Reward Credit Card Reviews (card cash review)

I love the idea of spending a dollar on items I already need and setting aside a small percentage of it elsewhere, especially if all the work is done by an automated system or algorithm without my intervention. It wouldn’t be a wise choice to go splurge on a spending spree but using your reward card for items you already need (such as groceries, gas, travel tickets) wouldn’t be a bad idea.

Reward card offers several advantages (and some unwanted features as well). In our reward credit card reviews, we will focus on some basic features you should be looking and also warn you about unwanted ones that you should try to avoid as far as possible. Further, we have dedicated a special page to a review of the best credit reward credit cards (including points, card cash back, and travel miles).

Click here to see the reward credit cards that made it to our top cards list

Reward card review

Reward cards provide a variety of bonuses:

Cash back: A certain percentage of your spending will receive a reward in the form of cash back bonus).

Points: For every dollar you spend, some credit card companies will offer you a certain number of points. The ratio varies. At the lower end, it could be one point for every dollar spent while at the higher end it could be much higher and you could receive several points. Furthermore, when you sign up for a reward credit card, your account will be awarded a sign-up bonus of X,000 points.

Where can you redeem these points? In most instances you can redeem the points for cash, other items, airline tickets, hotel deals, and more. Your agreement will dictate the terms governing these purchases.

Travel points: Just like the points described in the previous section, travel points can be redeemed as an exchange for airline flight deals, hotel discounts, car rentals, and more.   

Frequent flyer miles: If your credit card offers airline miles as a reward, you will receive miles in lieu of points. So, for every dollar you spend your account will show X number of miles as a bonus. I have personally managed to collect thousands of miles in the past. You can exchange the miles for a free (or discounted) flight deal.

Click here to see the reward credit cards that made it to our top cards list

We reviewed several reward credit cards and as a general overview, here’s what we like and dislike:

Reward card review Likes

– Generous reward points and bonuses

– Longer expiration dates

– Low (or $0) annual fees

Reward card review Dislikes

– High annual fees and APRs

– Restrictions on where and how you can redeem the rewards

– Unreasonable redemption policies

Card cash review

Cashback cards are a hit with our reviewers. What we love is the fact that every dollar spent generates some form of cash back. The percentage of cash back bonus could range from five percent to up to twenty percent. Who doesn’t like cash, right?

Conditions: Some credit card companies will set aside the cash back bonus for a selected category of purchases (such as gas, airline tickets, and others). Additionally, you may be required to buy on designated websites only. These policies are generally for the higher end of the cash back spectrum.

Click here to see the cash back credit cards that made it to our top cards list

Card cash review Likes

– Higher cash back bonus percentage (the cash back bonus ranges from 2% to 20%)

– $0 Annual Fee

– 0% Intro APR and a low APR thereafter

– Friendly redemption policies

– Longer expiration periods

Card cash review Dislikes

– Annual fees

– High APR

– Shorter expiration periods

– Redemption restrictions

– Purchase restrictions (such as purchase at XYZ location or site only)

What you should know

Most reward credit cards will set forth stringent expiration dates and redemption policies that must be respected in order to redeem the bonuses. Failure to do so may result in forfeiture of the rewards and your hard-earned effort. You will have to have to watch out for restrictions, such as the spending patterns that will earn you the rewards (categories and places).

Fortunately, you can track and monitor your rewards through an online interface provided by the credit card company.

What you should do

– Perform some basic analysis to determine the net gain, especially if the card charges an annual fee or comes with a higher APR requirement.

– Regularly monitor your credit card spending and points accumulation

– Keep tabs on expiration dates and redemption policies

– Know your terms and conditions thoroughly

What you should not do

– Sign up for the credit card just for the sake of rewards

– Rack up purchases to collect points or miles (not a good idea)

– Purchase items that you don’t need

– Neglect monitoring the points accumulated on your account

We hope you found our reward credit card reviews useful. If so, please let us know in the comments section.