Reward Credit Cards

Discussion in 'Finance, Property, Law' started by scots_wahey, Mar 12, 2006.

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  1. After some advice on this...

    Do people think a reward credit card is worth it? If so who are offering the best deals? Anyone got any horror stories that might put me off getting one?
  2. edited 'cos my fingers are too slow and rock dj posted the same link
  3. These reward cards are usually so poor you have to spend thousands and thousand a year to get anything worth anything.

    A few years back, there was a way to spend atleast £500,000 !!!! without actually really spending it :lol: , via Mastercard and an inet gambling site.

    Not sure these days that you can do this anymore though, anyway back then i shopped for groceries at M & S for an entire year with vouchers from one cards Reward scheme :lol: :lol: 8).

    got a few quid cash back on others too :eek:)
  4. ZX, do you mean perks on cards such as free travel insurance or do you mean cashback? If the latter then the following may help - if not, let me know.

    Cashback credit cards are perfect if you are one of the 50% of card holders who always pays off their monthly balance in full.

    For every pound you spend, the credit card issuer will give you back a percentage after 12 months. Every time you buy something you get a small percentage of the price credited back to your account. It's like getting a discount every time you go shopping and makes spending on your credit card cheaper than using a debit card or even cash.

    The value of the percentage can vary depending on issuer, but anything between 0.25% and 2% has been offered. Over special periods such as Christmas, some credit cards have been known to offer double cash back .

    As well as a choice of cashback rates, cards may also offer some other incentives such as a reward scheme. If these schemes float your boat then you are in luck – around half of the credit cards in the UK offer some sort of points system. These include insurance, air miles, vouchers for high street stores and discounts from other purchases such as cars and even utilities.

    With most credit cards, if you go out shopping on the day after you receive this month's statement, then you will not be billed for your purchases until the same time next month and payment will not be due until three to four weeks after that. This amounts to an interest-free period. In most cases this is 56 days but can be as short as 45 days. If you are going to clear your balance each month, then the longer the interest-free period, the better.

    What to look out for

    If you pay your bill late or carry some credit even for one month then you may find that the value of the cashback is far outweighed by the cost of interest.

    Cards which offer benefits on the condition that you hold the card account online instead of receiving a postal statement.

    Issuers who offer a larger percentage of cashback if you hold other accounts with them.

    As with any credit card, avoid annual fees, hidden charges or penalties and great introductory offers which turn into nightmare standard rates, plus deals where you are charged interest on purchases immediately.
  5. It appears they have got wise to what a purchase is. oh well it was good for all those of us who noticed that you got thousands of reward points/etc just for depositing cash in a casino account, even if you didnt actually make any bets. lol,,2-2088219,00.html

    Of course this rule change made it possible in the first place

    An example
    most allowed withdrawal to a bank account instead of back to the master card.