If you have seen on TV and other news media that the USA is coming out of the recession, then why will no bank offer you a decent, no balance transfer fee offer with zero percent interest for 12 months, zero interest on purchases for six months, and a generous 5% money back on purchases rolled in one card?
Well the answer is quite simple. The banks are really not too sure that the recession is over, and their lending standards reflect that. However, there is one way you can get a top, high cash back credit card in 2010 and 2011. The way to do it is to reduce your debt level, increase your FICO score, and then apply for a best cash back credit card you can find.
So what is the best cash back credit card for 2011?
Once you have established a high FICO score by reducing your debt, preferably to less than 25% of the credit limit on each of your cards, banks will compete for your attention with high cash rewards card offers. You will probably start getting attractive pre-approved offers in the mail again! Which will be the best credit card for you will depend on where you spend the most money. Let’s see a few possibilities:
If you carry a credit card balance
Maybe in this case you should not even focus on getting your money back as much but rather on developing methods of getting out of credit card debt as soon as possible. Look for a balance transfer card with the longest intro rate possible. And look for cash back debit cards in addition.
If you have high weekly grocery and gasoline expenses
Maybe you are taking care of a large family and spend significant amount of money on groceries and for the cost of transportation, that is gas? In that case, the best credit card for 2011 will give you as much as 5% off on all gasoline purchases and some grocery purchases. Likely, you will get the highest 5% money back by pumping gas at a single brand station such as BP.
If you travel much
When you travel across the globe or within the USA, you could benefit most from a no-limits miles card. You will receive multiple miles, up to 5, for purchases of airline tickets, and lower amount of miles on all other purchases. Combining frequent flyer miles with the miles earned through purchases, your rewards will come quickly and will be easy to redeem.
For everyone else…
For everyone else, getting cash back on most purchases makes the most sense. While there are no cards that will give you high, as much as 5% cash back on all purchases, you could go ahead and get two or three different cards that will have high cash back of 5% at different times of the year. Thus, by rotating your cards, you could earn 5% on many purchases throughout the year. Of course, shuffling credit cards like that requires quite a sophisticated tracking system.
16 FebBest Cash Back Credit Card For 2011
08 JanStarting a Family on a Budget
Starting a family on a budget is a challenge for many people. It’s easy to get caught up in spending money you don’t have when you start having kids. It’s important to have a budget in place when you’re starting a family so that you can be prepared for the expenses involved with having children. Tips for managing family finances include identifying goals, creating family savings accounts to stay on budget and reducing or eliminating high interest debt.
Starting A Family: Identifying Savings Goals
When you’re starting a family it’s important to identify your savings goals. Goals for your family might include saving money for college, buying a new home or buying a larger home. Once you’ve identifying your savings goals, you can create a family budget to help you stay on track. Starting a family is costly, but before you get too overwhelmed, remember that people do it every day, without any kind of plan at all. Identifying the need for family budgeting and managing your family’s finances puts you ahead of the pack and helps prepare you for the changes in your family’s future.
Managing Family Finances And The Family Budget
Manage family finances by utilizing your savings goals to set the pace for your family budget. Instead of just opening a savings account and a checking account, create savings accounts for each of your major savings goals. Accounts named “baby,” “John’s college fund” or “new house” can make sticking to a family budget and managing family finances easier.
Family Budgeting Takes Time
It takes time to get used to family budgeting systems and to start seeing gains in your savings accounts. You can also help manage family finances by reducing your credit card and loan debts. Transfer high interest debt to a balance transfer card or a low interest credit card and start saving money for your family goals today. Understand that you’ll make some budgeting mistakes along the way. When that happens, start fresh and move forward without judgment, to ensure that your family’s budget is a success.
Lisa Nichols is a freelance writer, website content strategist and marketing and PR strategy consultant. Originally from Eugene, Oregon, Lisa is currently based in Covington, Kentucky (also known as greater Cincinnati, Ohio).