Congratulations on being approved! So, your application for a new credit card has been accepted, and you are on your way to hassle free and cashless purchases. But, are you well-equipped to manage your finances, especially when you have a credit card? Are you fond of shopping and charging your expenses on your credit cards?
The great thing about many card companies is that they offer reasonable perks for their patrons. One example of these membership perks for cardholders is the rewards program.
To get more information on Visa rewards, or other credit card rewards packages, read on.
Here are some basics to guide you what you can get for being a valued client from these card companies.
So what are credit card rewards? What benefits can members of credit card holders get when they avail of such services from their credit card provider? How do Rewards programs work?
First of all, always remember that credit card rewards or membership rewards are strategies employed by card issuers to gather more clients and compete against other companies who do the same.
They usually offer tempting treats and packages simply upon sign up for a new account or a new credit card. Visa rewards programs and other programs from other issuers sometimes make use of a point system, in which the cardholder earns points for every purchase he makes.
What good are these points when you are a member of the program? The basic rule is, the more you spend, the more points you get, and the more rewards you can avail of. For example, spending or charging $1000 on clothing can earn you more points as compared to several small payments of $100 each.
These credit card companies provide you with a catalog of items you can redeem using the points you have earned upon charging with your card. Just like in ticket redemption booths in arcades, you get a corresponding prize depending on how many points you already have. You can choose from toys, kitchen appliances, digital and electronic gadgets, and more.
Other membership rewards plans consist of discounts from partner establishments. If the supermarket you are shopping in, or the restaurant you are dining in, is included in the credit card rewards perks program, then you can get as much as 20% discount on your charges.
At the same time, you also earn rewards points for these items you buy. You can also get perks such as discounts on services from hotels, resorts, and many others.
There are some membership perks that let you receive rebates when you have charged a specified amount on your monthly billing. These rebates can be credited to your next billing statement, which translates to savings for some people who use their credit cards more often than others.
Still interested to know if your card issuer has these rewards and benefits for you? Inquire from your card company and check out their membership packages to find out if you are eligible to avail of these rewards.