Credit Card Rewards FAQS

Shopping the holiday sales is a great way to save. If you get the credit card offered by the store, you can usually buy whatever you need with no money down, and pay it off over time with no interest. However, you often won't earn any type of cash back or other rewards for using the card. It's more like a special financing deal, rather than a rewards or discount deal. So, if you'd like to maximize your value, use a cash back credit card for that big Black Friday sale purchase, and pay it off in full when your first credit card statement comes. That way, you really are earning rewards rather than simply getting an interest-free financing period. Of course, if you need special financing,...

If your grocery rewards card is actually a customer loyalty card, rather than a credit card, then the answer is that you can probably use both cards next time you belly up to the grocery register counter. Using store loyalty cards that earn you points and discounts, and then using a credit card that gives you cash back is sometimes called double dipping. The great thing about double dipping is that it's completely fine to do – there are no rules against it at all. It's just a great way of maximizing your rewards. So, if your credit card gives you three percent cash back, and your grocery rewards card gives you a discount on many of the items you're buying, you'll really be raking in the...

Unfortunately, paying with cash doesn't allow you to reap many rewards. In order to earn cash back, points, miles, or other incentives offered by stores and banks with rewards credit card products. You have to actually use a credit card to make the purchases. But I have a question for you, too. Why do you prefer to use cash? If you're worried that you won't qualify for a credit card, you can be assured that there are many credit cards designed for people with limited credit, average credit, or even poor credit. You can also consider a prepaid card or a secured card. A secured card is a good choice if you'd like to establish credit or repair your credit score. So don't give up on getting...

In this case you can have your cake and eat it too. Kmart has a customer loyalty program called Shop Your Way. Being a member of this program will allow you to earn points without using their high interest rate credit card. Using a reward credit card together with the Shop Your Way membership will allow you to earn double the points. You will get the Shop Your Way points as well as earning points on an everyday reward reaping credit card. Enrolling in the Shop Your Way program is easy. You can enroll online, by phone, or right at the register. You do not need their credit card to be a member of the program. Membership does not require a credit check.

Just like any other credit card, this one requires you to make a monthly payment. Your payment due date should be the same each month, so you can schedule your payment and make it a regular and predictable thing. If you pay your balance in full every month, and you don't buy something the next month, you may not have any balance to pay at all. But if you're taking advantage of a zero-interest financing deal to pay off a larger purchase, you'll need to make a payment each month until you've paid off your entire balance. It's a good idea to set up online access so you can log in to your account online. You can pay online, or set up automatic payments to come out of your checking account every...

There are almost always better alternatives to using a store card. In this case you can earn rewards without their credit card. They have a customer loyalty program called BJ's Perks. Membership in this program isn't free; it costs $100. But a basic membership will cost at least half that and probably a little more depending on any promotions they may be running. Each of their credit cards also have membership fees of up to $100 depending on the credit card you receive, so having their credit card won't save you any money in that respect. Their perks rewards program allows members to earn 2%. Their credit card offers 3% rewards. However, if you use their BJ's Perks Rewards...

Well, it is a good thing you don't plan on carrying a balance because as we know store credit cards are notorious for high interest rates. As far as rewards go, cardholders get two points per dollar spent at the store. This sounds good but when we do the math it's a different story. If you need 1,500 points to get a $10 gift certificate at two points per dollar; that equates to spending $750 to get the $10 gift certificate. This breaks down to a 1.3% reward rate. If you have excellent credit, there are so many cards to choose from that are so much more rewarding. If you are getting a card solely on the basis of rewards you should be looking at a reward rate of at least 1.5%.