- Some of the most valuable credit card perks include earning rewards, introductory bonus offers, introductory 0% APR financing, and receiving annual statement credits for eligible purchases.
Credit cards serve as valuable tools offering a wide range of benefits beyond financing purchases. The top credit cards provide various perks, such as reward earnings, access to airport lounges, and protection against unauthorized charges.
In addition to these advantages, credit cards offer additional benefits, like increased purchasing power, the ability to build credit, and access to emergency funds when needed.
Now, let’s explore the best credit card benefits of 2023, such as rewards, welcome bonuses, interest-free introductory offers, and other perks that make owning a credit card a worthwhile choice.
- Earning Rewards
One of the key advantages of any credit card is the ability to earn rewards. Credit card rewards can be earned on online purchases, travel expenses, gas station purchases, and more.
Credit card rewards usually come in three forms: cash back, points, or miles. The type of reward you earn depends on the card you have.
Cash back: If you prefer using rewards to pay off bills, consider a cashback card. With cash back, you earn a certain percentage back on your purchases, which can be redeemed against charges on your statement or other options.
Points: Some issuers offer their own proprietary points programs with rewards for using their credit cards. Depending on your specific credit card, you might redeem rewards for statement credits, specific purchases like travel, or even transfer them to airline and hotel partners.
Miles: Another option is a credit card that earns miles with a specific airline or hotel chain. Some cards earn miles that can be used similarly to points.
Just as there are various ways to earn credit card rewards, you have multiple options for redeeming them.
For cashback rewards, you can typically redeem them as a statement credit, check, or direct deposit to an eligible bank account, with $1 in rewards equaling $1 in cash back.
If your card earns points or miles, how you redeem rewards may vary based on your card and its rewards program. For example, you may be able to redeem points or miles for travel benefits, statement credits, direct deposits, gift cards, merchandise, and more.
- Intro Bonus Offers
Another excellent way to accumulate extra rewards is by applying for a credit card with a generous introductory bonus.
Intro bonuses, also known as welcome bonuses, offer a windfall of points, miles, or cash that you can earn by opening a new account and meeting a certain spending requirement. These bonuses can range from thousands of airline miles or hotel points for travel to hundreds of dollars in cash back. Welcome bonuses are a great way to earn a significant number of points or miles when you first get your new credit card.
Credit card companies offer intro bonuses to entice you to sign up for their credit card. For example, you may see introductory bonus offers like $200 cash back or 60,000 bonus points when you spend a certain amount on the card within the first few months.
Before applying for a card with an intro bonus, it’s essential to check the terms and conditions since some cards may have restrictions on who can earn a bonus, especially if you’ve had the card before.
- Introductory 0% APR Financing
One of the most significant benefits of credit cards is the availability of 0% introductory APR financing, which allows you to make charges on the card for a certain period without incurring interest. During the intro APR period, you owe the money you borrow, but interest is not added until the period expires, often ranging from nine to 21 months. To avoid paying interest, you must pay off your balance before the introductory period ends.
Some cards offer 0% intro APR financing on all purchases you make. This option may be ideal if you’re planning to make a significant purchase, like furniture or plane tickets, or if you’re facing unexpected expenses, such as replacing an expensive home appliance. The introductory period can make your purchase more affordable, allowing you to make interest-free payments over several months.
If your goal is to pay off debt faster while saving money, consider getting a balance transfer credit card. With these cards, you can transfer debts from other accounts. Cards with a 0% introductory APR on balance transfers allow you to pay off your balance interest-free, provided you do so before the intro period ends. This interest savings can be an excellent way to save money in the long run. Before applying for a balance transfer card, review the card’s terms and fees, as you may be required to pay a balance transfer fee, typically ranging from 3% to 5% of the balance.
- Annual Statement Credits
Another fantastic credit card benefit to look out for is annual statement credits that can save you money on specific purchases. Often, the best credit cards with these benefits come with high annual fees, and the credits can help offset those fees.
Statement credits come in various forms, such as:
Travel credits: Many cards offer annual statement credits as travel perks or reimbursements. For example, you may receive credit for delivery orders, rides, or even TSA PreCheck fees.
Dining credits: Cards offering dining benefits may partner with certain eateries or delivery services to provide a certain amount of money you can use per month or per year on meals.
Streaming credits: With the right card, you could earn annual statement credits while binge-watching your favorite shows on Netflix or creating your ultimate playlist on Spotify.
- Zero Liability Protection
Sadly, credit card fraud is a possibility if someone steals your card number or the physical card itself.
Under the Fair Credit Billing Act, you are not responsible for any charges made to your credit card after you report it lost or stolen. Your liability is capped at $50 in case you report your card lost after fraudulent charges appear on your account.
However, many credit cards provide zero liability protection against fraudulent charges. Zero liability protection is a policy from your cardholder agreement that assures you won’t be financially responsible for unauthorized charges at all.
How to Choose the Best Credit Card for You
If you’re considering adding a new credit card to your wallet, look for a card with benefits that align well with your needs and lifestyle. Whether you’re earning valuable cash back rewards or bonuses, saving money with a card that has an introductory 0% APR period, or receiving annual statement credits on specific expenses, you may find valuable credit card benefits that make sense for you.
As you explore different credit card options, use a tool like Experian CreditMatch™ to gain a clearer picture of which cards you may qualify for based on your credit profile. With this tool, you can quickly filter and compare card options by welcome bonuses, type of rewards, and more, helping you narrow your choices and select a card that works best for you.
Learn More About Credit Card Benefits
What Is a Rewards Credit Card? A rewards credit card allows you to earn cash back, points, and miles on your everyday purchases. Discover how to pick the best rewards card for you.
7 Best Credit Card Features to Look at Before Applying Credit cards can offer a wide range of perks. Consider these seven features when choosing your next card.
How to Get the Most From Your Credit Card Credit cards are safe, convenient tools for making purchases, but if you maximize their benefits, their value increases. Here’s how.
Best Rewards Credit Cards of 2023 The best rewards credit cards offer the chance to rack up cash back, points, or miles on every purchase you make. Some also offer significant welcome offers.
Click on the link and apply for your new credit card no matter what type of credit you have and start building your future!
https://www.creditcardbroker.com/promos/feed6797
Contact us for more information and let us help you!
Phone: 321-578-9500
email: support@800creditsolutions.com
