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Different types of Reward cards
|Rewards Category||Factors To Consider|
|General Purpose Travel||
Who qualifies for these credit cards?
Do you overextend?
If you have a tendency to spend more than you have money for, then a rewards credit card may not be a good choice, because you run the risk of incurring interest charges, which would counterbalance the rewards you’ve earned.
Do you’ve good credit score?
If you want one of these cards you must have a good credit score. According to FICO score, you must’ve at minimum 670 points for good credit and 740 points for excellent credit. Learn how to improve your credit score if it’s bad.
Do you pay your bills on time?
If you don’t pay your bills on time, there is no chance of getting approval for reward credit card. This is because when you pay late, you can incur fines, lose the account and even harm your credit score.
How do you spend?
If you spend on a variety of items, a general credit card is perfect for you. However, if you use your card for restaurants, hotel stays, travel, flights, and more, a reward credit card is best for you.
Pros and cons of Reward credit cards
The best rewards cards are perfect for people who can pay off their balance every month. They typically offer:
- You can earn cash back and other rewards based on your spending.
- Many cardholder benefits including rental car, travel insurance, travel insurance and extended warranties and returns
- Sign-up bonuses worth hundreds that may offset your annual fees
- Various brand perks such as free checked bags, room upgrades, easy access to airport lounges, and more
Rewards credit cards have some cons too. These often include:
- You must have good credit score to get reward credit card. (a FICO score of 680 or higher)
- Higher annual fees.
- Sign-up bonuses – With some cards you need to spend minimum $500 to earn the bonus reward, and more.
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