Rotating category cash back credit cards are some of the most popular credit cards on the market, and it’s easy to see why. The issuing banks make the 5% back bonus categories sync up with the seasons, so the things people are most likely to want to spend money on are the things they will get the most back on.
For example, in March, April, and May, cards like Chase Freedom and Discover it often give 5% cash back at Lowe’s, Home Depot, and other home improvement stores. The offer is capped at $75 per quarter, or $1500 in spending, and after that, customers get the usual 1% or 2% cash back for the rest of their purchases. Terms and conditions vary so cardholders should be sure and check their bank’s policies.
Opting in isn’t optional
For some of these rotating cash cards, the savings or cash back isn’t automatic. People must opt in for the extra cash back on home improvement purchases or whatever the seasonal offering is. They can do this by logging into their account center online, calling the customer service department number on the back of their card, or sometimes by text message. Once they opt in, the savings or cash back will start.
Seasonal offerings vary
Home improvement savings are usually unique to spring, but each season has its own popular savings category. In the summer, gas is often one of the reward categories, as people hop into their card for road trips. In the fall, department stores offering back to school savings are the best bet for extra cash back. Winter, and the holiday season, might see online shopping and travel, such as hotel or airline purchases, giving extra cash back.
One good thing about these cards, say credit card experts, is that people can get a couple different ones to increase their possible savings. Financial advisors urge folks to pay attention to which card they are using to pay for purchases, so they get the most bang for their buck when shopping.
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