As of 2014, there are almost as many different rewards programs are there are credit cards. Common benefits offered include:
Air Travel Miles
Many credit cards partner with specific airlines and offer more generous air travel miles with one. There are many airlines cards to choose from, such as the American Express Gold Delta SkyMiles card or the Hawaiian Airlines World Elite MasterCard. Some credit cards such as Barclaycard Arrival Plus World Elite MasterCard allow consumers to earn miles that can be applied against any travel related purchase: food, gas, lodging or car rental for example. Some of these cards have offers to earn more points during introductory periods or by using self-serve online tools to apply points to purchases.
Cash Back on Purchases
Different cards offer different amounts of cash back for different purchases. The Blue Cash Preferred Card from American Express offers 6% back on groceries up to $6,000 dollars each year and an unlimited 3% cash back on gas and department store purchases.
Cash Back on Payments
The Citi Double Cash Card offers 1% cash back on purchases and an additional 1% cash back when those purchases are paid for.
Introductory Rate Period: Purchases and Transfers
Many credit cards offer a low introductory interest rate, often 0%. Cards vary as to whether they charge a different rate on balance transfers and whether balance transfers are covered by introductory rates. The Discover It card has an 18-month introductory rate of 0% on balance transfers and a six-month introductory rate of 0% on purchases.
Discounts or Gift Cards on Some Purchases
The Amazon.com Visa Card from Chase offers a promotion that gives a $30 Amazon gift card upon being accepted to the program and 3% cash back on Amazon.com purchases, 2% on purchases at gas stations restaurants and drug stores and 1% on other purchases. The My Best Buy credit card offers $5 reward certificates for every 250 points earned.
Insurance on Rental Cars
Many, but not all, credit cards offer insurance on rented cars if that card is used to book the rental. It is also necessary to waive the insurance offered by the rental car company. There are some cards, even offered in the same network, that offer varying levels of insurance. It is always advisable to call an individual company and make sure that the card offers insurance before renting a car.
Other Benefits
The Amex Blue Cash Preferred card offers a one-year membership of Amazon Prime as well as 6% cash back on Amazon purchases, 6% on groceries up to $6,000 a year, 3% on gas and at department stores, and 1% on other purchases. The card also offers reward dollars. Other credit cards offer other valuable benefits as well.
Other Insurance
Many credit cards offer other types of insurance that makes payments on behalf of the card holder in the event that he or she is unable to make payments because of loss of income. There have been judicial actions by the Consumer Financial Protection Bureau including multimillion-dollar fines levied against Discover and Capital One for unethical practices in the sales and distribution of these insurance policies.