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What is a rewards credit card?

A rewards credit card offers a reward for each eligible dollar spent with the card, such as travel miles, cash back or points. These cards can offer flat rate earnings on purchases, such as 2 percent cash back across all spending categories. Or, the card may offer a boosted reward rate for select categories, like gas, grocery or travel purchases.

How do I use a rewards credit card?

The smartest way to use a credit card that has rewards is to charge everything that you can afford to it and pay it back quickly (by the due date each month). Avoiding interest is key to maximizing the value of a rewards credit card, since credit card interest rates are higher than credit card rewards rates.

What is a charge card?

A charge card is a type of credit card that requires the user to pay the bill in full each month. Charge cards usually have higher credit limits than normal credit cards, along with attractive rewards, because charge cards do not allow cardholders to carry a balance from month to month.

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