From the turkey to the pumpkin pie, there are many Thanksgiving treats to indulge in this holiday season. But there’s one goody you can enjoy all year round: credit card rewards. If you’re looking for the best credit card but are unsure where to start, the guide below walks through the different types of rewards so you can find the best option for you.
Types of credit card rewards
1. Cash back
What if you could make money by spending money? No, it’s not a holiday miracle – with a cash back credit card you can earn money on purchases you were going to make anyway. Holiday gift shopping, grocery trips, and family festivities can be a part of your card payoff strategy with General Electric Credit Union’s (GECU) Gold card.1 Rewards are simple and straight forward – each month, we’ll automatically apply the cash back rebate to your statement.
Some credit cards let you earn points in certain categories like U.S. supermarkets or restaurants. When you go grocery shopping or eat out, you rack up points. This option is perfect for you if you want a bit more freedom when choosing rewards.
At GECU, you can redeem Visa Signature®2 or Platinum3 credit card points on merchandise, gift cards, or travel. Watch your points rise each month on statements or check your rewards balance in real-time through Online Banking or our mobile app.
- Tip: With GECU’s Signature card you can earn 2x points on all purchases!2
3. Account opening bonuses
Opening bonuses are great, but don’t get blindsided by them. Some credit cards, like those offered at department stores, have fantastic opening bonuses but lackluster rates or sky-high annual fees. Make sure the option you choose has a competitive rate and a reasonable or no annual fee alongside opening perks. This will make it easier to manage payments and keep debt from snowballing out of control. As a not-for-profit, you can expect lower rates when you open a credit card at GECU. Check out some of the exciting opening bonuses you have access to when you become a member:
- Get $100 in cash back when you spend $1,000 in the first 90-days of account opening.1
- Earn 10,000 bonus points after spending $1,000 in the first 90-days of account opening.3
- Visa Signature®. Earn 20,000 bonus points after spending $2,500 in the first 90-days of account opening.2
4. Travel perks
When determining the best credit card for you, it’s important to think about your lifestyle and if the rewards are tailored to it. If you’re planning your next trip the second you get home from another, a card with travel rewards is right up your alley. GECU’s Visa Signature® card gives you access to 24/7 Concierge Services for dining, entertainment, and travel;4 special event perks; and no foreign transaction fees.5 It’ll give you that boarding-the-plane-first, scoring-an upgraded-hotel-suite, making-your-flight-on-time feeling.
However you like to get rewarded, GECU has a credit card that’s perfect for you. If you have multiple high-interest credit cards with a balance after the holiday season, consider transferring your balances onto one GECU credit card. You’ll have access to a better rate – meaning you’ll be paying less in interest over time – plus the exciting perks highlighted above! Apply for a balance transfer here.