Are you looking for into cash back rewards credit cards, or a refund credit card? If so, keep in mind that sometimes there is a difference between earning the money and getting paid the money.
Nowhere else is this difference more apparent than when trying to get your money back credit card reward credited to your account or cashed out.
Why is that, you ask? Read on...
We will discuss the main differences between top cash back or money back credit cards that are available in the market place today.
These main differences pertain to: The cashback percentage, The cashback threshold amount, and The cashback payout time delays.
Except for the first one, they are all usually hidden deeply in the fine print.
We will argue here that they are all equally important when picking the best cash back rewards card.
When you are done reading, you should have a solid feel for what to look for in a cash rewards credit card, and will be able to shop for one confidently.
The cashback reward percentage Clearly, this is an important feature to look for when selecting what cash rewards card to apply for.
After all, the cashback percentage determines how much money back reward you CAN get.
Most cash reward credit cards out there will give you 1% flat cashback on all purchases, and there are a few that will give you 1.
25% or even 2%.
There are a few cards that will give you 5% cash back on certain basic categories.
These categories will rotate each three months starting January the 1st.
The categories include gas, travel, groceries, department stores, clothes and fashion, and restaurants.
The cashback threshold amount for a cash rewards credit card This is the crucial quantity when it comes to getting your money back from a credit card.
Why? Because until you reach that threshold amount of cashback, you will not see one red penny come back into your pocket, or be used for purchases of your choice.
I recall just last year when Discover Card had a cash back threshold amount of $20.
Even though I never used the card that much, it was easy and quick to get to that threshold regularly.
Then, I reduced my subscriptions paid through the Discover card, and Discover suddenly raised the cash back payout threshold to $50.
I am now looking at thirty-some dollars sitting in my cash back box, waiting.
You clearly do not want to be in that position.
Which brings me to the last important point, The cash back payout time delays.
The cash back payout delays Some cash reward credit cards, notably Add It Up by Bank Of America, will have you wait up to 120 days(!) before you can access your cash back.
In their small print, it says that the waiting time of 30 days is due to delayed reporting of purchases by merchants, and another 90 days is the charge back period for most merchants, to account for any returns.
Bank of America won't take any risk on that, and will therefore make you wait 120 days, or four months(!) before you get your cash back.
If you think about it, just like with the Discover card, the rules might be completely changed in the next 120 days!
Nowhere else is this difference more apparent than when trying to get your money back credit card reward credited to your account or cashed out.
Why is that, you ask? Read on...
We will discuss the main differences between top cash back or money back credit cards that are available in the market place today.
These main differences pertain to: The cashback percentage, The cashback threshold amount, and The cashback payout time delays.
Except for the first one, they are all usually hidden deeply in the fine print.
We will argue here that they are all equally important when picking the best cash back rewards card.
When you are done reading, you should have a solid feel for what to look for in a cash rewards credit card, and will be able to shop for one confidently.
The cashback reward percentage Clearly, this is an important feature to look for when selecting what cash rewards card to apply for.
After all, the cashback percentage determines how much money back reward you CAN get.
Most cash reward credit cards out there will give you 1% flat cashback on all purchases, and there are a few that will give you 1.
25% or even 2%.
There are a few cards that will give you 5% cash back on certain basic categories.
These categories will rotate each three months starting January the 1st.
The categories include gas, travel, groceries, department stores, clothes and fashion, and restaurants.
The cashback threshold amount for a cash rewards credit card This is the crucial quantity when it comes to getting your money back from a credit card.
Why? Because until you reach that threshold amount of cashback, you will not see one red penny come back into your pocket, or be used for purchases of your choice.
I recall just last year when Discover Card had a cash back threshold amount of $20.
Even though I never used the card that much, it was easy and quick to get to that threshold regularly.
Then, I reduced my subscriptions paid through the Discover card, and Discover suddenly raised the cash back payout threshold to $50.
I am now looking at thirty-some dollars sitting in my cash back box, waiting.
You clearly do not want to be in that position.
Which brings me to the last important point, The cash back payout time delays.
The cash back payout delays Some cash reward credit cards, notably Add It Up by Bank Of America, will have you wait up to 120 days(!) before you can access your cash back.
In their small print, it says that the waiting time of 30 days is due to delayed reporting of purchases by merchants, and another 90 days is the charge back period for most merchants, to account for any returns.
Bank of America won't take any risk on that, and will therefore make you wait 120 days, or four months(!) before you get your cash back.
If you think about it, just like with the Discover card, the rules might be completely changed in the next 120 days!