What credit card offers the best rewards?

Question

The apartment I am moving into allows rent to be paid by credit. I would like to use this option to have my rent add up into a reward.

I will be paying the card in full each month, so I am not too concerned about the interest rate. Within the past two months I ran my annual credit check and know that my credit rating is high (I don't want to give an exact score on this forum).

I'd prefer no annual fee, but if the reward is worth it I would consider a card with a fee.

The credit card I currently have earns one point per dollar spent, but to spend the points, you need a crazy number so I feel that there must be something better.

Thank you all in advance for your advice.

Answer 1

American Express offers a card that gives 3% cash back for most gas purchases and 1% for everything else.  You actually get the credit once a month on your credit card bill.  There is no annual fee.  

It is called SimplyCash Business (OPEN).  I changed to it last March from a fee Amex Delta Airlines FF card.  They let me keep the same account number--just changed the status.

I am very happy with this card so far.  Of course, some merchants won't accept Amex so one may want to also have a VISA or Mastercard to boot.

Note:  As far as I can tell the APR is the prime rate on purchases.  Cash advances are prime plus 15%.  Since I don't like to carry balances or take cash advances, this isn't a factor to me and probably wouldn't be to you.

Answer 2

We all differ in how we use our credit cards and how we spend our money. Someone who carries a balance on their cards will save more by focusing on debt repayment and raising their FICO score, but someone who pays their card in full each month has more flexibility.

Different cards reward different types of spending. The fastest way to rack up points is to use a card for your regular purchases you would have to make anyway. Someone who travels a lot for business can use their business travel expenses to get free airmiles for their vacation. However, for most of us, it makes sense to use a card where we get points on everyday purchases and can use these points for stuff everyone needs like cash back or gas rebates.

Make sure you get rewards that are valuable to YOU. There is no point in airmiles rewards if you never travel, or gas rewards if you don't drive a car.  

Three Golden Rules:

1. To really be a reward, you need to get something for nothing. You can only do this if you are getting reward points for buying something you would buy anyway, like gas or groceries. You will never come out ahead if you chase points by buying stuff you don't need, just in order to reach your points limit.

2. Cash is king. If you can get straight cash back in exchange for everyday purchases you cannot go wrong, regardless of your circumstances.  

3. NEVER make credit decisions based on rewards alone. If you carry a balance your rewards will never make up for what you pay in interest charges and other fees. Your number one focus should always be on raising your FICO score and getting the lowest possible interest rate. A low APR is ALWAYS the best reward.

Whatever you you do, PLEASE avoid the number one rewards card trap: DO NOT use a rewards card that encourages you to spend more than you save. The problem with cards like a Chase's Starbucks Duetto Visa, or Chase's Borders-Waldenbooks Visa is that they encourage you to spend money on unnecessary consumables like lattes and paperbacks, and only reward you with more of the same.

Compare this with using a "smart rewards" card where you win points on every dollar spent on necessities like groceries you would buy anyway, and then get 5% of other necessities like gas, and it really is a no-brainer.  

Answer 3

Ebay credit card or the Pay-Pal credit card.

Check all at http://www.creditcard.com or http://www.lowermybills.com websites.

Answer 4

This is really a simple answer. Undoubtedly the best rewards card on the market is Discover Cards. You first have to understand that the only way you are going to get rewards is by paying your credit card balance in full each month. For your purposes - its a genius plan.

If you pay your rent in full with the card then before your due date, pay off your card balance then you can access some real rewards.

But watch this great video, its explained fully:

http://www.youtube.com/watch?v=10uOnKrkH...