07-04-2013 11:07 AM
Is it just what it says, or is there a catch? If I charge $100 on a card, and say the cb percentage is 2 percent, I still owe $100, right? I would get $2 from the merchant or card company? Or would I only end up paying $98? Sorry if this sounds like a stupid question and thank you!
07-04-2013 11:23 AM
Typically, CC companies have a rewards balance(Exception: Penfed cash rewards is applied at the statement cut automatically). Typically, when your statement cuts, the cashback you've earned through the month will be deposited into your account(Exception examples: Barclays is when the charge clears, AMEX is a month behind).
Then you can either ask for the money you've earned in the form of a check(Carries a minimum balance needed to redeem) or just apply it as statement credit (Sometimes needs a minimum, usually lower than check, to redeem). If they offer points, they usually have other things to redeem like gift cards or products as well.
07-04-2013 11:28 AM
07-04-2013 11:28 AM
You pay the charges in full; the rewards will post to your account typically at the end of the billing cycle. When the rewards post you'll have cash credit to apply toward the account balance.
07-04-2013 12:29 PM
Bank of America cash rewards.
07-04-2013 12:30 PM
So would I have an option to keep the cash?
07-04-2013 12:35 PM
Great blog HiLine!
07-04-2013 01:08 PM
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