The Point of It All: Which Credit Cards Deliver the Best Rewards
In today’s credit card market, consumers are inundated with credit card offers boasting amazing point systems and rewards programs. Understandably, it can be an overwhelming process, especially if you have to read the fine print of how exactly you can earn rewards, how many points equals a reward, and how many dollars it takes to start earning. Meritus Credit Union’s philosophy has always been to have as little credit card debt as possible; but we completely understand the benefit of using credit card points and rewards to make big purchases or help cut down costs during a seasonal time. Our members who experience the most success with credit card points are those who can pay your credit card off every month, while still taking advantage of the rewards earned. If you do not know where to begin in choosing the right credit card for your situation, let us take the workload off your shoulders and do the research for you! Read on as we discuss the best credit cards for specific scenarios.
Some of the Best Rewards on the Market
If You Want to Pay the Least Interest: Meritus Credit Union
Best For: Paying off debt, emergencies, improving or starting credit
Exchange Rate: Not a rewards card
Annual Fee: None
With the lowest credit card rate in the Acadiana region, no one can quite beat the low rate of 7.9%* APR Meritus CU offers. Consider this credit card if you are trying to build or improve credit, pay off existing high-interest credit card debt or truly need it for emergencies. If you have to use this card and are unable to pay off the full balance, the interest isn’t going to be as extreme as other credit cards on the market, which average 15%-25%.
For more information: Visit Meritus Credit Union.
If You Like to Travel: Southwest Airlines
Best For: Traveling, purchasing airline tickets
Exchange Rate: 1 points per dollar for most purchases, 2 points for Southwest purchases or Southwest partners
Annual Fee: $69, $99, or $149
Details: There are three different cards for you to choose from: Southwest Rapid Rewards Plus, Southwest Rapid Rewards Premier or Southwest Rapid Rewards Priority. When you first sign-up for this credit card, you will receive a nice sign-on points bonus. For each card offered, you can earn 40,000 points if you spend $1000 in the first three months. These points, and any other points earned, can be used to purchase future airline tickets. You will also gain points on the anniversary of enrolling--3000, 6000, 7500 respectively.
Other Benefits: Depending on the card you choose, how much you spend, and how many airline tickets you buy, you can also qualify for a “free” companion pass (excluding taxes and fees) as well as qualify for priority boarding, free same-day standby, and other features. You also receive a 20% discount on things paid for on board, such as beverages, food, wifi, etc.
For more information: Visit Chase with Southwest Airline. 
If You Want to Visit Disney World: Disney Visa
Best For: Traveling to any Disney owned resort
Exchange Rate: Regular card is 1 point for every dollar spent. Premier is 2 points per dollar at grocery stores, gas stations, most Disney locations and restaurants, 1 point per dollar for all other purchases.
Annual Fee: Regular card is $0, Premier card is $49.
Other Benefits: Pay off your Disney vacation 6 months interest free, save 10% on most shopping and dining at Disney locations, special photo opportunities with characters at Disney resorts, and ability to purchase airline tickets with points (Premier only)
Details: Folks, if you’re looking for a way to finally bring your family to Disney, this could be your ticket! If you don’t plan to visit a Disney location anytime soon, you may want to sit this one out. Since reward points do not expire, it could be a smart decision to use this card for a few years. By selecting the Premier card, you could easily save up to $1000-$2000 off your trip. Disney is definitely a pricey vacation, so your budget may breathe easier with this rewards program.
For more information: Visit Chase with Disney
If You Want Cash Back: Discover it Cash Back (Discover Card)
Best For: Earning cash for every transaction
Exchange Rate: Receive 5% cash back on every dollar for certain purchases, 1% cash back on other purchases that don’t qualify
Annual Fee: None
Other Benefits: Intro offer of 0% APR, different card designs
Details: While this can be a great card to earn cash, there are a couple of exceptions to keep in mind. First, you’re going to need pretty high credit to qualify for this card--our estimated score is around 690-850. Next, the transactions that will qualify for 5% have the tendency to change every three months. For example, purchases from the following merchants currently qualify for 5% cash back: amazon.com, target.com, walmart.com, restaurants, paypal, gas stations, select streaming services, grocery stores, Walgreens and CVS. When the current quarter ends, you will need to check to see which new merchants will allow you to earn the 5% top tier. There is also a cap set for the 5% cash back. However, after you match it, you will still continue to earn 1% cash back on your transactions. If you desire more simplicity for your card, you may want to consider a different cash back card.
For more information, Visit Discover It Cash Back
Best Practices for Using Credit Cards
As exciting and convenient as points are, it’s always important to not fall into the trap of buying something because you will get points for it. Remember, in many cases, you are only earning $1 for every $100 spent. It doesn’t make a lot of sense to spend $100 extra just to earn $1. As we said earlier, always try to pay your bill off every month. If you start to carry a high balance, all the interest you are charged can negate any bonuses or perks you receive from a credit card.
If you are trying to pay off credit card debt, start your credit journey, or want to improve your score, Meritus Credit Union’s VISA Platinum is the perfect card to do so. With an incredible low APR of 7.9%* and no annual fee, it’s the perfect card to save you in emergencies or jumpstart your credit report. We’d love to help you achieve this milestone. Reach out to our team or apply for your VISA platinum card below.
*Your APR, including any promotional APR, will be determined based on our internal credit criteria. Periodically we evaluate your credit information and at such time, your APR for any new balance is subject to change. Minimum and maximum credit limits apply.