Yonkers, NY (PRWEB) August 02, 2017
Adding one or two new reward credit cards to your wallet can generate thousands in cash back--with the right cards and a smart strategy, Consumer Reports (CR) finds in a new story that examines the best and worst in credit card benefits.
CR did a deep dive into credit cards in its report “How to Cash In on Cash-Back Credit Cards” that appears in the September issue, and online at CR.org.
The report finds that a family can potentially generate as much as $4,940 in cash-back rewards from credit cards over three years--when that family has the best cards for its personal spending patterns and follows the correct strategy.
Using its proprietary credit card comparison calculator, CR reviewed 83 rewards card programs for six common spending scenarios, based on data from the Bureau of Labor Statistics. Because CR’s experts found that consumers can earn up to 40 percent more cash back by strategically using two cards instead of just one, they came up with card pairings that will increase refunds.
CR identified the top card combinations for a large family, a high-income family, a retired couple, a single female professional, a single male professional, and a small-business owner.
“Using the right combination of cards and sticking to a smart strategy can help a family shave hundreds of dollars off its budget annually and thousands over the long term,” said Jeff Blyskal, Consumer Reports senior editor. “The rewards are there for those willing to invest a little time and effort.”
When looking at the spending patterns typical of a single female professional, the monthly charges totaled $1,800. When pairing HSBC Advance Mastercard with PenFed Power Cash Rewards Visa Signature, the cash back amount over three years was $1,600. For a retired couple typically spending $2,000 monthly, when pairing American Express Blue Cash Preferred and PenFed Power Cash Rewards Visa Signature, the cash back amount over three years was $2,000. These spending scenarios accounted for spending on restaurants, groceries, entertainment, travel, and other expenses. To see which spending strategy works best for your monthly charges, pick up a copy of Consumer Reports’ September 2017 issue or visit CR.org.
Finding the right reward card will depend on many factors, such as how much is charged on that card each month, what types of purchases are made, and the annual fee for the card, if any. Instead of choosing a one-size-fits-all card, Consumer Reports’ Credit Card Adviser Comparison Tool finds the card that is best, based on spending habits.
For a customized cash-back card recommendation based on actual spending, use Consumer Reports’ Credit Card Adviser Comparison Tool, available at http://www.CR.org/cardcompare. There are also additional credit card reward guides available: Reward Card Buying Guide, Credit Card Buying Guide, and Store Credit Card Buying Guide on CR.org.
About Consumer Reports
Consumer Reports is an independent, nonprofit organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
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