Which Credit Card

Although these cards look very much like credit cards, their main function is to identify you, the card holder, to a retailer, as a participating member of their rewards and incentives program and to reward you accordingly when you spend. When you present the card, you are awarded points that can be used against future purchases; or a discount on your purchase, or air miles etc., depending on which credit card you use.

To determine which credit card reward program or incentive is best for you, will be down to your particular lifestyle or personal preference.

When making a decision as to which credit card is best, bear in mind that credit card companies are only too keen to attract your business. Don't be afraid to shop around to secure the very best reward credit card deal from the wide range of incentives being offered.

Do also remember that Credit card reward products will be of far greater benefit to you if you settle your credit card bill in full each month. That way you will keep the rewards you earn and not have to pay it back in interest.

If you're wondering which credit card offer the best reward or even whether a credit card cashback would meet your needs, here are a few more reward credit card programs to help you make your decision.

Which Store Credit Card Reward Program?

Store credit cards are perhaps one of the most well known of the reward credit cards. While they can offer tempting discounts in excess of 10% or so, they also have very high interest rates that can run as high as 30% if you fail to pay off the balance by the end of the month. This effectively means that any gains you accrue on your store card can be quickly eroded.

Your choice as to which credit card or store cards you choose will largely depend on where you like to shop, how often you shop there and the discount percentage you get. The discount offered, make store credit cards a very good option for medium to larger purchases. Simply spend, get your discount and clear the balance when it becomes due.

College Student Credit Card

College students have little choice as to which credit card reward program they choose. With no prior experience of credit cards, nor credit card history, nor credit scores, college students present as a risk to credit card suppliers who are in the business of minimising risk.

A college student credit card is precisely for this reason and can be the gateway to credit card credit and building a positive credit history. Students' credit cards are very much like any other credit card, with the exception of one key feature, i.e. it is a requirement that college students' credit card applications are co-signed by a parent or guardian, who must act as a guarantor.

If you are a student, your choice as to which credit card will best meet your personal needs will depend on the benefits that particular credit cards for college students have to offer. For a start, students' credit cards carry higher rates of interest on account of perceived risk. Secondly, there are varying credit limits - typically from $500 upwards but do expect a lower level of credit than that which is usually offered on other credit cards.

Which Prepaid Credit Card

A prepaid card has no credit facility, however, it serves two key functions. It is the ultimate in safeguarding both your spending and your credit card credit safety. Prepaid cards work on the basis that you are only allowed to spend up to the prepaid limit that has been funded by you in advance.

You simply 'charge' your card with the amount you want to spend each month. This offer you protection on two fronts - i.e. you significantly minimise the risk of running into credit card debt, as well as limiting your exposure to credit card fraud. Which credit card you decide on will be dictated by the terms or flexibility of that particular card. Some card issuers for example, will allow you to top-up your card account with funds from your current account, once you have reached your pre-set limit.

Which Travel Reward Credit Card

Another category of credit card reward programs is travel reward or air miles credit card. The credit card holder get travel related discounts or air miles points for purchases or for paying for services.

As is the case with all rewards programs, which credit card you choose will be determined by your personal requirements. For a travel reward credit card or airline reward card, it boils down to how you travel and how much of your time you spend travelling - whether for work, business or for pleasure.

The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial advice.

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