Tag Archives: card companies

5 Tips for Choosing the Best Cash Back Credit Card

The offers to make money as you spend money are quite enticing to the modern consumer. With a cash back credit card, you can earn percentages that can reap rewards at the end of the year. So to choose the best cash back credit card for you, here are some questions that you will want to ask.

1. What counts toward the cash back?

While it might seem that any purchase or addition to the overall cash back credit card balance would reap rewards, this is not generally the case. Many times, balance transfers and cash advances do not contribute to the percentage back. If you think that you will be using the cash back credit card for those purposes, you’ll want to see if you will be rewarded or not.

2. How much cash back are you receiving?

Of course, if you’re looking for a cash back credit card, you’ll want to choose the one with the highest amount of percentage that you can get back. And the cards vary widely in this respect. Look at several cash back credit card companies to see if one seems particularly high.

3. Can you increase your cash back?

Besides increasing the overall balance and contributing to the cash back, some cash back credit card companies also encourage customers to frequent certain retailers to get a larger cash back amount. If you already go to these establishments, these cash back credit card companies might work out better for you.

4. How can you redeem the cash back?

When you’re using a cash back credit card, you want to be able to get your rewards as frequently as possible. There used to be a time when you had to wait until the end of a twelve month cycle to receive the benefits, but it has changed. Some companies are now allowing customers to redeem their cash back as payments against their balance or to contribute to a charity as frequently as certain amounts are accrued.

5. What are the fees?

As with all credit cards, you’ll want to be sure that the cash back credit card you sign up for doesn’t charge a large fee that actually upsets any rewards that you might be receiving. Try to find a cash back credit card that doesn’t make you pay for your cash back.

With a cash back credit card, you can earn a little money as you spend for things that you already need.

The Disadvantages of RFID Credit Cards

RFID credit cards are taking the nation. Also known as Radio Frequency Identification, RFID for short, these cards allow you to make purchases with your credit card without even having to type in a pin number, swipe your card through a reader, or even sign for the sale. Instead, a coil radio transmitter insider your card—imagine how small it must be!—sends out a tagged radio signature, that then gets transformed by the way you move your finger over the card.

In essence, your personal way of “swiping” your card with your finger gives the signal a distinct “shape” that acts like an electronic fingerprint. In theory, no one else could have this electronic fingerprint. It’s not so much theory anymore. Some credit card companies are already experimenting with RFID technology. You can use them at gas stations, convenience stores, maybe even vending machines.

But is this technology as secure as all the experts say it is? It may be, but the thought of not signing for your purchase may make you have the heebie-jeebies. Also, usually with regular credit cards, the cashier is supposed to look at your card and compare signatures, to make sure you are you, each and every time you make a purchase. With RFID cards, you forgo this extra step of security.

Another issue with RFID cards, and one you won’t hear the credit card companies make, is that RFID cards make it possible to too easily to spend and drive up your debt. If all a person has to do is wave their card at the fast food restaurant, to get gas, to buy that expensive new flat-screen televisions set, then chances are they may start waving their card more and more. In the long run, that will make a ton more money for the credit card companies. But for the buyer, that could mean a long lifetime of living in debt.

Another potential issue with RFID technology is that it could be the next wave of the future for everything from passports to security to get into buildings. It could be used possibly to even track your movements throughout the day, the week, and the year. Just imagine—your car, every building that you enter into, your house, your work—all of them have RFID security technology. That makes for a chance for Big Brother to keep an eye on you. A scary thought, and pretty far-fetched, yes, but a possible reality none the less thanks to RFID.