Experts have said that the bonuses offered with credit cards continue to get better. The perks are higher than ever before and are predicted to keep increasing in 2017. One example is the Chase Sapphire Reserve card, which, although costing $450 per year, offers a limited time sign-up bonus of $1,500. For financially savvy consumers, opening new accounts and cashing in on the benefits could be big business.
Matt Schulz, an expert in the credit card industry, explained that lenders are likely to continue offering increasingly attractive rewards to consumers. Following the introduction of the Chase Sapphire Reserve, Schulz thinks it likely that another lender will soon try to match or top its offering. You don’t need to feel that you’re missing out if $450 per month is just too high a price for you. More affordable cards still offer perks, too, and since 2010, the average cash-back has tripled to around $100.
In 2017, there are several things that consumers should look out for. Firstly, if account holders regularly settle their credit card bills but are not using a rewards card, they are missing out on free money. Several cards offer 1.5 percent cash back on all spending, while the BankAmericard Cash Rewards™Credit Card offers 3% cash back on gas, 2% on groceries and wholesale clubs, and 1% on everything else.
Secondly, it’s important to pick the right perks. Assessing average household spends per month is essential to know what advantages are needed. For example, a cash-back card might be a better option than a travel card if a large portion of your spending is not on travel or restaurants.
Investing in a rewards card is a good financial step to make the most from lenders’ offers. If you want more credit, check out MoneyTips’ list of credit card offers.