Is Credit Card Worth It?

Best Buy Credit cards In India

Most major credit cards offer rewards—but are the rewards you earn significant enough to make applying for the card worthwhile? When used responsibly, a rewards credit card can help you save money on everything from travel bookings to Amazon purchases.

However, not everybody knows how to maximize their credit card rewards, and not everybody knows what a good rewards card can do for them.

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Are rewards credit cards worth it? In most cases, yes—which is why we’re giving you the information you need to get the most out of your rewards-earning credit cards. In this guide, we’ll go over the following:

Points and miles

Point-based cards and miles-based cards work similarly. Instead of earning dollars on every purchase, you earn either points or miles. Like cash back, you usually earn points or miles on your purchases at a set rate—one point per dollar spent, for example. Many points and mile-based rewards cards increase your rate when you spend in certain categories.

The Capital One Venture Rewards Credit Card, for example, offers a flat rate of 2 miles per dollar on general purchases. Cardholders can also earn 5 miles per dollar on hotels and rental cars booked through Capital One Travel.

How do credit card rewards work?

Earning rewards is only half the battle. When you’re ready, you can redeem your credit card rewards for money-saving opportunities. Redemption options may include:

• Travel bookings: Save money on flights and hotels or earn enough rewards for a free flight.
• Statement credits: Reduce the amount of money you owe on your credit card.
• Online shopping credits: Reduce the amount you pay at checkout when you shop with popular online retailers.

Should you get a rewards credit card?

If you’re going to get a credit card—which is a smart move, since getting a credit card can help you build good credit to receive better terms on other financial products like mortgages—it’s a good idea to apply for a rewards credit card.

Why? Because when it comes down to the choice between a credit card that offers rewards and a credit card that doesn’t, choosing a credit card that doesn’t offer rewards is like leaving money on the table. Also, there are plenty of fantastic rewards cards that charge no annual fee.

When should you consider alternatives to rewards credit cards?

Some non-rewards credit cards have their advantages. The Citi® Diamond Preferred® Card, for example, doesn’t offer rewards on purchases, but it does offer 0 percent intro APR on purchases for 12 months from account opening and 21 months on balance transfers (followed by 14.49 percent to 24.49 percent variable APR thereafter). If you want to use a balance transfer credit card to pay off debt, the Citi Diamond Preferred might be a good option.

Likewise, most secured credit cards don’t offer rewards, but they can be excellent tools to help you rebuild your credit.