Balance Transfer and Rewards on New Credit Card Accounts

by R. MAK. on May 3, 2009 · 0 comments

in Balance Transfer, Credit Card Basics

With the competing credit card market, cards with low interest rate and more reward programs are numerous and if you are searching for a card with these advantages, there are various options to select from. Now consumers are able to benefit from discounts at retail stores to simple old cash back options. Some new credit card accounts sometimes give offers with such significant rewards that it is worth to seriously consider availing one.balance transfer to other cards

Retail, Gas and Auto Rewards

Retails have traditionally offered a same day discount of 10-20% off a new purchase, which is now replaced with point based systems. These points can be used for making online or in-store shopping. Citi Home Rebate Platinum Select MasterCard during its 12 months promotional period now offers a 6% return for every new purchase on various items of home enhancement including cable TV, satellite and internet connections and a 1% return for all balance purchases.

Now there are bonus reward for consumers on regular purchases like gas and diesel along with big ticket items like a car. Consumers can receive five rewards points for every $1 spent at gas stations, supermarkets and drugstores for the first 12 months of the program and one point for every $1 on all the other new purchases if they use the Citi Diamond Preferred Rewards card. If you are availing a balance transfer you don’t have to pay anything in respect of APR. Not only this GM Flexible Earnings card even offers more. Now if you purchase a new General Motors vehicle you will get triple earnings potential of 3% towards your purchase with 1% cash back option along with 0% introductory APR for 12 months on balance transfers.

New Rewards for Travelers

Now travelers can also take benefit of one of the most popular types of rewards programs of American Express Preferred Rewards Green Card. This program offers members 5,000 membership rewards bonus points after the first purchase with the card, which can be redeemable for a $50.00 gift card. But the most beneficial is that American Express offers a frequent flyer mile transfer program that allows card users to exchange one bonus point for one frequent flyer mile on most programs. However, consumers can not get Balance transfers on this card program

Other companies offering similar deals are Capital One which offers a similar mileage deal with their No Hassle Miles Rewards. It also includes no deadlines or seat restrictions as well as offering the same APR on new purchases and balance transfers. Alaska Airlines also offers two round trip tickets for anywhere in the U.S. and Caribbean as a part of their new account rewards program.

It is important to take in to account certain points before selecting a new credit program. This will ensure that you are getting most out of what you have been promised. First don’t go for cards not offering accruals or carry forwards of your points. It will rather affect your credit score on the old card. In fact it is good to discuss the seat availability with your airline or a customer service agent with your new card. As you will find that seat availability is itself difficult as airlines have limited seats for such card programs and might not be able to reserve one for you as per your requirements. If you find it a problem then you should re-think about the value of that particular reward program.

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