Are cash back cards worth it?
Updated on February 09, 2021
If your card has got fees and you tend to carry a balance, first calculate your overall spendings. See how much cash back you will earn with your average spendings with this card and then deduct the fees and interest. If your earnings are more than spendings, then this card is worth applying for.
Note that there are cash back cards that have no annual fee at all and offer a 0% intro APR promotional period, so you won't even face any interest payments within this period. Such card is virtually free for you. Don't forget that when the introductory interest rate is over, the ongoing APR will apply.
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