Many cards offer to pay a rebate when you move existing debt from other cards. Sometimes cards will even pay a higher rebate for these balance transfers. For example, True Value offers a 5 percent rebate for money moved from other cards. But keep in mind that interest rates on rewards cards are typically higher than other credit cards. Be sure you can repay the debt quickly or move it to another card.
Many reward cards cap their rebates.
The card may still be worthwhile, but you'll want to keep track of your total points so that after you hit the maximum, you can shift your spending to a different reward card. Also, be sure to find out if your reward points expire. Everybody always goes for those sexy airline miles or car discounts. But those programs often take years to yield a benefit and the longer it takes to earn your rewards, the higher the risk. With credit-card companies constantly changing the rules and requirements of these programs, it may be wiser to stick with a rebate card that pays you back a little faster.