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What is a credit card reward?

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Rewards credit cards give you extra benefits that you earn according to how much money you spend on your credit card. The lender converts your spending into rewards points, and when you redeem those points, the lender converts them into rewards for you.

There are four main types of rewards, discussed in detail below: cash back, frequent flyer, merchandise, and instant discounts at point of sale.

How do credit card rewards work?

Depending on the rewards program you choose, you can earn rewards points for each dollar you spend on the card. Check whether the card caps (limits) the amount of rewards points you can earn, whether the rewards points can expire before you redeem them, and whether it is easy to redeem the points for the rewards you value.

Some lenders allow you to set up auto-redemption, so that every time you reach a certain number of points, they are automatically redeemed in the method of your choice.

What are the main types of credit card rewards?

There are four main types of credit card rewards:

  • Cash back: These rewards suit customers looking for cash back or gift cards.
  • Merchandise (general rewards)These rewards suit customers looking for a choice of options when redeeming points, such as merchandise, gift cards, automotive, entertainment, lifestyle, food and beverage, or additional rewards.
  • Frequent flyer (flight rewards): These rewards suit customers looking for flights or other travel products.
  • Instant rewards: These rewards suit customers looking for an instant discount at the point of sale.

Compare Credit Card Rewards

Written by: TJ Ryan