.

Spend so much - Some companies will make you spend so much in the year before you actually see the full effect. Believe it or not, there are some cards out there that will make you spend $5,000 before you see your 5% cash back. In the meantime, you'll only get a lousy 0.0001% back. This is important to look out for because this is the whole reason you'll be getting a card in the first place.

The actual number - When you apply for a card, you'll probably see what you're going to get back like 5%, etc. Make that when you apply that you check and see if that is an introductory rate or it's a rate that's only for particular cards. Sometimes people will find themselves applying for the card just because of the number. If the number has an asterisk next to it, chances are it will have some restrictions. Just make sure that you keep your eyes peeled for this.

As long as you read the terms and conditions for all the cards you look at, you will have no problems finding the perfect card. There are a lot of cash back credit cards out there; it just takes a little time to find the perfect one.
About the Author
Get cash back with cash back credit and find more of Tom's work at FINDcashbackcards.
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