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Rewards cards have become the
latest rage in the credit card industry.
In the past, consumers shopped for credit cards that offered
the lowest
interest rate. Next came cards with low interest rates and
no annual
fees. Today, consumers can shop for cards based on what type
of "reward"
they can earn for using a specific issuer's card.
A recent survey found that nearly half of U.S. cardholders
enrolled in
a credit card rewards program have never redeemed their
points.
However, 60% of consumers said rewards program influences
their decision when
deciding which credit card to use for a purchase.
How does a reward program work? Typically, the program
awards points,
"dollars" or a cash value based on the amount you charge.
The rate at
which you collect points varies depending on what you charge
or where you
charge it. Some programs offer extra points for using their
card at a
specific place such as a supermarket or fast food restaurant
or for
certain items. Some programs offer a variety of rewards.
Consumers can earn
meals, tickets to sporting events, airline tickets,
electronics, or
even create their own reward program.
Upward of 50 credit cards reward their customers with
flights,
upgrades, car rentals, hotel stays and cruises. Each card
differs in the kinds
of perks and the ways they're doled out.
The
United Airlines Mileage Plus
Signature Visa and the
Continental
Airlines World MasterCard, both from Chase
Bank, award customers one mile
for every dollar charged. Sometimes you can pile up miles at
an even
faster pace: After your first purchase, the United Visa
awards 17,500
bonus miles as well as a certificate for a one-way seat
upgrade, and the
Continental card always gives double miles when it's used at
Macy's,
Avis, Bed Bath & Beyond and other partner establishments.
With airline-affiliated cards, miles accrued through
purchases and
miles earned through flying are interchangeable. They're
combined into the
same frequent-flier account and can be traded in for free
flights and
upgrades.
The Capital One No Hassle Miles card from Visa gives
customers up to
two miles for every dollar spent, there's no annual fee, and
miles can be
redeemed on any airline -- even foreign airlines and
carriers such as
JetBlue and Southwest. The MBNA WorldPoints Platinum Plus
MasterCard and
Discover's Miles Card likewise allow you to build up points
-- one per
dollar charged -- with every purchase, and the rewards
include flights
as well as cruises, cash, and gift certificates from the
likes of The
Home Depot and Toys "R" Us. And when it comes to reward
flights for all
of these cards, there are never any blackout dates.
No reward is more flexible than cash. The Citi Dividend
Platinum Select
MasterCard pays you back 5 cents for every dollar charged at
pharmacies, gas stations, and grocery stores, and a penny
for every buck spent
otherwise. American Express's Blue Cash Card begins by
paying you 1
percent on many purchases, and after you've spent $6,500
that year on the
card, the rebate bumps up to 5 percent.
Many of hotel-branded credit cards, including the
Hilton HHonors
Platinum Card by American Express and the
Priority Club Rewards Platinum Visa
(for Holiday Inn and other InterContinental hotels), don't
charge an
annual fee. Cardholders build up points to be exchanged for
rooms, meals,
parking and spa treatments at hotels, as well as rewards
that range
from golf clubs to iPods through partner companies.
Capital One doesn't add any extra charges and even absorbs
the 1
percent fee from Visa or MasterCard when used outside of
the U.S.
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See the online
credit card applications for details about terms and
conditions of offer. Reasonable efforts are made to maintain
accurate information. However all credit card information is
presented without warranty. When you click on the credit
card you can review the credit card terms and conditions on
the credit card issuer's web site.
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