When comparing credit cards, you naturally look at things like interest rates and annual fees to choose the best cards for you. But do you consider the extras? The perks? The rewards? Some credit cards offer more than low fees or interest. They “give back” depending on how much you spend.

Essentially, as you spend money using your rewards card you will earn rewards points. How many points you earn per dollar spent depends on the credit card. For some you may earn one rewards point for every dollar spent. For others, you may earn 1.5 points for every dollar spent. Some rewards cards even offer introductory bonuses, where you may earn two or three points for each dollar in purchases on your credit cards.

After you accumulate a significant number of points, you can redeem them for your rewards. Different credit cards allow you to earn different rewards. When choosing a rewards card, you should consider the types of rewards available. Some of the most common types of rewards programs available include:

Travel Rewards - If you fly a lot on business, a rewards card offering frequent flyer points might be a good fit. As you make purchases with your card, you will earn points that can be redeemed for free flights or discounts on flights (and sometimes hotel stays). The American Express Gold Ascent card is one example. They partner with six airlines and allow you to earn one membership rewards point for every two dollars spent.

Merchandise – Other cards allow you to collect rewards points which can be used towards acquiring products like electronics or luggage. One of the most popular product-oriented rewards programs is Visa Rewards. Cards like the ANZ Visa Rewards credit card allow you to take part in that program, where you choose your own rewards such as shopping vouchers for your favourite retailers.

Cash Back – Maybe you don’t travel often, and you aren’t interested in earning rewards points towards merchandise or other services. Maybe you would prefer cold hard cash instead. If that sounds like you, a cash back rewards card may be just what you’re looking for. Some cash back rewards cards offer you bonuses when you spend money with specific companies. The Citibank BP credit card, for example, offers you .5% cash back on regular purchases, but a full 5% cash back whenever you purchase petrol or anything else from BP.

Member Benefits - In addition to traditional rewards card programs where you accumulate points, some cards simply offer “member benefits” instead. These benefits might include free travel insurance, immediate discounts when shopping at select outlets, or extended warranties.

It’s important to tailor your credit card choices to your own unique lifestyle. If you don’t travel, why have your purchases accrue points towards frequent flyer points instead of something you would actually use? If you would rather not wait until you collect enough points to purchase a product from a rewards program, why not go with a cash back card instead? No matter what your interests are, there’s a rewards card for you. You just need to compare the benefits to find one worth your while.