Creditnet News Story
How to find the best cash-back credit card
Monday, June 14, 2010
By Danielle Robson
For consumers considering getting a cash-back rewards credit card, there are a lot of options to mull over.
Those that are looking for the "perfect" cash-back card will often find that no such thing exists. However, the financial news website Bankrate reports, what card will work best is different for each consumer, and depends on both where and how much they spend.
The report recommends that consumers who use cards heavily - over $10,000 a year - may want to consider a Blue Cash card from American Express, which pays 5 percent back for "everyday purchases" and 1.25 percent for everything else after the consumer spends the first $6,500.
However, for those that don't spend that heavily, there are a number of cards that pay an even 1 percent back and some pay more for spending on certain products, like groceries, the report said.
A New York Times report said that these kinds of cards really only make sense if the consumer pays off their full balance each month. Otherwise, the interest charges would likely outweigh whatever rewards were being earned by the consumer.
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