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Cash-back rewards 'key' for saving money

An expert has advised credit card users that opting for cash-back rewards on purchases is a good way of saving money.

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3 March 2009

Cash-back rewards 'key' for saving money”

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Aaron Patzer, founder of finance management website Mint.com, told CNN that too many consumers are missing out on easy money.

He said: "Don't settle for a card that pays less than 1%. For a typical household that can mean as much as $300/year (£212/year) back, just for doing what you were going to do anyway."

While many providers offer miles or points incentives on their cards, Mr Patzer added that cash options should always be a priority.

"Cash is more flexible," he explained.

Other money-saving credit card tips include shifting existing debts to a balance transfer deal.

According to MoneySavingExpert.com, this can sometimes save consumers thousands of pounds with MBNA Rate for Life, Barclaycard Simplicity and Capital One offering some of the best long-term options.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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