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Your everyday purchases can earn valuable points to spend on everything from travel to cash back, if you use a rewards credit card. Look for these features.
If you could earn valuable rewards just for making your everyday purchases, why wouldn’t you? With a rewards credit card, you can. Of course, not all rewards programs or credit cards are created equal, so you’ll need to weigh the options and features to find the best card for you. We’ll walk you through everything you need to know about credit card rewards, whether you’re looking for your first card or upgrading from your current card.
When you’re ready to start turning your everyday spending into valuable rewards, there are two main variables you’ll want to consider: the rewards program and the rewards card.
Rewards programs can vary—a lot. If you want to earn the most credit card rewards, you’ll need to choose a rewards program that suits your spending style. Let’s take a closer look.
Credit card loyalty programs generally let you earn either points or cash back as rewards, and each has its strengths. Cash is extremely flexible, but the earn rates for points tend to be more competitive, and points cards often come with more opportunities for bonuses.
Fixed rewards can only be redeemed through one program and usually with one retailer or partner retailer group. Many hotel and airline point programs are fixed.
Flexible rewards, on the other hand, offer many more redemption opportunities across retailers or partner groups. For example, MBNA Rewards points—available with the MBNA Rewards Platinum Plus Mastercard*—offer the best of both worlds, as they’re semi-flexible. They’re redeemable only through the MBNA Rewards site, but you have a huge range of options to choose from, including travel (airfare, hotels, rental cars and more), gift cards, merchandise and even cash back applied to your credit card statement.
Nobody wants hassles when redeeming for rewards, so the easier the process, the better. When you’re ready to use your MBNA Rewards points, you simply log into the site and shop. And there are no deadlines to keep track of, since MBNA Rewards points never expire.
Rewards credit cards come with many different features and perks. Most people think to compare annual fees and interest rates, but don’t overlook these considerations when selecting a card:
Earn rate is one of the most important features of a rewards card. You’ll also want to earn rewards in the categories you regularly spend the most in. With the MBNA Rewards Platinum Plus Mastercard, for example, you earn 2 points per $1 spent on groceries, restaurants, digital media, memberships and household utilities purchases, and 1 point per $1 on everything else. That’s a return of 2% and 1%, respectively, when you redeem your points for a statement credit.
Credit cards often have attractive promotions and welcome offers. Common bonuses include annual fee waivers or accelerated points. The MBNA Rewards Platinum Plus Mastercard never carries an annual fee, and it has a welcome offer that doubles your point earnings for the first 90 days. That means you earn 4 points for every $1 spent on groceries, digital media, restaurants, memberships and household utility purchases, and 2 points per $1 on everything else. Plus, new members can earn 10,000 MBNA Rewards points when they spend $500 in the first 90 days and set up paperless e-statements.
Check out the extra perks a rewards card might offer—these bonuses can be really valuable. For example, with the MBNA Rewards Platinum Plus Mastercard. you’ll get an annual birthday bonus: 10% of the points you earned in the previous year (up to 10,000 points). This means you could celebrate your birthday every year with $100 towards travel—or you can redeem the points towards whatever else your heart desires from MBNA’s sizeable rewards catalogue. So, if you don’t get exactly what you want for your birthday from friends and family, this is a gift you really will use.
Consider any additional features a card offers. If you have a smartphone or tablet, you’ll likely be interested in the MBNA Rewards Platinum Plus Mastercard’s included mobile device insurance, which is good for up to $1,000 if your eligible device is lost, stolen or accidentally damaged. Other extras include purchase assurance, extended warranties, discounts at Avis and Budget Rent A Car, and access to the MBNA Payment Plan, which helps you manage your budget, even when making large purchases.
There’s a lot to consider when choosing a rewards credit card, but the effort in researching the cards and earning potential is worth it. If you’re not using a rewards credit card, you’re missing out on valuable rewards. Earning points is as easy as doing your everyday shopping for groceries, household items, digital media and restaurant meals, and in return you’ll get a wide range of rewards including cash back, gift cards, merchandise, travel and even charitable donations.
The MBNA Rewards Platinum Mastercard has no annual fee—an unusual feature for a card with a robust rewards program.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers.
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