At O1ne Mortgage, we prioritize your financial well-being and aim to provide you with the best advice to make informed decisions. Whether you’re looking for a new rewards credit card or need mortgage services, we’re here to help. Call us at 213-732-3074 for any mortgage service needs.

1. Check Your Credit Score

Before diving into the world of rewards credit cards, it’s crucial to check your credit score. Your credit score will determine the types of cards you qualify for. You can get your credit score for free from various sources, including Experian. Having a good to excellent credit score opens up more options for the best rewards cards, but there are also cards available for those with fair or poor credit.

2. Choose a Type of Rewards

Start by deciding what type of rewards you want. Here are the three common types:

Cash Back

Cash back rewards are straightforward. You earn a percentage of your purchases back as cash. This can be redeemed as a statement credit, check, or transfer to a bank account.

General Credit Card Rewards Programs

These programs offer flexibility in how you can redeem your rewards. Options include cash back, travel bookings, or transferring rewards to partner hotel and airline loyalty programs.

Hotel and Airline Miles or Points

These cards are co-branded with hotels or airlines and offer rewards in their loyalty programs. They often come with brand-specific benefits like free checked bags or annual vouchers for free hotel stays.

3. Consider Bonus Rewards Types and Categories

Credit cards use different systems to determine the rewards you earn:

• Flat-rate cards: Same rewards rate on every purchase.
• Tiered rewards cards: Bonus rewards on specific categories like travel or dining.
• Rotating rewards cards: New bonus categories every three months.
• Dynamic rewards cards: Changeable bonus categories based on your spending.

Consider where and how you plan to use the card to choose the best option for you.

4. Review the Common Credit Card Fees

Be aware of common credit card fees such as:

• Annual fees: Charged yearly, sometimes waived the first year.
• Balance transfer fees: Fees for transferring balances, usually 3% to 5% of the amount.
• Cash advance fees: Fees for cash advances, often with higher interest rates.
• Foreign transaction fees: Fees for using the card outside the U.S.

Choose a card that aligns with your spending habits and travel plans.

5. Get Prequalified

Prequalification tools can help you see which cards you might qualify for without impacting your credit score. Use these tools to narrow down your options based on your credit score and preferences.

6. Compare Intro Bonuses

Many credit cards offer introductory bonuses to new cardholders. Compare these bonuses to find the best option. Also, consider introductory 0% APR offers if you plan to make a major purchase or balance transfer.

7. Apply for the Best Rewards Card

Once you’ve narrowed down your choices, apply for the card that best fits your needs. If you’re not approved, consider contacting the card issuer to see if there’s anything you can do to change their decision.

Monitor Your Credit Score and Credit Card Offers

Use your new credit card to improve your credit score and keep an eye on new credit card offers. As your credit score increases, you may qualify for more and better credit cards.

At O1ne Mortgage, we’re committed to helping you make the best financial decisions. For any mortgage service needs, call us at 213-732-3074. We’re here to assist you every step of the way.