There are a number of credit cards available on the market and Cash Back credit cards are one of the most popular among them all. The idea of cash back is that you’re rewarded when you use the credit card to buy things. This means that the more you spend, the more you stand to gain by way of cash back. This can take the form of rewards, points, or cash. Cash Back credit cards are offered to people who enjoy an excellent credit rating.
The structure of the cash back system varies between card issuers. Some give you a bonus at the end of every month. Some others accumulate the cash back and deduct it from your outstanding balance. There are other issuers who offer a higher reward percentage on specific purchases, while some others offer a reward on all purchases.
The biggest benefit of Cash Back credit cards is that it helps you save money, Especially if you make big purchases. Things like buying electronics or redecorating your home can help bring in a lot of cash back rewards. Generally card issuers offer 2% as cashback on average. You can even get a percentage as high as 5%. Stay on the lookout for these offers before swiping your cash back card.
Those with high credit scores are offered the best cash back cards with extensive rewards. Either you can let the bonus accumulate and use it for the next big purchase. You can also adjust the credit earned against your outstanding limit.
An online comparison can help you find the best cards with rewarding cash back offers.
Here’s a list of cash back cards that offer huge savings.
â Capital One QuickSilver
You earn unlimited cash back of 1.5% on every purchase every day. There’s also a one-time bonus of $100 when you spend $ 500 within 3 months of approval. There are no annual fees and foreign transaction fees. For the first 9 months, you enjoy 0% APR intro on balance transfer.
â Citi Double Cash Card
You earn double cashback on every purchase, along with unlimited 1% cashback when you buy. There’s also an additional 1% when you pay for purchases. But balance transfers don’t earn cash back.
â Discover It CashBack Match
At the end of the first year, you get a dollar for dollar match for the cashback you earn throughout the year. You earn 5% cashback when you spend at gas stations, Amazon, restaurants, and wholesale clubs . Other purchases qualify for 1% cashback. The selling point of this card is that there’s no expiry date for the cash rewards. You can redeem anytime for any amount.
Cashback credit cards are attractive to say the last. But they have their share of disadvantages as well. First, they have high APR rates. You’ll be paying a much higher interest on your outstanding balance when compared to a standard card. Furthermore, the card issuer might change the category of expenditure that qualifies for cash back. They can also specify a maximum limit on the cashback, notwithstanding the quantum of purchases made all year round.
If you use cash back cards judiciously, keeping track of issuer policies, you can get the most benefits out of them.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.