Cash Back Credit Cards for All (cont.)
Contributed by Melanie Vannuys
Two questions: did you know that first-time parents spend more than $6000 on child-related expenses BEFORE their child is born? Did you know that by 2020, the average cost of tuition at a private, four-year college or university is expected to EXCEED $200,000? Wouldn't be nice if the credit card you're using anyway offered you a reward on all those diapers and baby bottles you're buying? And won't it give you peace of mind to know that all of those purchases you're making - yes ALL - will earn you rebates toward your child's education?
Pitfalls To Avoid When Using A Cash Back Credit Card
If you're looking for a cash back credit card, or even any card that offers you a reward program, stay away from the cards that charge the annual fees - typically they will be higher to make up for the "cost" of the rewards they offer. Stay away from cards that only offer rewards on the balance you carry. All this does is make more money for the credit card company because you'll be paying steep finance charges and interest. Last, don't go with a card that offers rewards only if you buy a certain brand. It's America - you're free to choose!
