Here Are the 3 Types of Rewards Cards You Need in Your Wallet NOW

Credit cards are no longer limited to your everyday spending card.

The different credit card options available today can be overwhelming. If this is your first time signing up with a credit card, it can be difficult to know which one you want.

Truth is, there’s a rewards card for everyone. From travel to specific retail stores and to even entertainment, there’s a credit card for every niche. So which one, or how many, should be in your wallet?

Here are the 3 types of rewards cards you should have in your wallet, in addition to some useful information about rewards credit cards.

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The Basics of Rewards Cards

Before we discuss the different types of cards, let’s go over some basics.

All rewards cards are different. Most have a system of gaining cash, points, or miles. The way you gain rewards is pretty straightforward. The more you spend on your credit cards, the more perks you gain.

As with all credit cards, know that no credit card is worth the signup unless you pay off your credit card in full every month. While the perks are nice, you don’t want to risk a low credit score.

The 3 Types of Rewards Cards

Now that you know about credit card rewards, here are the three type of rewards credit cards you should always have.

1. An Everyday Spending Card

The bulk of your spending should be on one credit card you can use for normal, everyday purchases.

These purchases include gas, groceries, and even fun purchases such as dining. If this is your first credit card or your first rewards card, an everyday spending card should be your first pick.

Every everyday rewards card is different. Most work on a point system. With every dollar or cent you spend, you receive a certain amount of points. Once you reach enough points, you can redeem those points for a reward.

Rewards include coupons and discounts to restaurants, stores, and other places.

Some everyday spending cards also offer cash. They take a percentage of each purchase and turn those purchases into cash. There is usually no cap on when you can redeem cash, so you can let it add up.

There’s another reason to consider an everyday spending card. They’re packed with security features. Your bank account is one of the most targeted places hackers want to access.

It’s easier to track suspicious credit card purchases. Since the money is only coming out of your credit line, you don’t have to worry about any of your accounts being affected.

2. A Travel Card

Who doesn’t love to travel? Whether you’re soaking up the sun in Bora Bora or you’re climbing the Alps, there’s an adventurer in all of us. A travel credit card makes travel purchases easier and you can win many travel perks.

Each travel credit card varies with the perks offered. Some travel credit cards go by a point system. You earn points for every dollar or cent spent.

You can redeem these points for travel rewards such as a free flight, a hotel room, and even travel activities.

Other travel cards let you take dollars off of your monthly statement. These can usually only be redeemed once you reach a certain amount.

You have a few choices with travel cards.

Most major banks and credit card companies offer flexible travel credit cards. If you prefer traveling with specific companies, such as certain airlines or certain hotels, many of these companies offer their own credit cards.

Do you specifically travel internationally? Travel credit cards come in handy with international currency conversions. Many don’t charge extra for the conversion, helping you save money while you’re overseas.

Unlike an everyday card, travel cards come with some strict standards. Don’t be surprised if they charge an annual fee. You may also face higher interest rates and overall stringent acceptance standards.

While you can use a travel card for everyday purchases, you’ll gain the most benefits when using the card for travel-related purchases.

That’s because everyday spending cards offer more perks and rewards than travel cards. You’ll be missing out on serious savings and even extra cash when you use a travel card instead of an everyday spending card.

3. Other Credit Card Rewards

As stated previously, you can find a credit reward card for every niche. Find a credit card that rewards you for purchases on things you love.

For most, this is a retail store reward card.

If you consistently buy from specific stores, a store credit card can help provide more savings and other perks when you shop at their store. You may even be the first in line for certain events, such as a huge store savings event.

There are other niches that offer credit cards. Certain restaurants offer their own rewards can. If you visit specific theme parks on a regular basis, a theme park rewards card can help you save on annual passes and other expenses.

Even sports fans can sign up for a credit card. You get benefits when you buy tickets and even merchandise.

Many entertainment and leisure credit cards also offer an easier acceptance platform. They may offer deals such as low interest and no annual fee.

Keep in mind, this is still a credit card. You should only sign up if you spend enough on your hobbies throughout the year.

Overall, these purchases are meant for leisure. You can put these purchases on your everyday card or your travel card, but you may not reap as many benefits toward your hobby or passion.

Are You Looking for a Credit Card?

There are many types of rewards cards. Hopefully, this list better clarified the different rewards you can gain and you know which type of card is best for you.

An everyday spending card is integral, but travel and leisure cards assist those who do enough of either activity.

Are you now looking for a credit card? Here are the best credit cards of 2019.