Liz Pulliam Weston contributed a well-written article for people searching for the first reward card.
Some best advices:
- If you always carry a balance, reward card is not for you.
- Always know your currency: for example, frequent-flier miles are usually valued at 1 to 2 cents apiece
- Know the limits: some programs has various caps that effectively limit your potential gains
- Match the card to your spending: low spenders should get into a flat cashback program while high spenders should consider a progressive program
- Know how much flexibility you need: some mileage programs has expiration setting.
Bankrate also gave out a more detailed list of questions you should ask about credit card reward programs in this article.