Inflation is making people more interested in having a credit card that earns rewards – especially cash back – according to a new survey by WalletHub.
The best cash-back rewards cards can save you hundreds of dollars a year, if you pay the bill in full every month to avoid being charged interest.
“If you’re carrying a balance, then you are slowly but surely eating away at those rewards that you’re supposed to be getting,” said WalletHub analyst Jill Gonzalez.
Before you apply for any rewards card, factor in the annual fee, something many of the best rewards cards charge. That fee may be waived for the first year and there may be introductory perks, but you want to make sure that math works.
“If you’re paying $95 for an annual fee, but you also get cash back or an initial bonus that outweighs that, then that’s something that is a good thing, Gonzalez said. “You never want to rule out an annual fee. Just want to make sure that it’s worth your while.”
For the seventh year in a row, WalletHub named Capital One the best credit card rewards program.
More Info:
Best Credit Card Rewards Programs of 2022
