Credit Cards

Credit Card Rewards: Which are Right for You?

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Not all credit cards have rewards programs, but if you’re lucky enough to hold a credit card that does, you can take advantage of some pretty interesting rewards. Imagine earning free travel opportunities, concert tickets, a flat-screen television, or even help with your college tuition, mortgage payment or retirement fund.

Before you sign up for a rewards program, you should check the facts, look at the interest rate and compare yearly membership fees.

Capital One No Hassle Cash Rewards Card

The Capital One No Hassle Cash Rewards card has no monthly membership fee.

You can earn two percent back whenever you use your card to pay for gas and groceries. You earn one percent for all other purchases. You can apply your rewards to your balance or request cash back in the form of a check or gift card. The catch is that you need to have flawless credit and you pay a 14.9 percent ongoing APR.

American Express Platinum Card

The Platinum Card from American Express has no APR, but requires you pay a yearly membership fee of $450 and maintain immaculate credit.

The Platinum card earns you one point for every dollar you spend. It offers double points for online airfare booking and a 25,000 point bonus every time you spend $1000 a month or more over a three month period.

You can use your points rewards for travel, concierge service, resort and boutique benefits and entry into exclusive events.

Capital One MTV Visa Rewards Card

Capital One’s MTV Visa Rewards card rewards members with five points for every dollar. These points can be used for entertainment, video game rentals and purchases, music and concerts, and sporting events. You get two points for dining out, fast food and coffee shop purchases and one point for all your other purchases.

There’s no yearly fee, and you only need to have good credit, but there is a 16.9 percent APR. They also reward you with a 25 point bonus every billing cycle you keep your account in good standing.

American Express Preferred Rewards Gold Card

If shopping is your thing, you can earn cash rewards and shopping points with the American Express Preferred Rewards Gold card.

With a $125 annual fee and no APR, those with excellent credit can earn one point for every dollar they spend. When you spend $500 in a three-month period, you get 10,000 points redeemable for a $100 gift card. You can use your points on shopping, entertainment, and exclusive sporting event and concert tickets.

Final Thoughts

There are literally dozens of rewards programs, each designed to benefit the lifestyle of the cardholder. In most cases these days, you can apply right online and get a notice of approval in 60 seconds. For nearly every program, you do need to have good to excellent credit, otherwise, you won’t be approved.

Do your research before you jump on the first offer you find. Every credit card company has a variety of different cards and rewards programs, so find the right one to suit your style.

If you can find a good rewards program with a low annual percentage rate, no annual fee, and great rewards, taking advantage of the card responsibly can keep your credit score on the high end while earning you some really cool perks.

Letters-Shmetters / Shutterstock

Joshua Williams

Joshua Williams

Joshua is a freelance writer with years of experience blogging about business and finance, and a whole host of other things too. When he's not writing, he enjoys camping with his dog, a golden retriever named Oakley.