If there are reward cards for the frequent flyer and the frequent shopper, should there be a rewards card especially for the frequent reader? For those of you who are fans of Waldenbooks and Borders, the Borders 3.2.1 Visa card is definitely a keeper.

Cardholders are awarded points for shopping at all Borders outlets and it's not just books we are referring to. Upon enrolling in the Borders rewards program, shoppers can amass two points for every dollar spent on purchasing gas, grocery or even dining. Plus, it gets even easier to collect points with Borders and Waldenbooks as every dollar spent in these stores earn you three points. In addition, card holders are also entitled for special privileges and discounts whenever they shop at these outlets.

Commencing from the first initial purchase that a card holder makes, shoppers will obtain an instant 1000 points on their Borders Rewards Card. With this, the card owner is given the opportunity to redeem a Gift Card from Borders worth $25 for every 2500 points accumulated. Otherwise, they can opt for cash, restaurant gift cards or travel rewards instead.

In addition, the card also provides up to $500,000 of travel accident insurance, emergency assistance and auto rental insurance coverage. Customers are also provided the facility to manage their accounts online, diminishing the need pay offline. For a card that offers $100,000 as its maximum credit limit and $5000 for a minimum limit for $0 annual fees a year, customers are really truly pampered with the Borders Rewards Card. Nevertheless, this is not a card for those who are in the habit of snow-balling their credit card balances. For one thing, the APR for this Borders Rewards Card is based on a two-cycle average daily balance system, which averages out the balance between two months before calculating the interest charges. In short, users who tend to have outstanding balances may find them paying more for this card than they would for other credit cards.