This was kind of odd to think about as recently there was a person who was considering to cancel some of his credit cards as he has accumulated a few store branded ones where they often promise you some free credits upon signup. So to determine which one he should keep he started to break down if there were any unique benefits to the credit cards. For the most part they all seemed the same with some offering store specific points.
So on question that was asked as he went through the cards was why he thought it was great to sign up for in the beginning. For some of them his answer was that the sales rep told him that you could get cashback for every purchase. That always sounds great and plus he could even get the bonuses purchased elsewhere other than the store.
He was then asked since he has a credit card through his bank doesn’t that also have cashback? His answer was yes. Looking at the rates the bank card actually seemed to offer a higher cashback bonus too which means it’s better to just use that. It’s funny how essentially we often have very good tools and resources where someone can make something inferior sound good when it’s not.
At the end of I all his bank credit card was better than all the store ones. The only exception was one where you would get store points whenever you shopped specifically at the business with their own card. That would make sense where they probably save a lot in fees if you use their own card. For myself, I usually just try to stick with one where you get the one with the best offer and it makes your spending a lot easier to track.