Find answers on rewards credit cards

While credit card rewards are “technically” taxable, tax pundits say not to fret about it. According to them the IRS doesn’t consider low-dollar rebates, gambling proceeds, credit card cash back and airline miles to be a taxable award or prize. Even during a formal audit, they aren’t considered. But they also advise you to consult with a tax professional in any case.

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Yes, rewards credit cards can have a joint operating account. You can choose the auto pay option which will draft payments automatically from your account. Joint operated accounts can help you earn miles and points more quickly and can help you finance an entire holiday if planned well.

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Travel rewards on a credit cards are generally referred to as ‘miles’. You can redeem these ‘miles’ when you are booking travel tickets or making hotel reservations. Cash back rewards are the ones that return you a certain percentage of the amount that you had spent throughout the year.

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These kinds of rewards credit cards enable you to accumulate “miles” which are basically points when you buy flight tickets with the card. When you reach a certain limit, and have charged enough trips to the card, the miles you’ve accumulated will be enough to take an entire round-trip flight for free.

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Rewards Credit Cards literally reward you for making purchases with those cards. There are three types of reward cards – points, cashback and travel. While some like points that can be redeemed for cash or other merchandise, others like the flexibility of cashback rewards. Travel rewards cards though remain a favorite among frequent travelers because of the privilege of earning free flights, hotel stays, etc.

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Websites such as www.valuepenguin.com, www.thesimpledollar.com, and www.bankrate.com offer a good spread on some of the best rewards credit cards.

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Rewards cards generally have higher interest rates compared to other credit cards. They also sometimes have annual fees. Eg. a program may offer a reward but you might be eligible for that until you spend a certain amount on your card. Some of your rewards could expire if you don’t use them up within a stipulated time.

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Gas rewards cards are a good idea for those who drive frequently or commute long distances to work. Gas rewards cards give you back from 3%-5% of the gas you buy on credit.

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When you start using your credit card simply to earn those rewards you run the risk of ending up with a balance you cannot pay at the end of the month. This is rewards card debt.

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Apart from adding double points on every dollar spent on your hotel stays and meals at restaurants, the rewards card that helps with your room upgrades, complementary stays,
levies no foreign transaction fees, and lets you redeem your reward points regardless of the brand of the hotel can be considered as best hotel rewards credit cards.

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The rewards that offer a good amount on joining bonus, the most points on travel purchases and waive or offer low foreign transaction fee make the best rewards credit cards for travel.

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If you are good at paying your dues, sign up bonus and cash back rewards are the ones that make best rewards credit cards. Cash back rewards you a certain amount at the end.

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Discover it miles and capital one venture one are some of the popular rewards credit cards that offer no annual fee and 1.5 and 1.25% respectively on cash back rewards.

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CAPITAL ONE VENTURE offers 40,000 miles on spending $3000 dollars in the first 3 months Of approval. CHASE FREEDOM UNLIMITED offers 1.5% cash back on every purchase including gas purchase. You can redeem the cash at any time.

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It all depends on your personal preference and lifestyle. If you are a frequent traveler, it makes more sense to choose the miles. If you aren’t a frequent flier and prefer getting cash in the form of account credit or check then that is what you should go for. As far as points go, cards sometimes offer discounts and merchandise which means you get more out of your points. It all boils down to individual choice.

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Only those with good or excellent credit scores qualify for a rewards credit card. Even someone with an average credit score may not qualify.

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