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Cash Back Cards, Not As Good As They Sound.
So you have received in the mail an offer for a new credit card
that offers a cash back reward. For every dollar you spend you
receive a percentage back in a cash back account. Then depending
on the card, once the amount reaches a certain level you can cash
it out. Some cards have no minimum, so you can cash out whenever
you like. This all sounds great because you are already spending
money and you might as well get something back for all the money
you spend. You read all the rules and the agreement and it sounds
too good to be true though doesn't it? Well in reality it is.
Yes, you will receive cash back that is true they can not tell you
that you will and not give it to you. However, usually it is
around 1% and there may additional restrictions that say that
certain retailers you get that 1% back on or maybe you will get
more at particular retailers at certain times of the years. There
are also times when you have to spend a certain amount to get the
cash back. There are so many rules and restrictions that have to
be read carefully to make sure of what you are getting.
Furthermore, there really is no such thing as free cash. You are
going to spend quite a bit to get a very tiny amount back. You
will then pay exuberant rates in interest. What you are paying in
interest will be more than any cash back you have received. Also,
there is a limit many times to how much any credit card company
will give you back. There is a max amount that will be paid out
per year. What you will pay in interest and possible fees, because
a lot of cards have a yearly fee to get the cash back reward in
the first place.
In reality you are getting nothing for free and probably paying a
lot more to get it. These cards sound great and really only work
well for the customers who are able to pay off the entire balance
every month to avoid the interest charges. If this sounds like you
and you can do this consistently without keeping any balance and
not having any interest accrue than definitely get a card like
this. Also, find one that there is no yearly membership fee, you
should not have to pay a fee to be a good customer.
However, if you can not pay off the balance every month or can not
get approved for a card with no fee, then do not get this card.
For the average person this is not a good card to get and offers
very few benefits to the average consumer. Check out all credit
offers out there to find one that really suites your needs.
Article
Source:
http://www.creditwebsite.net |
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