How Rewards Credit Cards Could Do More Harm Than Good

MoneyTips

Who doesn’t love cash back rewards? We all enjoy the feeling of getting something back with our purchases, and credit card companies know this. They offer rewards programs as incentives – and a recent survey from CreditCards.com shows that cash back programs are the most attractive variety.

Almost one-third (31%) of survey respondents chose 3% cash back on all purchases as their preferred option. That’s nearly double the percentage that preferred a $500 sign-up bonus (17%) or an eighteen-month 0% intro APR on purchases (14%). Cash back was preferred almost three-to-one over a 21-month 0% intro APR period on balance transfers or a $1,200 sign-up bonus good for airfare and hotel usage. Check out our list of cash back credit card offers.

However, rewards come at a price. Cr…

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