Look at the benefits your credit cards offer. Some can be very beneficial to you. For example, BankAmericard Cash Rewards cards offer a $100 cash reward bonus as cash back on certain purchases. A Citi Simplicity Card offers 0 percent balance transfer, no annual fee, no late fees and no penalty rates.
A Capital One VentureOne Rewards Credit Card is good for avid travelers. Users get a one-time bonus of 20,000 miles, and earn 1.25 miles on every purchase and pay no annual fees. These miles do not expire nor have blackout dates. Barclaycard Rewards MasterCard also rewards its credit card holders with cash back on certain purchases along with complimentary FICO scores! Discover does the same thing with its card, as does Chase, along with several others.
First and foremost, if you have a balance and high APR on a credit card, find one that offers a 0 percent rate on transfer balances, preferably no less than 12 months and move the money. The key point to consider when transferring existing debt to another card is that if you don’t pay the full transferred amount by the end of the promotional period, you will be paying interest on the initial balance, not the current balance when the promotion ends.
So even though a 0 percent interest rate is tempting, you must to decide how much money you want to transfer and focus on paying more than the minimum balance to pay it off in time. If you transfer too much money, you risk the chance of not paying the full amount in time and have to pay all the interest. If you transfer too little, you risk paying on the high interest rate card longer. Your probationary period starts when you first activate the transfer balance program. Go to www.creditkarma.com/creditcards to find the best credit cards for you.
Also check out the benefits of store credit cards you use. These days, most credit cards act as a rewards card. I really discourage store credit cards because there is no flexibility in the APR rates and they are often higher than credit cards. However, if you are realistic with your purchases and can pay off the balance on your store card every month with no issues, then take advantage of their benefits.
The Target REDCard Credit Card (also come in a debit card version) offers a variety of rewards. It provides 5 percent off your purchase in store and online.
Even though it’s a small percentage, this discount can be combined with store coupons, manufacturer coupons, 5-cent bag credit and Cartwheel, so it really does add up. The REDCard also rewards 1 percent of your purchase to your local and favorite schools. The money helps schools provide books, supplies and even renovations to improve learning facilities.
Cardholders also receive an extra 30 days for returns, automatic free shipping online, no matter how much is spent, as well as earn a coupon for filling prescriptions in the Target pharmacy. For more information about the Target REDCard, go to www.target.com/redcard.
Gap is another store credit card that offers great benefits. You can use it at Old Navy, Banana Republic, at the outlets as well as online. If you have an Old Navy credit card, you can use it at Gap and the other stores listed as well.
This store card offers money back in a form of dollar-off certificates when you make purchases. If you lose your receipt, you can use the card to obtain proof of purchase.
It also comes with coupons for birthdays and special occasions.
Every Tuesday, you get an additional 10 percent off, no coupon necessary.
If you have other store credit cards, inquire about all the rewards and see if you truly benefit from them.