Cash back credit cards are great for people that pay their bill every month. The credit card companies are competing like never before to get new customers by offering cash back incentives.
I personally love cash back incentives at any price. If you are like me then you probably never see a drawback on your credit card statement that you didn't expect. Because you pay your bill on time you receive the automatic discount that a cash back card offers as a perk.
So let's say that you have a department store credit card and you spend $300 a month on store purchases. You always pay your bill on time and pay off quickly. You might just end up with a nice bonuses when you Prime and Business card comes through the mail. Even if you don't you might find you receive the percentage off at the end of the year.
Finding cash back offers is critical if you have two or three different credit cards. I recommend searching for credit card cash back offers online or at your local penny saver stores. The cash back incentives can be applied immediately or it can be saved for a year and then you can transfer the money to the new card.
The more new credit cards you open and then close the sooner you will fall into a pattern where you are saving less and paying more on your credit cards. These trends are hard to break so you need to stay on top of them.
I don't think that you can tell me that you won't notice a downturn and impact of credit repair. It does happen and you can't stop it. A cash back card is perk for me than applying for store rewards cards where I have to transfer my rewards and points every few months.
Here are a few tips on how to find out, if you are dealing with the best cash back credit card offer.
Step #1
Figure out if you qualify. Make a list when you get your free copy of the credit card package. Once you have the list then you can estimate what percent of cash back would be in your pocket if you had the reward on a credit card with that card. For instance, it may be worth the extra 2.9% when you spend $300 monthly on your card.
Step 2
Pull your credit report and compare it to your list. If you are one of more then 10% behind by 30 to 60 days then you are hurting your credit even if you are making your payments on time. It is imperative that to make sure everything is good on your credit report that you do frequent credit checks.
Step #3
Sign up with a cash back credit card company and take your cash and check to the bank. If you are one of those folks that always says that you don't shop at department stores then just wait until you do and then make a purchase. Do not go to the store because you need clothes or a TV. Just buy something for yourself to reward yourself with the cash back.
If you need to spend a little money to get some rewards then it might be worth it. If you spend $300 a month on your credit card then you should receive around $4.16 a month and it's not a lot.
I always say if you believe you can get something better with something that costs more then that is not a wise choice because you will likely get another credit card with a better cash back offer.
By the way, by researching and comparing the best debt consolidation services the market, you will be able to determine the one that meet your specific financial situation. Nonetheless, it is advisable going with a trusted and reputable debt counselor before making any decision, this way you will save time through specialized advise coming from a seasoned debt advisor and money by getting better results in a shorter span of time.