Everyone has a favourite retailer. Maybe they have the best mobile phones. Or they always have stock for your preferred lipstick shade.
What if these beloved retailers could earn you rewards for purchases you make? That’s where specialty rewards credit cards come in.
These credit cards earn you special rewards on unconventional purchases. Specific merchants and organizations, like General Motors, make rewards available to customers for their products. So, it’s possible to have a credit card suited to your preferred purchases and interests.
Every specialty rewards credit card offers different perks. You can earn anything from free hotel stays to access to exclusive experiences. Some cards also allow you to transfer points to other travel programs and earn free movies and entertainment. Specialty rewards credit cards can also come with insurance.
Before settling on this type of rewards credit card, consider the advantages and disadvantages.
Deciding on a specialty rewards credit card is simpler than other rewards credit cards. Consider where you shop often and what merchants you’re loyal to. As long as you’re committed to shopping at that one place, you can get a specialty rewards credit card. If you’re not loyal to the merchant, the card may not be helpful to you.
Besides your retailer preferences, it's also essential to consider the earn rates on the card. If the card carries a high annual fee, determine if the rewards justify it. Remember to choose a card that carries an annual fee you can manage. Also, go for one that provides lucrative rewards for purchases.
It’s wise to look for other perks the card offers as well. Maybe you get Visa Infinite benefits or travel insurance. These benefits can help you decide. You can bet on the card if you foresee using the additional perks.
Some specialty rewards credit cards have enticing introductory offers. However, you typically only earn them after you spend a certain amount. So look beyond the offer and consider the terms.
Will you organically spend the specified amount in the period to earn the reward? If so, you’ve found the right card for you.
As with all other credit cards, read the fine print. Make sure you understand the basics of the rewards program. Also, look out for clauses that may keep you from maximizing the card's value, like spending caps.
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Specialty rewards credit cards are great if you’re loyal to one retailer. Also, if you want to earn points for a specific purchase at one retailer.
It depends on whether you’re committed to shopping at one specific store. If you’re a loyal customer, a specialty rewards credit card is an excellent idea to earn a return on your purchases. However, if you shop at one place infrequently, you won’t get much value from a specialty rewards credit card.
There isn’t a catchall answer to this question. Everyone has unique shopping and spending habits, so these can help you decide which card is better for you.
A regular rewards credit card can earn you more perks, but it may not have great rewards for your preferred retailers. And a specialty rewards credit card may not be helpful if you don’t plan to shop consistently at one place.
That’s why it’s best to compare credit cards before settling on one. You’ll be able to see which one will earn you the most return.
To get the most return from your specialty rewards credit card, consider the following tips:
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