Credit: Playing Your Cards Right

Bad news for anyone who likes a freebie. Credit-card companies are cutting back on their rewards. In the last month, Citibank and American Express have ended the 5 percent and double-cash-back rebates offered for cardholders who frequent grocery stores and gas stations. The latest reward schemes are more complicated, less generous and require some planning. In other words, more often than not, you should use different cards for different purchases. Here's how to cash in.

For starters, know the rebate limit on each of your cards. Most of them max out at about $300 a year. Once you've hit that number, move the plastic to the back of your wallet and find another card. Before you fill out new applications, though, a few caveats. Be ready to review your cards and switch them every year if they're not working. Cancel any card you're not using. And, if you're carrying any balances, don't think about rebates. Just move your balance to the best zero-percent-interest offer you can find. For more information about a card, check cardratings.com or indexcreditcards.com , or Google the card name. Issuers don't always put their best card offers on their own Web sites.

Rebate cards for cash lovers: Money is still easier to spend than points or miles; these cards help you maximize cash rebates.

American Express Blue Cash. If you're a big spender who likes to keep things simple, this card can work for you, says Curtis Arnold of cardratings.com, who cashed in more than $900 in rebates himself last year. You'll earn 1 percent back at grocery stores, drugstores and gas stations, and 0.5 percent back on most purchases until you've charged $6,500. After that it's 5 percent on those everyday categories and 1.5 percent on everything else. Load all of your expenses on this card; there's no rebate cap.

HSBC Direct Rewards MasterCard. This card is still paying 5 percent rebates at gas pumps, groceries and drugstores, though it may get scaled back in the near future.

Chase PerfectCard Visa. Not bad if you use it just as a gas card. It rebates 6 percent on gas for the first 90 days, and then 3 percent thereafter, and credits your account with those rebates monthly.