Are air miles credit cards right for you?

What do these cards have that could be construed as something helpful? In this article we are going to analyze the air miles credit cards for the differences they offer to consumers.

First of all with air mile credit cards you will find a card that offers you a way to fly for free. When you use the card you are going to earn points. The way you earn points will differ between the different cards. Some allow for 1 point per pound spent, while others will give you more points per pound. This is important when you compare the cards to decide what is going to be best. When you accrue miles you are earning them as you use the card, which means it could be a slow process depending on how much you use the card. Most companies do not offer points for balance transfers. This means when you transfer a balance you don’t get points. There are a few out there that may have this option so double check. Next you will find that you can earn a free flight or a set amount of miles when you make your first purchase. This purchase must be for the amount specified in the terms and agreement and made in the appropriate time frame.

If you are not going to use the card for big purchases or every month in place of your other expenses it will not be worth it. Since you accrue the points with each pound you spend you have to have a lot of purchases or very big ones. This is a drawback to these cards. You will also find a drawback occurs if you can’t pay off the entire balance on a monthly regime. In other words the interest rates vary from 14.9 percent to 18.9 percent on these cards. If you use the card you will be charged interest if you don’t pay the balance off every month and on time. In other words you could be paying more for the flight than just purchasing the ticket out right. That doesn’t mean it won’t work for someone. In fact for businesses or a person that does a lot of air travelling it is a great deal. If you have the money to work the card, that is even better.

There are other benefits to these air mile cards. You can get discounts on other things beside miles in some cases. You might find that you get discounts for purchasing items from the airline website or discounts in certain stores because you have the card. These out not outlined in the agreement because they are just little perks, but they do help.

This type of card is not for balance transfers and purchases. If the card offers a deal for zero percent interest on the balance transfers then you can use it that way, but you shouldn’t make purchases until you have paid the balance off.

Back To Financial News May 2008

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