Tips, News and Advice from Credit Card Assist

Are Those Credit Card Rewards Really Worth It?

by on June 7, 2011

Recent article from Sandra Block of the GuampDN.com discusses the process of reconsidering those credit card rewards. Cardholders typically willy apply for a credit card, where lenders will be cherry picking cardholders with the best FICO scores.

A FICO score over 750 will net you the best rates and terms. People that want the best rates on cards though should really reconsider using those rewards cards.

Rewards cards often have higher ongoing interest rates than non-rewards cards. If you don’t pay your monthly bill in full, most likely you end up paying more in interest than you earn in rewards. Additionally, consider the annual fees on those rewards cards. You have to do the math, if your annual fee is greater than the amount of rewards you are planning to earn, charges will offset your rewards.

Another is to take a look at your spending habits. Don’t let the rewards motivate you to spend more.

Source: http://www.guampdn.com/article/20110515/NEWS01/105150322
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