Cash Rebate Credit Card Overview
A cash rebate credit card has many advantages over regular cards, and obviously the cash back incentive is the main attraction. Some cash rebate credit cards reward a certain percentage of cash back for a purchase, while others reward points. The rate for a cash rebate credit card ranges from 2% to 5% cash back. In addition to rebate incentives, a cash rebate credit card sometimes pays a one-time cash reward just for signing up for the card.
While rebate credit cards might sound great, the overall expenses of the card can easily outweigh the benefits if you choose a lousy card. If you don't qualify for zero percent interest, or at least a low interest rate, you could wind up paying too much if you tend to carry a big balance. Some rebate credit cards only provide rebates for certain purchases such as gas or groceries. While the gas savings can be a nice incentive, some rebate credit cards only allow rebates at certain gas stations. If you're able to qualify for a good card, a cash rebate credit card is a far better option than a regular credit card. If you're going to be making purchases, you might as well get something in return, even if it's only a couple of bucks.
Qualifying For A Cash Rebate Credit Card
Due to high default rates and new credit reform laws, many lenders have tightened their eligibility guidelines for credit cards. To get a decent cash rebate credit card with good benefits, you'll generally want to have an above-average credit score of at least 600, and to get the best cash rebate credit card available, you should have 750 or higher. People with excellent credit will get the best cash rebate credit card. The cards available for excellent credit status provide some great rewards and most of them have zero interest for one year to start. Some of those cards provide additional cash back perks for using specific online merchants. Before you select a cash rebate credit card, you should understand how to properly compare them.
Choosing the Best Cash Rebate Credit Card