Rewards Credit Cards

I’m a big believer in rewards credit cards, because if you use them wisely, you can get some great free stuff.  Over the years, I’ve gotten more great free stuff than I can name from using rewards credit cards.  A small sample includes two trips to Hawaii, a trip to New York, countless free hotel stays in various cities, free meals, gift cards, cash back, and more.  You get the point.  These rewards credit cards have enabled me to do things I wouldn’t have done otherwise.  For example, it’s a lot easier to justify a trip to Hawaii if the airfare and hotel are free.

But there’s one big caution you have to keep in mind with rewards credit cards.  Don’t use a rewards credit card to justify spending more just to get the points.  That’s what the credit card companies hope you will do.  They love to issue rewards credit cards because studies have shown that consumers will charge more to a rewards card than they will to a regular credit card.  Don’t fall into this trap!  When using a rewards credit card, it’s important to be disciplined.  Don’t spend any more than you would if you were paying cash.  Just use the rewards credit card instead of cash, and rack up the bonus points, miles, cash back, etc.

Also, pay attention to the annual fees, because rewards credit cards often have high annual fees.  And those annual fees can sometimes exceed the value of the rewards themselves!  With a little effort, you should be able to find a good rewards credit card with no annual fee. 

To summarize, you can get some great free stuff if you use rewards credit cards wisely.  Your goals should be to find a rewards credit card with no annual fee, be disciplined in using the card, and then enjoy the rewards.

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