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Life isn’t easy for credit card companies today. They have to offer more discounts, lower interest rates and more valuable rewards programs just to attract new clients. The economy remains sluggish, with the national unemployment rate at a too-high 9.2 percent in June. Consumers, worried about their own jobs, are looking for bargains wherever they can find them.
The officials at Household Bank obviously know this. It’s why they’re offering their Household Bank Rewards MasterCard with both a generous cash-back offer and a 0 percent introductory interest rate.
However, if you rarely pay your credit card balances in full each month, the Household Bank Rewards MasterCard comes with a purchase interest rate — once its introductory rate expires — that is sky-high.
On the plus side, the Household Bank Rewards MasterCard will provide you with 2 percent cash back on every purchase you make with it. This is a generous cash-back offer, and one that will allow you to build up cash quickly, if you tend to use your credit card for most purchases.
You can take this cash back as straight cash, of course. But you can also turn it into points that you can redeem for gift certificates or products. You can start turning your cash-back points into actual dollars once you hit 2,500 points. Turning this figure into cash leaves you with a $25 credit to your account.
This card also comes with an attractive introductory interest rate. For the first nine months after you activate your card, your purchase interest rate will stand at 0 percent.
There is some bad news, though. After this introductory period ends, your purchase interest rate will jump to a far-too-high 19.9 percent.
If you always pay your card balances in full, though, the Household Bank Rewards MasterCard might be a good one for your wallet. With its rewards program, you can easily earn some extra cash. And as long as you don’t run up your balance, the card’s high interest rate won’t be so painful.