Can bank cards make you money?
Thursday May 22, 2008
Bank cards can make you money if you choose the right bank cards and use them in the right way. By using reward program bank cards or cash back bank cards you may be able to reclaim a value in rewards that is higher than the annual fee you are charged. It takes a significant amount of spending with your credit card to do, but if you merely use your bank cards to cover normal spending and always repay them within the interest free period on purchases, you should be able to avoid interest and redeem a high value in rewards.
For instance, the Citibank BP MasterCard will not only save you money on fuel and other spending at BP, it will also provide you with 1% cash back on purchases anywhere else up to $60,000 of purchases per year. You could potentially make back $600 per year on spending, which is much higher than the $79 annual fee. It is very important to avoid interest charges, however, as debt could easily build up if you are spending at a high rate on your bank cards.
Please visit our comparison page to find out more about who is offering what in terms of bank cards.
