Picking Rewards Deals? Seek Loyalty

February 7, 2005 06:23 AM

Picking Rewards Deals? Seek Loyalty

Excerpt: Customer reward programs are becoming more of a factor in credit card choice.

Customer reward programs are becoming more of a factor in credit card choice.

Reward cards allow you to earn redeemable rebates or points for purchases you make. These aren't your typical store-sponsored credit cards -- reward programs are offered by major credit card companies and can be used anywhere.

Potential rewards include airline tickets, merchandise or fuel reimbursement, car rebates, cash back, investments or even contributions to a college savings plan. Each program has different promotions and conditions regarding how you can earn and spend your rewards.

With so many choices, consumers are becoming more fickle. So reports Maritz Loyalty Marketing, which found in a survey of loyalty program users that 20 percent had switched cards because they didn't like their options for redeeming points. A walloping 70 percent reported switching to another reward card because their old card had taken too long to build up points.

While getting something back for your purchases may sound like a good idea, be sure to do your research before signing up for a card.

Check the APR. Reward cards typically have an APR about 4 percentage points higher than other credit cards -- around 14 to 16 percent. With such high interest charges, a rewards card makes sense if you plan to pay off the balance each month.
Look for good rewards. Choose a rewards program that will give you back something useful. If you spend a lot of time on the road, you might consider a card that will give you free gas, or rack up extra points when you fill up your tank. If you just want cold, hard cash, look for a rewards program that will give you the most for the least amount of points.

READ FULL STORY ...

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Read all 54 posts in the same category of Spending:

Men and Women Spend and Save Differently - Feb 20, 2005
Best Rock For Your Buck - Feb 13, 2005
'Simplified' Ticketing Is Not So Simple For All Fliers - Feb 07, 2005
Blockbuster With a Joystick - Feb 07, 2005
FCC: Cable TV Rates Rose 5.4% In 2003 - Feb 06, 2005
Powell to Step Down at F.C.C. After Pushing for Deregulation - Jan 25, 2005
Apple Changes Course With Low-Priced Mac - Jan 15, 2005
How To Tip Well - Jan 14, 2005
A Little Retail Hustle Paid Off in Holiday Sales - Jan 07, 2005
Delta Fare Plan Turns Industry on Its Head - Jan 07, 2005
Before Christmas, Wal-Mart Was Stirring - Jan 07, 2005
Delta Plans to Streamline Fare System - Jan 07, 2005
TiVo Upgrade Puts TV Shows On Laptops - Jan 04, 2005
What You Wanted, What You Got - Jan 01, 2005
How To Handle Charity Solicitations - Dec 29, 2004
Be Careful When Donating To Charity - Dec 29, 2004
Charged Today, Tapped Out Tomorrow? - Dec 28, 2004
Be Prepared When Returning Gifts - Dec 27, 2004
$10 for a Plain CD or $32 With the Extras - Dec 27, 2004
10 Ways To Save Money When Cruising - Dec 27, 2004
New Nigerian Scam Suckers Online Sellers - Dec 27, 2004
Stop Shopping; Give Cash As A Gift - Dec 27, 2004
Last-Minute Shopping Made Easier - Dec 26, 2004
Phone-Network Leasing Rules Eased - Dec 26, 2004
How To Minimize Holiday Debt - Dec 24, 2004
Holiday Shoppers Should Rethink How They Pay - Dec 22, 2004
Lower Living Costs, Keep More Money - Dec 22, 2004
Blockbuster Cuts Online Prices - Dec 22, 2004
Making Your Generosity Pay - Dec 21, 2004
Price Cuts Get Deeper - Dec 21, 2004
Charitable Giving: The Right Match - Dec 21, 2004
In the Bay Area, TiVo Supplies DVR's at a Terrific Price: Nothing - Dec 19, 2004
Cell Phone Calls In Flight? - Dec 09, 2004
Holiday Tipping - Dec 09, 2004
Tunes Coming To Callers? - Dec 08, 2004
Electronic Ways to Pay Eclipse Checks in Number - Dec 07, 2004
The Trouble With Rebates - Dec 07, 2004
Customers Tire of Excuses for Rebates That Never Arrive - Dec 07, 2004
'Phishing' Attacks Surge In 2004 - Dec 06, 2004
Bush Signs Internet Tax, Special Ed Bills - Dec 05, 2004
The Wide World Of Online Shopping - Dec 04, 2004
Shopbots: Your Own Automated Shopping Assistant On The Web - Dec 04, 2004
Traveler: Know Your Options - Dec 04, 2004
Worried Merchants Throw Discounts at Shoppers - Dec 04, 2004
Regifting 101 - Dec 02, 2004
Health Costs Up 7.5% - Dec 02, 2004
5 Popular Holiday Shopping Scams - Nov 30, 2004
Slick Tips for Holiday Shopping - Nov 28, 2004
Give Gifts That Give Back - Nov 28, 2004
Tips For Stretching Your Holiday Budget - Nov 26, 2004
Meet The Bargain Hunters: Three Everyday Experts Share Their Tips - Nov 26, 2004
Smart Holiday Shopping - Nov 25, 2004
Some Shoppers Find Fewer Happy Returns - Nov 07, 2004

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