To spend HUGE and be rewarded?

A while back, we talked about the problems we encounter today when trying to get a great credit card with the best rewards around. We discusssed the 3 main points that are frustrating customers in their quest to find the best gas reward credit cards.
In another post, we dealt with the capped rewards issue many companies make. Today, we'll discuss the latter problems described in my earlier post, and also talk a bit about what's been going on with the economy and how that relates or affects your decision on which credit card to get, and which rewards are worth your time.

Let's get started with determining how to combat the prerequisite of spending a large amount of money using a credit card before the rewards start kicking in.
The reason this is done is to make customers/users of the credit card spend enough so that the gas reward company will have made enough money on the spending to cover all expenses from rewards. Obviously, we don't want any of this. There aren't any ways to actually stop companies from doing this, so the best option is simply to look for another credit card gas reward provider. In fact, if you look at what I wrote before about how to deal with credit card gas rewards that have a cap on them after a certain amount of rewards, you can see that you should take advantage of the companies that offer gas rewards early on, but then cap the rewards by having more than one credit card.
The only situation where you should really follow through when there is a prerequisite of spending, is when the amount of spending required is minimal, and where the rewards are large. Unfortunately, these types of cards are uncommon, as it usually results in a lot of people taking advantage of them.
Well quite frankly, there is a simple solution to this, and that's to simply ignore any credit card that does not give you rewards right away. Most credit cards that do this will not be able to offer strong rewards for you, because you've already had to spend money without getting anything back. Thus, in essence, you've had to earn your gas rewards from the credit card companies, but in reality, you should not have to do this. The whole point of getting gas rewards is for companies to attract customers. You, the customer hold the ultimate power here, and you are the one that decides what rewards you want. That's why, even though some credit cards may offer huge rewards after a prerequisite of massive spending, there's no reason to associate with them, because there are much better offers out there that don't have such requirements.

Sometimes, it is hard to tell which really gets you the best deal. That is why I recommend different approaches for different people. While most people would probably follow the advice I just gave, some of you may choose otherwise, because a lot of these companies also don't have capped rewards. You see, when a credit card forces a capped reward on you, if you spend more than the maximum amount, then there are no rewards for you. Earlier, I explained that there are various ways to get around this, but some of you may choose to get around that by using this method of actually LOOKING for a credit card that has a requirement, because they usually do not cap rewards if they have a spending requirement.
Yes, this appears to contradict what I have said earlier, but really it doesn't. It just so happens that some people don't want to manage all sorts of credit cards to get around the problem, and these kinds of people spend frequently. They may spend far more with a credit card than others, thus resulting in higher rewards. So, one should understand what one's spending habits are, and to take the best advantage of them. Credit card gas rewards will always differ from person to person, but if you manage it well, you can reap very nice gas rewards.


The conclusion here is that for people who don't spend abnormally large amounts of money with a credit card, it is best to ignore credit cards that do not immediately start to give gas rewards. However, for people who spend large amounts of money and don't want the hassle of having to manage multiple credit cards that all give varying gas rewards and have different rules, then maybe you could look towards such cards that have a spending requirement as a method of getting around capped rewards.


In light of the recent economic problems, I thought perhaps we ought to discuss how it may affect us.
When the credit market froze the way it did recently, one can expect the financial industry to have serious problems. And yes they are having quite the issues now, but fortunately, some institutions now offer greater interest rates on savings accounts, and they've ramped up the rewards. Hopefully that will soon follow for credit cards as well, as loaning to consumers on credit cards is a massive industry, and a huge source of income for banks. The problem is, it appears that credit cards don't have the same kind of treatment from banks, as this is debt on the consumer, and savings accounts are well, loans to the bank. With the economy the way it is, it is probably best to save as much as possible, and also to find credit cards with low interest rates. But I mentioned before some people may want to use credit cards excessively, however, clearly with the economy in such a horrible mess, it would be wise to minimize credit usage, and just cut down on expenses. Find savings wherever possible, then make sure you have less debt and just work on having money for bad times like these. That's why it's also more important than ever to get credit cards that give you the BEST deal. You don't want debt to hang around, and you want to keep savings, so getting gas rewards is a powerful deterrent to excessive credit card debt. You'll be able to save in one area, while enjoying the benefits of convenient credit cards, yet you must also keep in mind that mere gas rewards don't make the credit card perfect. Perhaps we'll talk more on this later.
Get credit card gas rewards now, because this is THE time to save on gas and what better way to do it than with rewards from credit card spending?

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