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Credit cards are a great tool to help you maximize rewards and make the most out of your everyday expenses.

Best No Fee Credit Cards | Canada | June 2021 | milesopedia

But sometimes you’re not sure if your credit card offers the right perks for your lifestyle. There are plenty of things you can do to make sure your credit card offers a high value proposition in terms of rewards, and you should use them wisely to take advantage of a good deal.

Using your credit card responsibly to maximize rewards and minimize risk is easy. But there are always some cards to avoid if you’re looking to maximize rewards. So before you decide to apply for the best credit card, it’s important to understand the pros and cons of the card in order to avoid any pitfalls.

Here are the three big factors to consider when applying for a credit card:

Points

“Points” are real money, which are awarded for using credit cards. It can help you book more exclusive hotel stays, reward your hard work, or even buy more groceries. But be wary of using credit cards for this.

Credit card points are available only to the cardholder, and they’re usually accrued through making purchases and not, for instance, paying the bill.

Some credit cards offer “rewards” programs that you can apply for after signing up for the card, such as the Shell Gas Rewards program. You can sign up for one of these programs after you get approved for a credit card, but you may still have to wait up to 90 days before earning any points.

Conversely, some credit cards don’t award any points at all and are billed in a different way.

A few of these cards earn points through everyday purchases such as groceries, gas and entertainment, including hotel stays. Other cards, like the Chase Sapphire Preferred, are explicitly about the interest earned on your money.

There are also some good tips on how to use your credit card responsibly and maximize rewards.

Cash Back

When shopping for travel, a low number of credit cards is usually a sign that it’s not worth it to you. In a recent article from Bankrate.com, author Brian Moylan shows why.

Moyer cites a report by LendingTree, which ranked the number of travel rewards credit cards in the United States. The list is based on the maximum credit limits of those cards and takes into account all the information about the individual rewards program.

For instance, this list had the lowest minimum credit scores for cardholders using a traditional debit card.

The number of travel rewards cards available ranged from zero to 53.

The top reward card, with a perfect score of 9, is a branded credit card known as the Platinum Visa Signature.

Other cards that do well in the rewards department include the Chase Sapphire Preferred, Amex Platinum Card, Citi Prestige Mastercard and United MileagePlus Club, according to LendingTree’s data.

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