Comparing Cash Back and Rewards Credit Cards
Using a credit card for everyday purchases, one that you strive to pay off each month, is a great way to build your credit. Unlike credit cards of the past, institutions today like Patriot Bank offer many types of options, including rewards credit cards. So, how can you compare credit cards to see which type of cash back or rewards card might be right for you? Let’s explore the benefits of each type of card.
Choosing a Cash Back Credit Card
Cash back credit cards are touted as the more straight-forward option. You spend money and you get a percentage of that back. At Patriot Bank, we offer a Cash Rewards Platinum Visa® that earns you 1% cash back on purchases, fraud monitoring, and competitive rates.* When choosing the best cash back credit card for you, here are a few things to look out for:
- Cash back cards typically have small annual fees, if any.
- Cash back cards should have easy to understand redemption rates.
- Typically cash back credit cards have small welcome offers, if any, as compared to rewards credit cards.
- Most cash back credit cards have fewer benefits beyond cash back, like extra protections.
Cash back credit cards are ideal for the low-maintenance household. Patriot Bank’s Cash Rewards Platinum Visa® lets you earn 1% cash back on all net purchases, every day and it can automatically get put back into your statements.
Choosing a Rewards Credit Card
Rewards credit cards can come in a variety of forms. Whether you earn airplane miles or hotel stays, or you accrue points to redeem items such as electronics and music, each has nuances to understand so you can determine which is the best rewards credit card for you.
- Most rewards credit card offers come with large welcome offers, which if you pay your credit cards off every month, can be really advantageous. With the Visa® Signature Travel credit card, you can earn 30,000 bonus points by spending $2,500 in the first 3 months.
- Some rewards credit cards may require ongoing attention to gain the most benefit. For example, you can earn 3x points on certain purchase types, but only 1x points on other purchase categories.
- Often, rewards credit cards have larger annual fees, but that’s not always the case. Patriot Bank’s Visa® Signature Travel and Rewards Platinum Visa® credit card offerings have a $0 annual fee†.
- It’s important to pay attention to the fine print regarding rewards redemption. Often, point values can change based on date or purchase type.
Cash back and rewards credit cards are extremely popular choices. Now it’s up to you to decide what your top priorities are, and then select the best credit card for you.
Take some time to explore Patriot Bank’s cash back rewards and other rewards credit card options and let us know how we can help you find the best credit card for you by contacting us today.
