Earning cash back on a credit card is one of the few ways to come up with free money in today’s world.
To get the best offers, you’ll need to maintain a strong credit rating and pay off the card each month.
However, if you can keep your spending habits in line, earning cashback can be quite lucrative.
Get the Right Card Before a Big Purchase
Going into debt to make cashback is not logical if you are going to carry a balance forward unless the card offers 0% interest for a specific period. Of course, most cards that offer a large amount of cashback, especially in the first few months, don’t offer both 0% APR and cashback.
If you have money in the bank to cover a large purchase, such as
- furniture
- tuition
- electronics
- travel
go ahead and pay it with your cashback card. When the bill comes in, pay off the debt and pocket the cashback.
Sign Up for Rebates
Some retailers offer a store card while others offer club or membership points. Using this means that you can earn Walmart rebates, for example, as well as rebates from other retailers no matter how you pay for the product.
To get many rebates, you will need to manage your receipts effectively. To this end, consider offering to shop for others. If you have an older neighbour or a busy friend who doesn’t have time to shop, or if you are a small household and want to buy in bulk with a friend, ask these folks for cash while you pay with your card and keep the original of the receipt for the points through an app.
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Run Household Your Bills Through a Credit Card
Set up as many bills as possible to run through your cashback card. Everything from
- gas
- electric
- water
- cable
- trash
- rent
can all go through a cashback or a points card. The key to getting money or free product back from a card is not to spend more; instead, you are spending what you would ordinarily spend and getting money back for no additional dollars.
Use Your Personal Card for Work Expenses and Group Purchases
Out with friends for dinner and it’s time to split the check? Pay with your card and collect cash from the group. If you need to pick up office supplies, cover a hotel fee, or take clients out for dinner, use your cashback card and make sure you tackle your expense report as soon as you get back into the office.
Because receipt management is so important to taking care of your expense tracking, take the time to snap a photo of the receipt and email it to yourself before you put it in your wallet. Even if you can go ahead and submit the paper copy of the receipt for reimbursement, the email reminder will help you get this task taken care of efficiently.
Pay Attention to Other Freebies
Cashback is nice, but a card that offers discounts for products you would ordinarily buy or discounts to other places you already shop is also a form of “money for nothing” that is worth pursuing. If you want to increase your stock of camping gear or need a new laptop, put the item on your wish list and get a card that offers points to that retailer.
To avoid the temptation of overspending because you will get points, never shop without cash in your pocket. Check the balance on your checking account before you go to the store. Always use a list.
Buy what you need, pay for it with a card that will give you access to cash or points that you have already allocated, and protect your budget while fulfilling your needs. By following the steps above, you can boost your bank account and cover your needs without damaging your credit or busting the budget.
Smart shopping that helps you stay within your means is key to financial success. Free cash and free products that are necessary to living are icing on the cake.