Rewards credit cards allow you to accumulate points or miles towards purchasing flights, hotels, rental cars, merchandise and other free stuff. Generally, you have to accumulate enough points to buy your desired freebie. Some rewards programs have a portal or catalog with a limited selection of items that you can purchase through them. Others provide you with cash equivalents that let you purchase your freebie anywhere allowing you to make up the difference in cash.

The bottom line is that every points system is different in the way it works. Check with your rewards program for details and restrictions and always compare with competitors; all rewards programs are not created equal.

In the future we will be providing a run down on all the different rewards programs out there and which credit cards use that reward program.