Many people have already found the great advantages of a cash back credit card. Providing you are able to pay off your entire balance at the end of each billing period, you can gain some sizable benefits from your card.
There are many ways to get more cash back. Money brings about innovation and the plethora of tips and tricks to maximize your cash back is huge. Here are just a few:
1. Watch for those double points - Often, cards have promotional offers where you can earn extra points on certain purchases. For example, you might get double points on all gas purchases you make. Open all of your credit card junk mail, read your statements carefully, and watch the website. Don't miss out on the promotional offers.
2. What Else Can You Put on Your Card? - The best secret is to charge everything on your card. It doesn't matter how big or small the purchase, charge it. Think of places where you could use your card. How many of your recurring bills can be charged?
3. Reimbursements? - Are you involved in a group where you buy items and get reimbursed? If you are, don't forget to use your cash back credit card. Some sizable rebates can be gained by doing somebody else's purchasing for them.
4. Don't forget about the indirect rebates - Do you get any type of discounted rates by being a card member? AAA, for example, may offer a discounted rate to people who have certain cards. That is an indirect cash back rebate.
5. Extended Warranty - Here's another indirect cash back rebate. Some credit cards offer a free extended warranty on larger purchases. Don't buy the warranty when you get it for free.
6. No fees allowed - Interest and late fees are not an option for at least two reasons. First, if you are late paying your bill, some cards will take all or a portion of your points away. All that work for nothing. Second, and it's worth repeating, if you are only getting something like 1% of your purchases back, that's $10 for every $1,000 you spend. Interest rates will most likely be at least 10 times that amount.
There are more ways to save but think creatively. The single best way to increase your rebates is to find ways to spend more without spending more. Don't pay with a check, don't pay another utility bill without using your credit card, and no purchase is too small.
One final word about your utility bills: Some of those household bills can be paid by credit card but they will charge you 2% or 3% to use your card. That is probably higher than your rebate so in that case, pay by check. We don't pay more to gain less.
It's always important to remember that taking advantage of offers like this are for the financially disciplined. If you are one of those people who spends a little too much and has trouble paying off the bill, don't do these kinds of things. Most likely they will be too tempting for you. The single most important secret to financial health is to stay out of debt.
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Start earning cash back on your credit card purchases with cash back credit cards.
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