Find the Best Rewards Credit Card and Save Big

If you’re going to use credit cards why not maximize the positive returns to the absolute max! By this I mean in the form of the best rewards credit card or cash back credit card. This certainly only makes sense if you use your credit card(s) responsibility in the first place … which means only buying what you can afford and paying them off monthly.

If you don’t pay off your balances monthly then there is no benefit in a rewards or cash back card and the amount “earned” is negated by the hefty interest rates paid.

In an effort to find the best rewards or cash back credit cards, here are a few sites worth checking out:

NerdWallet.com

This is a great site for finding the best rewards credit card out there based on your preferred criteria and reward preference (airline miles, cash back, etc.). Just enter info on your general monthly charges, or you can use the set defaults, and the site sorts through 400 credit cards and recommends the best cards for you.

BillShrink.com

Another great comparison tool for finding recommended credit cards based on your spending patterns and reward preference. While there are not as many cards overall, it calculates the cash back amounts for you over the select period of time.

The site also has some other very cool features that help you:

• Find the best savings and CD rates
• Find the best gas stations with the cheapest gas based on your actual address and primary destination points. It will show you who has the cheapest gas and also calculate if it’s worth going out of your way to fill up by factoring in the cost of your detour to get there.
• Lastly, based on select variable it will make suggestions on ways to save on cell phone service.

A site worth checking out … indeed!

MSN’s Credit Card Analyzer

Another tool by a very reputable source is MSN’s Credit Card Analyzer which finds the best card for you based on the criteria that you select. It’s certainly worth checking out a few different sources to determine the best card for you.

Wells Fargo Home Rebate Card

Another type of rewards card to look into is one that pays off the principle on your home mortgage. We had recently refinanced our home (to save money, of course) and got a phone call from our new home loan lender, Wells Fargo. After a few minutes on the phone my husband informed me that we will be getting a new credit card in the mail from Wells Fargo. My initial reaction was why another credit card, and then he told me the great news. It’s basically a cash back credit card that pays down your mortgage based on certain spending levels. I thought that was pretty cool.

There don’t seem to be a lot of these, but it’s worth asking your home loan provider if they offer such a rewards card. In my book, this is the best bet to pay off your home loan.

With the new credit card laws now in place, it is much harder for credit card companies to impose sneaky fees. As a result, they are giving out fewer rewards and finding good cash back and rewards cards is much more difficult. If you are going to use credit cards in a smart manner in which you pay them off monthly, then why not get money, cash back or some other tangible benefit.

Be responsible and always find ways to save or earn more.