Credit Cards-Beginning Points and Mileage Earning Cards

The Difference Between Miles and Points  To start our segment about Credit Cards we will first break down the difference between miles and points.  Most people will assume that when you earn Miles from a Bank issued Credit Card you are also earning Points.  That assumption is mostly false!  There are two types of Credit Cards that a bank will issue if they are not specialty Credit Cards like Secured Cards and Student Cards

Points Earning Credit Card  The most common type of Credit Card that is issued by a Bank is a Points earning Credit Card.  This type of Credit Card is issued by almost every bank.  Generally a Points earning Credit Card from a Bank will give you 1 Point for every $1 you spend on the Credit card for everyday purchases.  There are many different type of Points earning Credit Cards.

Points Earning Credit Card  Almost every normal Points earning Credit Cards will have different benefits attached to them.  Banks do this when they issue Points earning Credit Cards to entice consumers to sign up for their card over a different Banks Card.  Because of the large amount of Point earning Credit Cards in the marketplace Banks constantly compete with each other with different benefits and promotions for their Point earning Credit Cards.

Points Earning Credit Card  The main way Banks compete with each other is by giving large signup bonuses for their own particular Credit Card they are issuing.  Banks issue many different levels of Points earning Credit Cards.  The first level is the Lower Tier of Points earning Credit Cards.  In this tier you have numerous options!  Generally this tier is for consumers who have enough credit to get a regular Points earning Credit Card instead of a Secured Card.

Point Earning Credit Card  The first question we know that people ask is what Credit Card am I Qualified for?!  And we answer… it depends!  There is not a perfect Credit Score that will say if you can X or Y Card.  The main factors which go into deciding if you are qualified for a particular Credit Card is how your Credit Report looks.

Point Earning Credit Card  Generally concerning Lower Tier Points earning Credit Cards you do not need to have Excellent Credit.  The most common companies to issue you a Lower Tier points earning Credit Card are Discover, Capital One and Bank of America.  This is not a hard and fast rule! We say this based on pure evaluation and our general knowledge.  These companies listed will likely mail you a Credit Card which fits in the Lower Tier category.

Point Earning Credit Card  A Lower Tier Card will have less benefits compared to a Higher Tier Credit Card that a Bank will issue.  Generally the Sign up Bonus will be smaller then a Higher Tier Credit Card.  The usual sign up bonus for a Lower Tier Credit Card can be a small nominal Cash Bank offer or a relatively small amount of points.  For example: Bank of America Issued Bank Americard offers a $100 Sign up bonus if you apply for and get approved for the Card.

Point Earning Credit Card  This is one of many different Lower Tier Credit Cards that banks will issue.  The choice of which one a consumer can get is up to them!  Generally Lower Tier Credit Cards will have low to no annual fees.  If a consumers credit is good enough for a regular Points earning Credit Card then a consumer will have many different option to choose from.  The different signup bonuses are how a consumer can differentiate which Lower Tier Credit Card to apply for.

Point Earning Credit Card  We will now talk about the Higher Tier Points earning Credit Cards that Banks issue.  There are again many different options to choose from!  There are numerous Banks in the USA which will issue a Higher Tier Credit Card.  The four biggest Banks that issue these Cards are Chase, American Express, Citibank and Barclays.  There are of course other banks as well, But these are the four largest Banks that issues Higher Tier Credit Cards.

Point Earning Credit Card  Banks will offer large Signup Bonuses to encourage consumers to apply for their Credit Card over the other Banks.  The Signup bonus can be very varied!  It can range from a Bonus of 25,000-50,000 as a general Signup bonus for higher tier Credit Cards.  Signup Bonuses can go higher or lower depending on the Banks that are issuing them. There is no maximum to how high they can go.

Point Earning Credit Card  Generally if there is a higher then Normal Signup Bonus it will be for a limited time only.  Banks will do this to encourage consumers to apply for the Card as quickly as possible.  It is up to the consumer to decide which Higher Tier Credit Card is right for them!  Generally the best way to decide is to compare the benefits of the different Cards and decide which one suits them best.

Point Earning Credit Card  Some Cards will have greater benefits then others!  Some Cards will also have greater Signup bonuses then others!  A consumer will need to compare Cards for their particular needs to decide which one is best for them.  There is no exact Card that is perfect for everyone! It all depends on the consumer applying for it.

Mileage Earning Credit Card  Now we are going to talk about the next segment which is Mileage earning Credit Cards.  Many Banks will issue a Credit Card that is Co-Branded with a particular company.  This opens up many different Credit Card opportunities for consumers!  This Card slightly varies from a Points earning Credit Card a bank will issue.

Mileage Earning Credit Card  The general concept of how to earn miles is the same as earning Points.  The more you spend on the Co-Branded Miles earning Credit Card, The more miles you will have.  The general rate for all Points and Miles earning Credit Cards is 1 Point/Miles for Each $1 spent.  This rate can change based on the actual Card that you have. Different Cards will have different earning rates to entice people to use their cards over the others.

Mileage Earning Credit Card  As with Point earning Credit Cards there are many different Miles earning Credit Cards that a bank will issue.  Generally the Signup Bonuses will be similar to a Points earning Credit Card.  A Signup Bonus of 25,000-70,000 is a general range of what a Mileage earning Credit Card will offer.  Signup Bonuses for Miles earning Credit Cards can also go higher like Point earning Credit Cards Signup Bonuses do.

Mileage Earning Credit Card  There is no particular Miles earning Credit Card that is right for one consumer!  It is up to the Consumer to decide which one is best for them.  As with Points earning Credit Cards the benefits and the Signup bonus of the Card will help a consumer decide which Card is best for them.  Miles earning Credit Cards are usually in the Higher tier of Credit Cards

Mileage Earning Credit Card  The main reason for that is because of the large Signup Bonuses that are given for applying for and getting approved for the card.  To get a Higher Tier Credit Card the consumer will need to have a very good-excellent Credit Report.  Generally a Higher tier Credit Card will have large Annual Fees. They range from $0 First Year to $450 First Year!  There is again no particular Credit Score that is a standard for a Higher Tier Credit Card!  An excellent Credit Score is usually over 720… but this is not a fact! It all depends on the particular consumers Credit Report.

List of Points earning Credit Cards  The following is a List of the Lower and higher tier Point earning Credit Cards available in the Marketplace in the USA. This list is not conclusive. The following list will cover Cards from Capital One, Bank of American Discover and two popular Chase Cards.  Lower Tier  Capital One:

List of Points earning Credit Cards  Capital One® VentureOne® Rewards Credit Card  Capital One® Quicksilver® Cash Rewards Credit Card  Capital One® Platinum Credit Card  PlayStation® Card from Capital One®  Sony Card from Capital One®  BuyPower Card from Capital One®  Capital One® QuicksilverOne® Cash Rewards Credit Card

List of Points earning Credit Cards  Bank of America:  BankAmericard Cash Rewards™ Credit Card  BankAmericard Travel Rewards® Credit Card  BankAmericard® Credit Card  Discover:  Discover it® Chrome-New! Double Cash Back  Discover it®-New! Double Cash Back

List of Points earning Credit Cards  Chase:  Chase Freedom ®  Chase Slate ®

List of Points earning Credit Cards  The following is a list of Higher Tier Point earning Credit Cards available in the marketplace in the USA. This list is not conclusive. The following list will cover Credit Cards issued by Chase, American Express, Citibank and Barclays.  Higher Tier  Chase:  Chase Sapphire Preferred ® Card

List of Points earning Credit Cards  American Express:  Blue Cash Preferred® Card from American Express  The Platinum Card® from American Express  American Express® Premier Rewards Gold Card  The Amex EveryDay® Preferred Credit Card from American Express  Wells Fargo Propel World American Express

List of Points earning Credit Cards  Citibank:  Citi Prestige® Card  Citi ThankYou® Preferred Card  Citi ThankYou® Premier Card  Barclays:  Barclaycard Arrival Plus™ World Elite MasterCard®