What's happened
Recent insights reveal strategies for leveraging credit card rewards to build wealth. Key recommendations include using cash-back rewards to pay down debt and investing in retirement accounts. Additionally, a Consumer Council report highlights discrepancies in e-gift card policies, affecting consumer usage and satisfaction.
Why it matters
What the papers say
According to Business Insider UK, cash-back credit cards like the Wells Fargo Active Cash Card and Chase Freedom Unlimited are recommended for their significant rewards without annual fees. The article emphasizes that strategic use of these rewards can lead to substantial financial benefits over time. Conversely, the South China Morning Post highlights consumer concerns regarding e-gift card policies, noting discrepancies in usage conditions and expiry dates. Gilly Wong, the Consumer Council's chief executive, stated, 'These kinds of limitations should be eliminated to ensure that when I receive the e-gift card, I can use it freely.' This contrast illustrates the varying consumer experiences in the financial landscape.
How we got here
The rise of cash-back credit cards has prompted consumers to explore ways to maximize their rewards. Recent evaluations of various credit cards, including secured options, have highlighted their benefits and limitations. Concurrently, concerns over e-gift card policies have emerged, prompting consumer advocacy.
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