How to get the best from your reward credit card

06 August 2013 - Which Way To Pay

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Rewards Card: A guide to getting the most from your spending

Would you like to get a reward every time you spend on your credit card? If like most people you said ‘yes’ to this question then a reward credit card is for you. When researching which reward credit card to apply for remember to read all the fine print as there are some pit falls to watch out for.

How do reward credit cards work?

There are a variety of different reward cards available but usually reward cards allow you to earn points every time you spend on the card. So, you could earn one reward point every R 150 spent. The points can usually be exchanged for shopping vouchers or discounts in retail, petrol or entertainment outlets. Some flights allow you to earn air miles to put towards the cost of a flight.

Pay your reward credit card back in full

Watch out for the interest rates on reward credit cards as they are usually pretty high. These cards are therefore only really suited to people who are able to pay off their full balance at the end of a month. If you allow your debts to build up, you will end up paying more back in interest than you do earning those rewards.

What about balance transfers?

If you need to transfer a balance from an existing credit card, a reward credit card is not the best option for you. You do not normally earn points on balance transfers and if you are not able to pay the balance off in full at the end of the month you will incur fees that outweigh the benefits of the rewards.

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