Are you a cash-only carrier or a plastic prodigy? There are a ton of advantages to credit cards and cash, but your credit card can offer something cash can’t: rewards.
Cash is pretty straightforward. You don’t get too many options, except maybe asking for your change in fives instead of tens. When it comes to credit cards, the options can seem endless. If you’re on the hunt for the credit card with the best benefits, remember that a credit card is only rewarding if it matches your financial goals. Only fly once a year? An airline miles card might not be the best fit. Check out three common financial personalities, and find the rewards that will fit the bill.
Compare Credit Card Rewards Personalities
YOUR STYLE: THE FREQUENT FLYER
Whether it’s for work or play, you’re always on the go. Plane, train or automobile? Hotel or Airbnb? You’re a travel pro, and you have the mileage to prove it.
YOUR MATCH: THE TRAVEL REWARDS CREDIT CARD
Travel rewards credit cards are popular for a reason. Not only will you be earning points as you pay for your travel expenses, you could be earning free flights and hotel stays to help lower the price of travel in the future.
If you’re a brand loyalist, see if your favorite airline or hotel chain has a credit card. In addition to more traditional rewards like free room nights at a hotel, you could also earn extra perks, like an upgraded room or hotel restaurant discounts. You could also look for a card that offers you rewards at places you already spend money, like the grocery store or a gas station, helping you earn points more quickly on everyday purchases.
YOUR STYLE: THE SAVVY SAVER
When it comes to savings, your goals are clear. You’re checking out the horizon and you know what you want, whether it’s a down payment on a home, a tropical vacation or your dream wedding. You’ve got automatic savings set up. You’re following a detailed monthly budget. Eyes on the prize.
YOUR MATCH: THE CASH BACK REWARDS CARD
If you’re serious about savings, following a budget doesn’t have to mean going cash only. In fact, if you’re careful about your spending using a credit card could actually increase your savings.
Consider getting a cash back credit card. Available with a variety of terms, some will even allow you to deposit your cash back rewards directly into your bank account, so they can build your savings and start earning interest. Or you could choose a card that offers cash back via statement credit to lower your credit card balance.
YOUR STYLE: THE DEBT DESTROYER
You’re so over debt, you’re ready to take a sledgehammer to it. Credit card debt? Auto loan? Student loans? Prepare to be wiped out.
YOUR MATCH: THE BALANCE TRANSFER CARD
If you’re juggling high-interest rate debt or multiple monthly payments, consider a balance transfer card. Balance transfer cards usually offer a low or 0% introductory APR, giving you the opportunity to pay off debt without accruing additional interest. The introductory APR will expire eventually, so make sure that if you take this route that you have a plan to pay off your debt within the available timeframe.
Check out credit cards from Santander Bank and see if they have the right combo of benefits and rewards for you.