The Best Credit Cards for Points or Miles
Points and travel rewards are common ways to lure consumers into using one card over another. Whether you prefer to shop, dine out or travel, there is a rewards program tailored for you. Sometimes the choice can be staggering. The best rewards credit cards will provide a rewards program aligned with how you like to use your card at the lowest cost.
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General Use
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Some credit cards are designed for rewards flexibility. They pay their customers cash or points that can be redeemed at a variety of outlets. An example would be the Bank of America Accelerated Rewards card, which gives customers 1.25 points for every dollar spent on retail purchases. Rewards can be redeemed in cash or turned into points to be used at their rewards mall. These cards are best if you make your purchases in a wide variety of areas or don't have a clear picture of how you will redeem your rewards.
Specific Use
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Many points programs reward shoppers for spending in specific categories. These cards are well-suited for consumers who regularly use their card for only certain types of purchases. For example, Discover has an Open Road card that gives a 2 percent rebate when the card is used at gas stations. The Chase Freedom card has quarterly promotions where customers receive five points on the dollar in rotating categories.
Airlines
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Free flights are a popular rewards category. Most airlines issue a credit card that allows accrued miles to be redeemed on their website toward flights and other travel perks. Typically, these cards will award extra miles for purchases made with the airline. For example, the Continental OnePass Plus card rewards one mile per dollar on regular purchases and two miles per dollar on Continental plane tickets bought with the card or other items bought through their rewards mall. These cards are suitable for people who regularly fly with one airline, because flights also earn you miles that can be combined with miles gained from using the card.
General Air Travel
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Other miles cards tailor themselves to customers who like travel rewards but do not wish to lock themselves into one airline. These cards may not give special discounts for using one airline, but often give more miles on general purchases. For example, during the first year as a cardholder, the Discover Miles card gives two miles for every purchase spent on restaurants and 1,000 miles for every month the card is used, but is not affiliated with a particular airline.
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