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Maximize Your Mortgage Experience with O1ne Mortgage

At O1ne Mortgage, we prioritize your financial education and aim to provide you with the best mortgage solutions. Whether you’re a first-time homebuyer or looking to refinance, our team is here to guide you every step of the way. For any mortgage-related needs, feel free to call us at 213-732-3074.

Understanding Cash Back Credit Cards

Cash back credit cards are a popular type of rewards card that allows you to earn cash on your purchases. These cards are often easier to use than travel rewards cards because the value of your rewards is straightforward. However, cash back cards can vary significantly depending on the rewards program and specific card. Here’s what you need to know about how cash back cards work.

What Is a Cash Back Credit Card?

Most rewards cards fall into two categories: travel rewards cards and cash back rewards cards. With a cash back card, you can easily understand how much you’ll earn on each purchase. For example, if your card offers 2% cash back, you’ll get $2 in rewards for every $100 you spend. All cash back credit cards let you redeem your rewards for cash, often via a check, statement credit, or bank transfer.

How to Earn Cash Back Rewards

Cash back rewards cards can be categorized by their rewards system:

Flat-Rate Cards

With a flat-rate cash back card, you earn the same amount of cash back on every purchase, typically 1.5% or 2%. These cards are ideal for those who prefer simplicity and want to avoid managing multiple rewards programs.

Bonus Categories or Tiered Rewards Cards

Some cash back cards offer different tiers of rewards based on where you use the card. For example, dining cards may offer bonus cash back at restaurants, while gas cards provide extra rewards at gas stations. These cards are beneficial if you spend most of your money at specific types of retailers.

Rotating Rewards Cards

Rotating cash back rewards cards have changing bonus categories, usually every three months. These cards can be appealing due to their high bonus rates, often 5%, but they require you to keep track of the changing categories and may have limits on the amount of bonus cash back you can earn.

How to Redeem Your Cash Back Rewards

You can redeem your cash back rewards in several ways, including:

• A check
• A statement credit
• Direct deposit into your bank account
• Gift cards

Some cards offer additional options, such as using your rewards to book travel, donate to charity, or make online purchases. Be aware that some cash back cards may have minimum balance requirements for redeeming your rewards.

What Credit Score Do You Need?

Many cash back cards require at least fair to good credit, with the best options often requiring a very good or excellent score. There are also options for those with poor credit, including secured cards that offer cash back rewards, though they may come with higher fees and lower rewards rates.

Maximizing Your Cash Back Rewards

To maximize your cash back rewards, consider the following steps:

• Choose the right card based on your spending habits and how much time you want to spend managing your rewards.
• Keep track of your cards’ bonus categories to ensure you’re using the right card for each purchase.
• Sign up for extra earning opportunities and review your credit card agreement to understand what purchases qualify for rewards.

If you’re unsure which cash back card to choose, consider using a card comparison tool to get personalized offers based on your credit profile and spending habits.

For any mortgage-related inquiries, don’t hesitate to contact O1ne Mortgage at 213-732-3074. We’re here to help you make the best financial decisions.

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