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Getting the Most from Your Cash Back Card

Aug 17, 2007
A cash back card is a great way in which to earn some money off products you normally purchase. These type of rebate credit cards are great for people that always immediately pay off their balance each and every month instead of having a balance.

In essencs, what a cash back card does is allow you to earn money while you spend money. You receive a percentage returned to you either monthly or yearly, according to the terms of your credit card company. Most of the time the credit card rebates you can earn are around .5% to 2%, once again according to your credit card company. You may even find that you can earn 1% on some purchase and 2% on other purchases with the same credit card.

Now for the reason you must pay off your balance each and every month is that the money you earn can be gobbled up by the interest you are paying on your balance. A cash back card usually has a higher APR than a regular card, so any money earned can be used to pay off your interest fees and then you will not be earning as much as you could.

If you wish to earn money on your purchases do not transfer balances to your cash back card, either. If you do this, then all payments will be going toward the amount of money you transferred instead of to the new purchases. Then you will once again be losing precious money that you earned.

Check out each of the rebate credit cards to ensure that the card can be used at your favorite stores to purchase items that you normally buy. If not you will find yourself shopping in stores that you do not shop at just to try to earn some cash back. The best way to apply for a cash back card is to find one that fits your lifestyle, with your favorite stores, a high percentage rate given back and of course if at all possible with a low APR.

A cash back card can be great if you pay off your balance each and every month without fail, remember you can be paid monthly if you do not owe any money to the credit card company, and never to a balance transfer unless you can pay it off immediately. If you follow these simple rules, you will be making money as you spend - what a great concept. You may even earn enough money for the vacation you have always wanted. However, you must also remember not to purchase items just to earn money back with your cash back card, going in debt and not being able to pay off your balance will not put money in your pocket. The only one benefiting then will be the credit card company.

Use your cash back card when needed and purchase like normal and you will be to reap the potentially handsome benefits of rebate credit cards.
About the Author
For more on how to understand how a cash back card works, Robert Alan recommends that you visit CreditCardAssist.com.
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