My Rewards Program

Using a reward card is a smart move to cover your normal expenses. As you are going to spend money anyways, then why not get something back in return. Depending on the card issuer's rewards program, rewards may be redeemed for anything from cash-back, gift cards, merchandise, and travel too donations to your favorite charity.

Rewards cards on an average give you one point for every dollar spent through card, and some cards even give you bonus points if you shop at a particular merchants shop, or for purchases like gas and groceries.

Always read and understand the details of your card's rewards program in full to make sure you actually get benefited from it. Also, pay attention to all special promotions that may help you speed up your point’s earnings. My rewards card occasionally gives me 5 times the points when I use my card for billing within a specific time-frame.

You should always consider the cost of your rewards points.

Those with excellent credit history can even qualify for a munificent rewards card with no annual fee. People with average to good credit history may sometimes have to pay an annual fee to get the rewards card they want.

Keep in mind that a rewards card is not always the best choice for those who carry their balance for the next month. The APR on rewards cards significantly gets higher compared to a similar card with no rewards program. The higher interest charges could easily nullify your benefits you'd got through the rewards program, and can even cost you more than they are worth off. Always pay your full balance every month by the end or before the grace period to avoid any finance charges and ensure you really get the most from your rewards card.

A rewards card is often not a good choice for "emergency" usage. Definitely not if there's an annual fee attached to it, as you would not use the card to build enough points in a year's time to redeem for much. Even if there's no annual fee, it could possibly takes years to earn a blender or toaster or $25 gift card, and you're paying a higher APR for it.

Racking up rewards points is good, as long as you spend money even without the rewards. But don't spend any more than you can pay for it in cash. This advice applies to all credit cards, but some consumers find it even easier to justify over-spending when they've got their eye on a gas grill or a luxury weekend vacation on the card issuers' reward-redemption shopping site.

And what are your rewards really worth off?
Let's put the value of rewards into perspective. You get one point for every one-dollar spent. And, generally, a point is supposed to be worth of a penny, meaning you get back one cent for every dollar you spend, one dollar for every hundred, and ten dollars for every thousand. That doesn't sound like much, really isn't - especially when you consider that many card issuer's don't even give you the full value of the rule-of-thumb penny for a dollar.

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