As Reward Credit Cards Change, So Must You
By Steven Gibbs
July 7, 2010
When it comes to reward credit cards, there is no doubt that they have become one of the most popular types of plastic within the past couple of years. In a recent survey asked by Bankrate.com on the reason behind getting a new card, looking for better rewards/perks received the highest percentage by far when compared to other choices. Even during times that cardholders interest rate changed dramatically, these types of cards continued to remain one of the top choices of plastic.
Because of the attention reward credit cards continue to receive, we have seen multiple issuers release new cards to compete for cardholders’ attention. With these cards, cardholders are seeing rewards that at one time were only given during a certain time period given as the norm. In addition to that while in the past you could only redeem rewards in certain purchases or categories, today issuers are removing those requirements and giving cardholders the ability to earn double and triple on all purchases.
As more credit cards continue to be released it is important to remember that while many cards may have the rewards you may have always wanted, there is much more that you must first look at before applying for the card. Just as each issuer is different so are the plastic they offer. With the increase in rewards, many issuers have also increased the annual fee as well as place other stipulation on redeeming rewards. While earning double miles or additional cash back may be great, these stipulations can sometimes end up leaving you coming up short on rewards and also ultimately cost you more in the long run.