Page

Racking Up Credit Rewards
II. What are the Different Types of Rewards Cards?

Cash Back Credit Cards?

Cash back credit cards offer consumers money back after making certain purchases with their credit card. It will usually be 1-5% of the purchase price, and can be used on new purchases once you pay off your balance.

Ever wonder how credit card companies know whether a transaction is made in a restaurant or not? Each creditcard charge from a merchant comes with a 4-digit merchant category code, which is assigned to the business by the credit card companies to classify the business.

Dining Credit Cards

Dining credit cards can help you earn extra rewards when you dine out. Some of the dining credit cards can give you up to 5% rebates or cash back. For those who frequent restaurants, dining may be one of the largest expenses on their credit card bills so these types of offers provide excellent value in rewards.

Gas Rewards Cards

Gas rewards cards will give you a certain percentage of money back for purchases you make at participating gas stations. For example, if you have a rewards card that offers 2% cash back on gasoline purchases, you would get $0.20 back for every $10 you spend at the gas station. This money will rack up throughout the year, and then you can either redeem it for cash back, as a statement credit, or other goods and services.

Entertainment

If entertainment is more your speed, there are many cards that offer rewards for using them to purchase tickets for concerts, music festivals, performing arts, entertainment parks, and vacations. The following is a list of credit cards that offer entertainment perks and features:

  • American Express: American Express is the official card of Ticketmaster and they even have their own link. AMEX Entertainment Access provides exclusive access to ticket presales and cardmemberonly events in certain cities. Qualifying events include Broadway shows, concerts, concert tours, sporting events, and more. Some of their cardmembers also get discounts and pre-sale access. Make sure you sign up for Entertainment Access E-mails to be one of the first to know about upcoming events. Depending on which credit card you get from American Express, there are a number of additional perks and benefits you could receive:
    • » Concierge Service: This is your personal resource to help you find last-minute restaurant reservations or shop for exclusive and rare gifts. There is no charge for this service, but the cardmember is responsible for any shipping or purchased items or fees associated with meetings or event planning.
    • » Premium Access to Popular Events: Cardholders gain special access to some of the most sought after events and experiences, like special entry to food festivals and VIP packages at concerts. Only the price of the event is covered, not including tax or gratuity, transportation, or accommodation.