Considerations when Choosing Credit Card Benefits and Incentives

3 girls with shopping bags holding credit cardsWhen you’re choosing a credit card, you’ll notice that many of them provide valuable incentives in order to attract new customers. I’ll cover some of the items you’ll run across in your search for a credit card that meets your needs, such as a rewards program. One of the nice things about “rewards programs” is that they’re not limited to those credit cards which are difficult to obtain due to a very strict credit rating criteria. Some excellent benefits can be found throughout a wide spectrum of credit card account offerings. While incentives are certainly not the only criteria that you should use when making your application decision, there are some pretty nice perks available for you to appreciate.

Common incentives

Some credit cards will offer bonuses that can be obtained when the card is used for certain types of purchases. For example, the
Cashback Rewards Plus American Express® offers 5% cash back for military base and gasoline purchases, 2% back on groceries and 1% cash back on all other purchases. The monetary bonus comes in the form of a cash rebate and can add up in a relatively short amount of time.

The main thing to consider here is whether or not a particular bonus is something that you can actually use and also constitutes something that you are willing to use on a regular basis. If so, then this bonus can represent a pretty valuable incentive.

If you’ve experienced having unauthorized purchases made with one of your credit cards you may want to look for a card that offers “zero fraud liability,” such as ones on the Visa and MasterCard networks. This means that you won’t be held responsible for unauthorized purchases. The peace of mind that this incentive offers can be something that is definitely worth considering.

If you’re one of those consumers who has difficulty keeping track of your scheduled payments due to various distractions then you might want to make sure the card you’re signing up for offers that provide customized emails or text alerts that are designed to notify for things such as when your billing cycle payment due date is coming up. This benefit may also be flexible enough to allow an alert to be sent when your available balance is running low or a purchase is made above a certain dollar amount. These types of alerts will help to prevent situations in which you’ve unwittingly missed a payment due date or you are in danger of maxing out your credit line and such. Each of these circumstances will be detrimental to your credit rating.

Other incentive and bonus considerations

While incentives and bonuses are great perks to have attached to your credit card account, there are a couple of things that you will want to be aware of when it comes to evaluating any offered credit card account “rewards.” The best way to approach your final credit card application decision is to make sure that if an incentive or bonus is an important part of your application criteria, you read all the “fine print”. In other words, you’ll want to check to see if the rewards have an expiration date or some other form of limitation, such as a maximum number or amount that is associated with the benefit. You’ll also want to check to see if there is an additional charge for the rewards program.

If everything regarding the benefits is found to be acceptable, then you’ll be free to enjoy your new credit card account to its fullest capacity.

Posted on September 27, 2017 by in Credit Cards

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