Should you find rewards cards with signup bonuses?Friday, June 29, 2012 at 6:52:02 PM
These days, if you're looking out for credit card offers that will give you access to rewards accounts, you've probably seen more than a few that will allow you to earn a large amount of points just for signing up.
Rewards accounts with significant signup bonuses are becoming more common for accounts that offer consumers both cash back and miles, and can allow consumers to collect benefits equal to those that would have taken them thousands of dollars worth of spending to rack up. But how do you know which of these accounts will be most beneficial for you?
several offers relevant to your situation
This is a step you should take whenever you're weighing which credit card applications to fill out, but you should take the time to look at a number of appropriate offers to
find out exactly which one will work best for you. At CreditCardApplications.com we provide advanced tools to help you quickly compile a list of credit card offers likely to yield your best credit card deal.
We have category pages for each type of credit card (such as hotel rewards credit cards) and a credit card search engine, that returns a focused list of appropriate cards based on information you provide about yourself.
Sometimes, the best sign-up bonuses won't necessarily be as beneficial to you as others because of the ongoing rates and fees associated with the account. For this reason, finding the right balance between a top-notch signup bonus and terms that make your personal borrowing habits the most affordable is the best idea.
Find out if there's a catch
In some cases, signup bonuses will be advertised as being a few hundred dollars' worth of cash back, but this may not always be the case. Some accounts will grant you the first half of that amount upon signup, but then require you to meet certain spending thresholds if you want to earn the full advertised amount.
As a consequence, you should try to
determine whether the credit card program you think might be the most beneficial actually will be. If you don't think you'll be able to afford putting the required amount on your credit card within the first few months the account is open, then you might find moving on to a different credit card offer to be a better idea.
Weigh the ongoing rewards
Finally, you should always make sure that the rewards you'll be able to earn on the card after getting the signup bonus is actually the most beneficial given your spending and repayment habits. Looking at all aspects of the account you're trying to open will help you to
determine whether it's the best credit card for you.