Because a person aiming for a good credit card score should only have three to five credit cards, my readers often ask what the best rewards card is. After all, if you are going to carry credit cards, you might as well earn points!
But before you pick out a reward card, make sure it’s the best bet for you and your lifestyle.
Best Rewards Card Consideration #1: Does the rewards card mesh with your lifestyle?
Personally, my wife and I think the Starwood American Express is the best rewards card for us. In fact, we love it so much that we both have our own accounts. (I’ll blog more about this later, but a husband and wife should always build separate credit instead of having joint accounts). We love the Starwood American Express card because points can be used for airfare and travel. And let me tell you—with a family of five, traveling would be a huge expense otherwise. Add up the hotel rooms, airline tickets, and rental cars big enough to fit three (three!) car seats and two strollers, and traveling would be unaffordable without the Starwoods American Express.
But this card isn’t for everyone. If you rarely travel, this is not the best rewards card for you. Instead, think about getting a rewards card that offers points for something like gasoline. If you work from home and walk most places, try a card that offers cash back (though you should check to see what sort of restrictions are on this).
My point is that not every card fits every lifestyle. Fortunately, with a little digging, you can find the best rewards card for your lifestyle. You can find rewards cards that can be applied toward clothing purchases, electronics, iTunes downloads. You get the point.
That said, if you love to travel, do be sure to check out the Starwoods American Express card. They just sent me a promo that offers to waive the annual fee and give new cardholders 10,000 points after first purchase. If you want to take advantage of this offer, shoot me an email at philiptirone@philiptirone.com so that I can send you the link to the offer and earn 5,000 points of my own!
Best Rewards Card Consideration #2: Have you compared offers?
Once you decide on the best rewards card for your needs, shop around and compare offers. Many cards offer a reward upon signing up while others offer a pre-determined amount of miles, points, or benefits after you make a minimum amount of purchases. Factor in your spending habits and see which card makes the most sense.
You will receive the best offers if your credit score is high, so be sure to:
- Review your credit report and find ways to build your credit score.
- Avoid making any large purchases in the couple of months before you apply for your card.
- Check your credit report and make sure there are no errors associated with your credit accounts that could be lowering your score.
- If possible, pay down debt on your other credit cards, thereby lowering your utilization rate (the balance as a percentage of the credit card limit.)
Best Rewards Card Consideration #3: Run the numbers.
Don’t forget to compare annual fees and interest rates when searching for the best rewards card. Many reward cards feature steep annual fees, so the amount of the reward may not justify the steep annual fees. Similarly, look at interest rates for each of these cards. If you miss a payment, sky-high interest payments may claim any money you hoped to save via the rewards.
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A “credit card score” is a letter grade that reflects whether your credit card habits are helping you build credit or causing you to have bad credit: An “A” credit card score is excellent; an “F” indicates that you likely have bad credit. The lower your credit card score, the more likely you have bad credit and need to make immediate changes to your credit card behavior.
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I also have this card. I have saved so much money on expenses, traveling with my family. I have a four kids, so I relate Phil!
I have the Starwood Rewards card myself and love it!