Hi BarBent, well it seems that the answer to the question is simple enough in itself. Actually, you’ve already answered it. What I mean is, “if you have to buy gas and groceries each month anyways, WHY WOULDN’T you want something that will give you more value for what you spend instead?
And you’re absolutely right anyway. Since you said so yourself that you’re currently paying for high interest rates, AND you still need to buy groceries and gas at regular intervals transferring to rewards credit cards would be a much better option.
Now about your question concerning not paying the same high interest and getting the reward points each month, it all boils down to research. You’d have to remember that not all banks will be offering the same interests in their credit cards, regardless of whether the rewards system is included or not.
But I do understand your point; it’s basically getting more returns out of your purchases without having to pay that much in terms of monthly interest right? Well, it simply would be a matter of how well you research. For example, here’s one site that I’ve found to offer particularly interesting deals,
http://www.mbna.ca/popularcardList.html.
Pay close attention to the platinum MNBA smart cash, because after checking, here’s what I found:
• You get 5 percent cash back on net gas, and grocery purchases for the first six months (one percent thereafter)
• 3 percent cash back on total gas and groceries thereafter
• And a 1% cash back for all other net retail purchases.
• It has no annual fee
• And carries all the normal benefits that platinum credit card has.
Just do the proper research and you’ll surely be able to find the rewards credit card that will perfectly suit you.