What Is A Cashback Credit Card?

A cashback credit card is a credit card that offers you a rebate called ‘cashback’ by your issuing bank. Cashback (a.k.a. ‘cash back’) is an incentive offered by banks for their credit cards in order to get you to spend more using the card. You will be refunded a percentage of the amount that you spend into your credit card’s account.

What Should I Look For In A Cashback Credit Card?

When choosing a cashback credit card, make sure to get one that rewards you most for the most frequent spending category you will be using it for. Some cards like the Hong Leong WISE Platinum let you choose the categories you get to enjoy its 10% cashback on. Others like the Shell-Citi Gold Card reward you for pumping petrol at Shell Stations or give you unlimited 1% cashback for online transactions like the OCBC Titanium MasterCard.

What Is A Rewards Credit Card?

A rewards credit card is a credit card that earns you more rewards points from your issuing bank. Rewards points are another form of incentive offered by banks that are calculated based on the amount of money you spend with your credit cards. By collecting rewards points on all your transactions, you can redeem different types of products, such as electronics, furniture, shopping vouchers and other products or services offered by the bank.

What Should I Look For In A Rewards Credit Card?

Just like cashback credit cards, there are different tiers for the amount of rewards points that you can earn based on the spending category. So again, you should always choose a rewards credit card that gives you the most value based on your spending habits. And if you’re smart with your spending, you can continuously redeem points to get more value for your ringgit.

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