Considering a big purchase that will take some time to pay off? Here's why the Citi Simplicity Card may be right for you. CNBC may receive a commission from the card issuer.
Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries , gas , dining out , travel , utilities and general purchases . General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.
CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.
It's important to note the value of a point or mile varies from card to card and based on how you redeem them. When we calculated the estimated returns, we assumed that cardholders are redeeming points/miles for a typical maximum value of 1 cent per point or mile. When choosing the best balance transfer card, we focused on the card that provides consumers with the cheapest way to pay off their debt rather than the number of rewards they could potentially earn. When you're in credit card debt, your primary focus should be repayment. Earning rewards should be seen as a bonus, and you don't want to spend beyond your means in order to earn points.
The five-year rewards total and the interest rate and fees estimates are derived from a budget similar to the average American's spending and debt. You may earn a higher or lower return depending on your spending habits.Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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