There Are 10 Mistakes To Avoid When Using A Cash Back Credit Card In 2024

June 11, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

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When it comes to credit cards, Americans prefer cash back credit cards over any other type of credit cards. What is a cash back credit card? A cash back credit card allow you to earn money when making certain purchases using them. The rewards percentage that you receive when swiping to pay for common expenses like entertainment, dining out, gas, groceries, travel and more typically range from 1% to 2%, but the best ones offer much more. There are those who offer a bonus payment amount after making a specific amount of purchases within a specified time frame.

Cash back rewards can be used to redeem them in different ways, including using a statement credit, a check, or a direct deposit into a bank account. Claiming them can be done through a gift card, merchandise, or straight cash from an ATM. If you’re using credit cards, chances are that you want to get the most out of them. In order to do that, here are 10 cash back mistakes you should avoid, as well as a few tips for getting the most out of those rewards:

1. Your credit card is not the best fit for your lifestyle

2. Storing credit card rewards or not utilizing them

3. You are not enrolling in those quarterly bonus categories

4. You’re not utilizing rebate coupons or shopping portals to boost cash back

5. You’re drawn in by sign-up bonuses

6. You’re ignoring spending caps

7. You’re using credit cards for automatic payments

8. You’re not avoiding foreign transaction fees

9. You’re carrying a balance

10. You’re still using the same credit card

When picking a credit card, it’s important to take into account your spending habits and preferences. If you frequently spend in specific categories, certain credit cards may be more suitable than others, which offer a constant cash back rate on all purchase. We believe these are the best and most popular cash back credit cards in 2024, check them out.

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