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Reward Points

Some credit cards only charge you for using their product. But others give incentives for the amount of money you spend with their card. Credit cards rewards come in different forms, but they all give you a benefit for using your card more. In general, you earn a certain number or percentage of rewards for every dollar you charge on your credit card. Some cards reward you more for spending in certain areas or may only give you rewards on certain purchases.

Types of Credit Card Rewards

Rewards generally fall into one of three categories: cash, points, or miles. Cash rewards are the most straightforward and easiest to use. However, cash rewards cards don't always pay you in cash. Some programs only allow you to redeem your cash rewards as a credit to your account (note these credits don't typically count as payment on your account).

Tiered vs. Flat Rewards

You might earn a set number of rewards for every dollar you spend. Or, you may earn a smaller amount of rewards on the first dollars you purchase during the year and a larger amount of rewards once you reach a certain threshold. Still, other credit cards pay higher rewards on certain categories and a smaller reward on all other spending.

The Catches

The best reward credit card programs are only available to consumers with the best credit scores. If your credit score needs improvement you may not qualify for any reward credit cards.

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