Credit card reward programs are great if you are looking to get a little cash back from all your spending. But consumers should be wary of the penalties of overspending when trying to earn rewards.

From a recent online poll, a majority of consumers claimed to not care about what APR rate they were paying on their reward cards. They majority claimed they paid off their balance in full each month, so the APR did not matter to them. This can be risky for folks who are struggling to make nthose monthly payments. Miss a payment and watch your APR soar, not to mention the interest penalty you now have to pay.

One consumer stated they tried to put their new car purchase on their credit card just to earn the reward points. Imagine if they had trouble payig that one off. The interest penalties alone would make it hard to keep up.

Some credit card companies offer online programs to auto-pay your bill each month. For those of you playing the reward card game, I would recommend looking into setting up such a service so you don't have to worry about missing a payment, or getting hit with high interest penalties.

In regards to what reward programs are best. The majority of consumers polled preferred the cash back reward programs over any other. The most popular reason being you can use the cash for whatever you want, instead of being limited to redeeming rewards for an airline ticket, or a hotel stay. With cash back, you can buy an airline ticket whenever you like, or book a hotel when ever you like. No black out dates to worry about since you are paying cash. You could also apply your rewards to your balance. Another smart use for them.

Credit card reward programs are great if you just remember to keep on top of your monthly balance. The card companies didn't create the programs to help make you rich, they are hoping you rack up that big balance and let it slide a few months so they can earn back those rewards and more from your pocket.