Credit Card Rewards: Max Your Rebates

Credit card rebates offer an easy way to get cash back on purchases made through your credit card. If you want to save additional money on your credit card, try to compare credit cards to see which ones offer the best rebate deals.

Cash back offers
One of the most popular forms of credit card rebates is the cash back scheme. In this scheme, once you make a purchase, you get a certain percentage of the purchase as a cash back. You can check the fine print of the offer document provided by the credit card company to see the exact percentage of cash back offered.

Best places to utilize cash backs
Typically the best places to earn rebates will be gas stations, restaurants and bars plus certain retailers.. The contract of the credit card would clearly state, which particular stores you could use the credit card in, to get your credit card rebates. If you are a regular shopper, then using the credit card for such shopping trips can help you accumulate more rebates faster.

Limits in place
If you thought you could earn massive amounts of credit card rebates in a short time you are wrong. Some cards provide a set rebate for all transactions on the card while many only give discounts at certain retail locations. If you are a high spending and are faced with these limits it makes it difficult to get a good return from the card. There may also be a limit for rebate earned. Once you exceed this limit you will no longer be earning anymore rebate.

Annual fees vs. rebates
Most credit card companies, which offer credit card rebates have an annual fee to offset the profit made. The fees can quickly take away much of the financial advantages that the schemes appears to offer. You need to think about how you will use the credit card and compare credit cards before settling on the card that is best for you. If the annual fees are more than what you can earn in the rebates then do not opt for the card. Reward credit cards may also have a higher APR than other cards.

Partial payments
If you cannot afford to pay off your bill in full each month then you’ll be getting hit with interest charges that will reduce the true value of rebates you earn. Due to high interest rates the cost of interest if your not making full repayments each month is likely to very quickly exceed the value of any rewards.

Specified locations
Depending on where the credit card rebates are applicable and where you can earn the maximum points, you should use the credit card in those locations primarily. In this manner, you can hope to earn maximum rebate in the shortest time. Merchant gift card purchases help you earn substantial credit card rebates. The advantage is that you can later use the merchant gift card to shop for something else!

Keeping track of your Rebates
You can easily keep track of the amount of credit card rebates earned by seeing the statistics online. You can log on to your online bank account and check how much you have spent and rebate earned on the credit card. By doing this you can keep track of the value of rebates you earn on your card.

Richard Greenwood is Director of the Click 4 Group a global network of banking comparison websites including sites to compare credit cards in Singapore.

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