Cash Back Credit Cards
Cash back credit cards are a fantastic way for you to make some
cash, while spending on your credit card, though it does only
suit the customers who pay their bill in full at the end of each
month.
A cash back credit card will give you the chance to earn as you
spend, as a percentage is returned to you on an annual basis for
every pound that you have spent. This is usually set at between
0.5% and 2% depending on how generous the credit card lender is
and as I have said already and will say again, I cant stress
enough at being able to pay off your credit card statement in
full each month, is the only way that a cash back credit card
will work for you.
If you are a borrower then cash back credit card's will only
cost you, even though you will be earning a little back, you
will find that this will be eaten up and more by the interest
charges, which are usually on a higher scale of APR.
By not incurring the interest payments, then every pound that
you spend on the card will see a little winging it's way back to
you and if you do pay your credit card bill off in full and
never have worries about doing so, then why not switch to a cash
back credit card, if you don't already have one, as there are
only a few ways in which you can get money from a credit card
lender, rather than the many ways in which they abstract cash
from us.
There is a word of warning that will come with this though, if
you decide that you want to balance transfer a amount from your
existing credit card company on to a cash back credit card, then
you should try and avoid this, in fact avoid it altogether, as
any payments you make to the credit card will only go on to pay
the amount transferred and interest will only mount up on any
purchases that you have made on the credit card, which will
leave you paying back more than the cash back card is making you.
There are a few good deals on the go right now, with the Amex
Blue cash back card the Amex Platinum and the First Trust Bank
cards worthy at a look if you decide that a cash back credit
card is for you.
So if you have a clear statement at the end of each month then
go for it and make that bargain in the sales save you even more
cash.