Rewards Credit Cards Versus No Frills Credit Cards: Which One Is Better For Me
Rewards credit cards are among the most popular and sought out card offers on the market. They offer consumers the ability to earn points by making purchases under certain categories such as gasoline, airlines or hotels by using a particular card. These cards come in sorts of shapes and sizes, so to speak. However, they do come at premium cost. Rewards cards usually cost consumers on average at least 5 percentage points above a no frills credit card offer. Those with less then perfect credit will even pay a higher spread. However, a savvy consumer that knows how to use their card to their advantage will actually be able to save money. On the other hand, if you plan to carry a balance regularly than a no frills offer might be your best bet. The purpose of this article is to examine the feasibility rewards credit cards versus plain Jane no frills credit card offers.
As stated in the opening comment of this article, rewards offers are among the most popular card offers on the market. They offer consumers the ability to earn points and use these points towards other purchases or even cash back. As stated before, they do come at a premium cost. However, there is a segment of the population who can take complete advantage of everything that they can offer, including cash back savings. Credit card users can be classified into two different categories. Those who pay their balance in full and those who carry a balance. Those who plan to carry a balance should run from rewards credit cards as fast they can. On the other hand, those who pay their balance in full every month on schedule should embrace them with all their might. Many rewards offers on the market offer consumers the ability to get away with paying no interest charges by servicing the balance every month completely. This group of consumers will get to take advantage of all sorts of rewards offer games that will end up saving you money. Rewards credit cards these days are giving away cash back bonus awards in form of checks to your name or applied towards your balance.
There are many examples of good reward card offers on the market if you are in the cash position to reap their benefits. The Chase Freedom Visa with $100 cash back bonus is a good example of one of those offers. Chase is giving consumers a $100 cash back bonus for making $500 in purchases within 3 months. Most people can easily exceed $500 in expenditures within three months. This is a good way to get a discount on your next large purchase when you think about it. Like other reward credit card offers they are also giving away 0% interest on balance transfers and 0% interest on purchases. The time period for the introductory offer can vary so it is better to check with Chase for specifics before you apply. In addition, the Chase Freedom Visa $100 bonus credit card also allows you to earn 1% cash back bonus on everything that you spend when using their card.
All these great bonus offers are excellent for those who are not planning on carrying a balance every month. However if you are in the other category of user what type of card should you be looking at? Those who plan to carry a balance every month should be looking at a no frills card that does not have any features. Reward offer issuers need to make up for the rewards game costs by charging more interest and fees. No frills card offers charge less fees due to less costs involved. They might not come with all the bells and whistles that come with rewards credit card but they will be able to give you a better bang for your buck when you carry a balance. The Simmons First Visa Platinum does not come with an introductory offer but does give a very low regular interest rate that is unrivaled by many if not all rewards credit cards.
Rewards card offers are great for those who pay the balance in full every month. They are great for making purchases such as groceries and gasoline because they allow the consumer the ability to be able to earn additional savings on those purchases. Those consumers who pay the balance every month in full will be able to take complete advantage of those types of savings. Smart consumers take advantage of rewards credit cards every day by using them for purchases such as groceries and gasoline and then paying the balance at the end of the month and getting a discount. However, if you plan to carry a balance, bonus point are not your best friend. Those who plan to carry a balance should cozy up to a no frills credit card offer such as the Simmons First Visa and take advantage of a rock bottom rate. On the other hand, if you are able to pay your balance every month then rewards are always your best bet.
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