Make The Most of Your Cash Back Credit Card Rewards

Monday, August 12 at 09:00 AM
Category: Arvest News

Many credit cards help you earn rewards for your everyday purchases – in the form of either cash or redeemable points (for things like travel, frequent flier miles, shopping credits or credits to your billing statement).

Cash back is king!

Surveys have shown that cash back on purchases is the most popular credit card reward for people of all income levels. Cash back rewards, usually in the form of statement credits or checks, are the most flexible and easy to understand of all credit card rewards.

There are two main kinds of cash back rewards:

1)   Those with constant cash back rates, usually between one percent and two percent on all purchases.
2)   Those with differing rates depending on the type, or category, of purchase.

Sometimes the differing category rates may change quarterly or apply to seasonal special offers.

And some credit cards, like Arvest Flex RewardsTM, offer a combination of constant rates for general purchases, plus seasonal special rates for specific categories.

How to maximize cash back rewards

1. Choose cards that reward categories where you spend the most.

Keep in mind that different cards pay higher cash-back percentages for spending on different categories like travel or lodging, grocery store purchases, dining out or gassing up your car.

CreditCards.com1 analyst Ted Rossman recommends choosing a card with a rewards plan that best matches your spending habits.

“Credit cards can reward you for things you're planning to purchase anyway," says Rossman.

2. Keep a close eye on deadlines and fees.

You need to take care to pay your card by the due date, since the late fees and penalties from a missed payment can quickly negate any cash back that you earn. For instance, a late payment on a $500 balance can add up to more than $40 in penalties and interest.

3. Pick a sign-up bonus you can meet.

Cards that offer sign-up bonuses usually have a minimum spend requirement that needs to be met within a certain amount of time. Make sure you pick a card that has a requirement you can meet.

4. Earn more cash back.

Some cards reward for signing on an authorized user or referring new cardholders, so check for that.

5. Maximize your card’s spending categories.

If you have a card with five percent rotating quarterly categories, there are a few tricks you can use to reach the maximum spending cap each quarter:

  • Stock up on larger quantities of items that won’t spoil.
  • Pay your annual bills in advance.
  • Do your Christmas shopping early.

Choosing the right card and taking full advantage of its rewards can be fun and well worth it!

Are you making the most of your Arvest Flex RewardsTM?[Log In to Learn More]




1Link is a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Douglas Mclaughlin on 8/14/2019 at 2:12 PM
I'm receiving rewards on my card I tried to sign in to redeem them. Something went wrong when signing up. Now I can't get in or do anything to redeem them. What do I do.
Arvest Blog Admin on 8/14/2019 at 2:20 PM
Hi Douglas, thank you for the message. Please send you name, message, and contact phone number to to connect with a team member who can best assist you.

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