Is there a credit card that will give me both frequent flyer miles and cash back?

Answered on August 18, 2010
Updated on August 18, 2010
The content is accurate at the time of publication and is subject to change.
James Williams James Williams
Many of rewards credit cards today offer flexible redemption options. You can earn points or miles and then redeem them for travel - get flights, hotel rooms, car rentals, or receive cash back, gift cards, merchandize, discounts or donate earned rewards to charitable organizations, and more. To choose the best rewards credit card for you, you should clearly understand your usual expenditures – purchase categories and amounts spent in each category. Then research credit cards with rewards to choose one that will offer best terms for you. Compare purchase categories that can earn you more points per dollar spent. But watch out for set limits (e.g. you earn 2 points per dollar on your first $150 in a specific category, and then you get only 1 point per dollar), expiration dates and other restrictions. And keep in mind that interest rates, annual fee and other possible charges are important. Advertisements may be misleading and raise your expectations more than the rewards are worth. Choose wisely!
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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BROWSE MORE QUESTIONS ABOUT Credit Card Rewards:

When you are thinking of applying for a credit card, all factors need to be taken into account, especially if you pay any fees for this card. With cash back cards, it's pretty simple - yes, in most cases they are worth it. Cash back cards give you plain and easy to use rewards that you can redeem on your purchases. So, basically you buy something and then erase its cost with your cash back. 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...
A cashback card is a card that gives you cash back as rewards. Basically this means that a percentage of the amount spent on purchases is returned to you. This percentage may differ depending on the terms of a credit card issuer that produces your card. For example, the amount of your cash back is 3%. It implies that if you spend $100 with this credit card, you'll earn $3. After you earn the rewards, you may redeem them on purchases. Cash back rewards can be redeemed for statement credits, cash or gift cards.
There are a lot of cards that will give you rewards when you shop at retail stores. Usually retail stores try to offer you a co-branded card with a discount on this brand's purchases, some minor rewards or special financing. However, you pay for these questionable benefits with very high APR and fees. And those cards are only appropriate for shopping at one brand. A better option for shopping would be to acquire a general rewards card. Such a card will let you earn rewards at any store and there are cards that have no annual fee and long periods of 0% intro APR.

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