The jungle of car rebate cards can be astronomical to get through if you aren’t sure where to turn with them. Many will look like they are a good deal but you have to look further and do a little research.
If you have looked at any of these cards you know that they are not all created equal. Depending on the card you will get great benefits or those you cannot use. Here are five tips to help you pick the card that is right for you:
Convenience of reward program
Some cards may not be as convenient as others. You will first want to make sure that you are interested in choosing their cars for purchase and then you will want to take a look at what they offer. Is their card easy to use and can you use it for everyday purchases? Some of the car rebate credit cards accumulate money until the end of the year. If you want a bit of savings you might try one of these cards.
Check the fine print for the best deals
Although you may receive a card that says it has 0% financing you will want to read the fine print because this may be good for the first 90 days only. Usually these are rebates that are promotional in nature to get you into the program. Once you are in they raise the rate at some point.
Check the rebate percentage
Since many of these cards are promotional they will offer a 1% rebate. That is standard but if they really want your business they will offer at least a 5% back when your purchases reach the first $100 and when you have purchased a combination of gas or other services. Check to see whether this works to your advantage for your usage style.
Check the maximum limit
Some car rebate credit cards have a maximum amount that you can earn when you use the card. If you don’t charge a lot chances are you won’t reach the limit. However, if you charge a lot you may get to the limit very quickly. It is better to pace yourself as you go throughout the year so you get a rebate on monthly basis.
Check your spending habits against their expiration dates
Some people use this type of card on a rare occasion and some may not use it from year to year. The credit card company gives the card to you thinking that you will use their card. They generally will put a restriction on it that says if you don’t use the card within a certain amount of time your rebates will expire.
As an example, if you put heavy purchases on your card and you have accumulated points then don’t use the card for 12 months, you will lose what you have already accumulated. So, the point is to use this type of card on a regular basis.