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Credit Cards Offering Free Money?

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I understand the appeal of daily deals. Having the chance at big savings every day is exciting, and it makes the monotony of the work week all the more bearable. But why settle for small discounts? Why not think bigger? In an effort to attract the segment of consumers who made it through the recession with their excellent credit intact, credit card companies are upping the ante, so to speak.

They’ve begun offering lucrative initial rewards bonuses of up to $800 to people with excellent credit in return for opening certain credit cards. According to CardHub.com’s database, over 330 cards now offer these initial rewards bonuses, which may come in the form of a few hundred dollars cash back or enough points or miles to get a couple of free flights or hotel nights. But there’s gotta be more to the story, right?

Right. In order to garner a rewards bonus you’ll probably need to 1) charge up to $3,000 on the card during the first three months and 2) pay an annual fee of up to $99, depending on the card you choose.

About A Finance Geek