When choosing a new credit card or rewards program, take into account your entire financial situation. The benefits of major programs vary widely and offer different incentives to serve different lifestyles. Shop around with different credit card companies and see what they offer. Then call a representative and see if they will improve it for you. Getting a card with great rewards also means keeping a stellar credit history, so keep your bills paid and your score high.
Know What You're Saving For
To determine what you will mostly be using the card for, make a basic list of needs and wants. Find a middle ground to help steer you towards the right credit card rewards program. If your job entails extensive travel across the country, then focus on cards that offer generous frequent flyer mile programs. Some of the cards available give you double miles for every purchase made with the card – these are worth checking out.
Hassle Your Bank For the Best Deal
Go to your main bank branch and talk to one of the service representatives about opening up a line of credit. If you already have a credit card, inquire about any additions to the rewards program. If nothing else, ask them if you are eligible for a lower interest rate and let them know you are shopping around for another card. Chances are your bank's representative will offer some bonus to keep you a happy customer.
Manage Your Credit Card Balance
Keep any credit card debt in check by making your payments on-time every month. This will give you leverage when it comes time to bargain with a credit card company and get the best rewards package. Using your card often and setting up automatic payment also has the added benefit of allowing you to build up bonus points more quickly.
Capital One Venture Rewards Credit Card: Capital One's Venture Rewards card offers double airline miles everyday, and will give you an additional 10,000 bonus miles if you spend $1,000.00 in your first 3 months.
Best for: Heavy traveller looking for lots of frequent flyer miles.
Chase Freedom Credit Card: Chase's entry has no annual fee, no interest for the first 6 months, offers between 5 and 20 percent cash back on purchases from select stores and a cash back bonus of at least one percent on all purchases.
Best for: Families looking for a way to pad their savings while they spend on essentials.
Citi Dividend Platinum Select Mastercard: Offers an average of 5 percent cash back on most purchases, no annual fee, and pay zero percent interest on purchases for the first 15 months.
Best for: Small business owner making large purchases; extended interest free period allows for long term repayment of major purchases.