Do you like being rewarded? It’s easy! If your current credit card doesn’t offer you points or cash back, you may be missing out on a great opportunity to receive major rewards!
A rewards credit card works the same as a regular credit card, but you will earn points for each transaction that can later be applied towards something for you (think vacation, cool tech, or even gift cards)! Get the nitty gritty details about rewards credit cards here, and then make the switch to a credit card that pays you.
How does a rewards card work?
Each time you use your credit card, you will earn points. How many points? That can change depending on the type of card and if there are any current promotions. Right now for Advia’s Visa® Platinum with Advantage Points Credit Card, you can earn 1% cash back (equal to $0.01) for every $1 for all purchases and 5% cash back (equal to $0.05) on Gas, Grocery, and Amazon purchases.* That means if you buy something on Amazon using your Advantage Points Credit Card for $1,000, you will earn 50 points. If you buy a couch from a local furniture store using your Advantage Points Credit Card for $2,500, you will earn 25 points.
You can then search through the rewards catalog and use your points to redeem all types of rewards! For example, in terms of price points, merchandise can range anywhere from 1,000 (infant pajama set) – 275,000 (1 week hotel stay in Miami Beach). Or you can simply redeem your points for cash.
Not all rewards credit cards work like this, however. Some offering "cash back" automatically apply the money you've earned from your purchases to your monthly bill to pay off charges. While this helps you pay off your debt, you don't have much freedom on how you use your earned "cash back." With the Advia Platinum Advantage Points Credit Card, you can redeem your points for cash that can be loaded into your Advia account.
What are some common credit card reward categories?
Book your hotel and flight right through the rewards catalog and travel for free!
2. Gift Cards
Retail, restaurant, or car rental gift cards are available for purchase with your points. Turn your points into cash for you. For Visa, 5,000 points = $50.
Want tickets for your favorite sports game or concert? Redeem your points instead of using cash!
Buy gifts for yourself, friends, or family using your points! The rewards catalog has an amazing variety of items from baby, to technology, to recreational sports!
5. Cash Back
Turn points right into cash that is deposited into your Checking or Savings Account.
Do all rewards cards offer the same categories?
No, the above categories are all available with Advia's Visa Platinum with Advantage Points Credit Card. While these are the common categories, other types of rewards credit cards can have stricter rewards programs:
- Credit cards partnered with airlines only offer airline miles as rewards and you can often only purchase tickets from that specific airline.
- Affinity cards earn "cash back" on each transaction, but that money is donated to a designated charitable organization. While this is very generous, the donation to charity is often times not tax deductible for the cardholder and the donation amount is very small (0.05% of the transaction amount).
- Investment rewards cards put your earned cash back into an investment account. This investment account would need to be managed by the partner company on the credit card.
- Home rebate cards use your earned points to reduce your mortgage balance. For this, you would need to have your credit card where you have your mortgage, and the mortgage payments are only applied when your rewards reach $25.
Where do you go to find the rewards?
For Advia’s Visa Platinum with Advantage Points Credit Card, you can search the entire rewards catalog online.
How do you access the rewards?
Each cardholder receives a login for the catalog site. Note, the login and password are different from your Advia Digital Banking login. Once in, you’ll be able to check your reward points balance as well as search the catalog for rewards in your points range. You purchase everything directly through the catalog and can easily contact Visa’s Customer Care Representatives if you have questions.
Do you have to pay more in interest or fees on rewards cards?
Not necessarily! Here at Advia, our Visa Platinum with Advantage Points Credit Card has a 4.99% Introductory APR† with no annual fee or balance transfer fee! That's not the case for all rewards cards, however, with some charging as high as a $300 annual fee¹ and with APRs as high as 24%.²
Ready to make the switch from a regular credit card to a rewards credit card? Makes sense. Our Visa Platinum with Advantage Points Credit Card has no balance transfer fee so you can transfer your current credit card balance right on to your new card and never miss a beat. Apply online and start getting those points!