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Are Airline Credit Cards Right For You
Many people are attracted to airline credit cards because they seem to be a great way to earn free airline miles. All airline credit cards have different ways in which they accrue fee air miles. Most of them give the card holder a percentage of the purchase amount back in air miles. This percentage varies according to the program of each credit card. The purchase amount that is applied towards air miles on the average credit card is somewhere around one and one half percent.
However, people should read the fine print and do a bit of mathematical calculation before they sign up for these credit cards. They should also know that these credit cards typically have a higher interest rate than other credit cards. Many airline credit cards also require potential cardholders to pay an annual fee for membership.
Many cardholders find that the extra money that has been spent on interest may not cover the gains made in free air miles. This is because many airline credit cards also charge more in interest on average than do other types of credit cards. There are many times where the amount of money lost due to finance charges on these credit cards is much more than the amount gained in free air miles.
Those who are considering applying for airline credit cards should also consider other issues. They should also remember that many airlines place upper limits on the number of free air miles that anyone can earn in a particular year. A cardholder will be paying the higher interest rate without receiving any compensation in the form of free air miles if that person goes over the limit.
Many airlines are also making it more and more difficult for cardholders to use their free air miles. A cardholder that has accumulated a lot of free air miles may not be able to use the miles in the manner that the he or she desires because blackout periods are becoming increasingly common.
Persons who fly frequently and pay off all of their balances monthly can benefit well from airline credit cards. However, airline credit cards do not make sense for people who do not travel by plane often. These people should only obtain traditional credit card.
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