As the credit card market becomes more competitive than ever, banks and lending institutions are coming up with new marketing and financial strategies to obtain more customers. One of those strategies used to acquire more customers is through the use of a cash back credit card.
By definition, those are credit cards that will return a fixed percentage of cash back to the customer according to the amount of purchases charged on the credit card. Usually, the cash back rebate is typically anywhere between 1 to 2% and is computed within a given time frame. Therefore, cash back credit cards might result in a good saving tool if used properly and conscientiously.
Lets assume that a given person will use his/her credit card and will also carry a monthly card balance. If the ongoing interest rate is very high, the finance charges will or than likely offset any of the savings gained from the cash rebates. On the other hand, if the card balance is paid in full at the end of every grace period, the cash back rebates earned from the credit card will usually end up earning the cardholder money back and sometimes a significant amount depending on how often the card is used....
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