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The best credit card rewards program is the one that fits your needs and goals. Here’s what to consider when picking out a new rewards credit card.
If you’ve been using the same no-annual-fee credit card for years, you could be missing out on a wealth of rewards. Credit cards with rich rewards programs often charge a higher annual fee, but if you shop around, you can find one of those rare cards that offers both great perks and a $0 annual fee. Here’s how to pick the right card for your lifestyle and start turning your everyday purchases into valuable rewards.
If you’re thinking about carrying a rewards credit card, you’ll want to do some research to make sure you choose the best option for your lifestyle. Every card is different, but there are several general factors to consider.
Rewards can come in many forms, and you should make sure you’re collecting the most valuable type for your lifestyle and your spending habits. For example, keen travellers will be interested in travel rewards that can be redeemed for flights, hotels, car rentals and more. People with large families might be more interested in brand-name merchandise and gift cards. Others may want to donate points to charity or get cash back.
The more flexibility in a rewards program, the better. For example, with the no-annual-fee MBNA Rewards Platinum Plus Mastercard*, you can earn MBNA Rewards points on everyday purchases, such as restaurant and grocery bills, digital media, memberships and more. Points can be redeemed for travel at a rate of 10,000 points per $100, or for merchandise and gift cards at varying rates. If you’re more interested in getting cash back, you can redeem your points at a rate of 200 per $1. There’s even a quick and easy way to give your points to a charity.
Different programs have different rules when it comes to how, when and how often you can redeem the rewards. Make sure you understand how to make a redemption and whether you can do so on-demand or if there are restrictions.
If you have an MBNA rewards credit card, you can book flights, hotel, packages and more through a convenient travel portal. Keep an eye out for the price match guarantee on select products.
Redeeming for merchandise and gift cards is just as easy and secure. Browse the online catalog and buy directly from it. There is no minimum number of points you have to bank before you redeem, and if you find yourself short on points, you can top up with cash.
Don’t forget special promotions
Credit cards frequently offer promotions to attract new applicants. Read the fine print to find the dollar value of any bonuses or welcome offers.
Right now, new applicants for the MBNA Rewards Platinum Plus Mastercard could receive up to 10,000 bonus points (worth $100 in travel or $50 in cash back). The welcome offer also includes 5,000 points when $500 is spent on the card within the first 90 days after opening their account, and another 5,000 points for enrolling for paperless statements. In addition, the card is offering an accelerated earn rate of double the points for eligible purchases in the restaurant, grocery, digital media, membership and household utility categories for the first 90 days.
What is a good rewards earn rate?
The earn rate is the number of points you receive per $1 spent. In most cases, the rate will depend on the spending category of your purchase. Examples include groceries, pharmacy, restaurants or gas. You’ll want to find a card that rewards you in the spending categories you use most often.
New cardholders of the MBNA Rewards Platinum Plus Mastercard will earn an accelerated rate of 4 points for every $1 spent on eligible purchases in the first 90 days up to a maximum spend of $10,000. Afterwards, the regular rate is 2 points per $1 in the restaurant, grocery, digital media, membership and household utility categories. All other purchases earn at a rate of 1 point per $1 spent.
Check for an annual fee
If the card you’re considering commands an annual fee, cross-check that expense against the rewards you expect to earn to make sure it’s worth the cost. Sometimes you can come out on top—for example, the MBNA Rewards Platinum Plus Mastercard is a no-annual-fee card.
Also, get extra perks
Earning valuable rewards is a good reason to use a certain card—but it’s not the only reason. Check what other perks the card offers.
When you use an MBNA Rewards Platinum Plus Mastercard, you’ll receive 10% of your total points earned in the previous year as a bonus, to an annual maximum of 10,000 points, plus the card features mobile device insurance, extended warranty benefits and other valuable benefits.
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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