Want Easy Rewards? These Flat-Rate Credit Cards Take the Guesswork Out of Earning

Plenty of reward bank cards allow you to earn money again for purchases, however not all of them supply the perfect cash-back fee. You’ll need to be intentional as you evaluate cash-back bank cards and search for choices that put essentially the most a refund into your pocket.

Credit playing cards that offer you 2% money again on all purchases supply one of many highest flat-rate rewards on the market. Other playing cards supply simply 1.5% money again or 1% money again on common spending. Many playing cards on this class additionally include beneficiant welcome bonuses, no annual payment and introductory APRs for purchases and steadiness transfers. Here’s how one can discover the perfect one for you.

What is a flat-rate bank card?

A flat-rate bank card is a rewards bank card that provides the identical fee of money again or different rewards for all the things you purchase. This makes them distinctive from different rewards playing cards which may supply extra factors or money again in fashionable spending classes like eating out, journey or groceries.

✅Pros:

• Earn the next general rewards fee on all purchases  
• Simple rewards with no bonus classes to maintain observe of  
• The greatest 2% cash-back bank cards haven’t got an annual payment  
• You can pair them with one other card to maximise your return  
• Some have introductory APR intervals  

❌Cons:

• Lower rewards than a card with bonus classes  
• Limited redemptions for rewards  

How to decide on a 2% cash-back bank card

As you evaluate cash-back bank cards, you must hold extra than simply the rewards fee in thoughts. Here are some further elements to contemplate.

Welcome presents

If your most well-liked bank card has a welcome supply, make certain you’ll be able to earn it with out spending past your finances. Any overspending can eat into the worth you’d get from the supply.

Perks

Some cash-back bank cards include helpful advantages that may embody buy safety towards harm or theft, cellphone safety or prolonged warranties. If you are planning to make use of your card for on-line procuring, furnishing a house or shopping for new tech items, take into account a card that provides one or all these advantages.

APR and costs

If a card comes with an introductory APR supply, take into account how lengthy it lasts and whether or not it applies to purchases, steadiness transfers or each. Also, take note of the common variable APR, and keep in mind that the excessive rates of interest on bank cards make carrying a steadiness very costly over time.

Also evaluate playing cards primarily based on whether or not they cost overseas transaction charges, late charges and money advance charges. If you intend to make use of your card for debt consolidation, you will additionally need to evaluate playing cards’ steadiness switch charges. Most steadiness switch charges run from 3% to five% of the quantity being transferred, which is mechanically added to the debt you are liable for paying down.

If you do select to make use of a steadiness switch bank card, ensure you can repay the steadiness inside the given time-frame.

How to get essentially the most worth out of your flat-rate bank card

Applying for a cash-back bank card can result in incomes rewards in your most ceaselessly purchased objects, however that is simply the beginning. Follow these tricks to maximize your card:

• Use your card for on a regular basis spending and payments: Earning extra rewards with a flat-rate card is best once you use it for groceries, gasoline, eating out, utility payments and different purchases you’d usually make all through the month.
• Only cost what you’ll be able to afford to repay every month: The excessive APR of most bank cards make carrying an impressive steadiness costly. You can keep away from curiosity utterly by paying your bank card assertion steadiness in full every month.
• Avoid paying late: Avoid harm to your credit score rating and bank card late charges by paying your invoice early or on time every month. You may even arrange autopay in your bank card accounts to ensure you by no means miss a cost.
• Pair your 2% cash-back card with one other rewards card: You can all the time pair your 2% cash-back bank card with one other card that provides more money again or factors in different spending classes.

Alternatives to 2% cash-back bank cards

If you want the thought of incomes rewards with 2% cash-back bank cards, however you are still not bought on the thought, there are a couple of alternate options to contemplate. The first is rewards or cash-back bank cards that supply extra rewards in fashionable spending classes and a decrease fee on all the things else you purchase. There are additionally a couple of debit playing cards that earn rewards, though not many do. 

How to use for a bank card

Once you will have your thoughts set on a flat-rate bank card or another rewards bank card, take the next steps to use:

1. Check your credit score rating: Knowing your credit score rating can assist you determine which bank cards you are eligible for. Consider getting a free credit score rating by packages like Capital One Creditsmart or Chase Credit Journey, or from the three credit score bureaus.
2. Fill out an utility: You can apply on-line, in particular person and even over the cellphone. Plan to share data like your full identify, tackle, cellphone quantity, month-to-month housing cost, family earnings and Social Security quantity.
3. Get accredited and use your card rigorously: If you are accredited for the cardboard, you will need to have self-discipline when utilizing it. This means charging solely what you’ll be able to afford and paying your steadiness on time and in full every month.

FAQs

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