When it comes to saving money, you have to be shrewd. In addition to clipping coupons, refinancing your home loan, and holding off on buying a new car, why not make your purchases work for you by scoring cash back whenever you shop? Most credit cards have cash back programs in place, but it’s easy to miss out on rewards if you’re not paying attention. Here are six ways to get more cash back.
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1. Use the Right Credit Card
Make sure you’re using the right credit card to earn cash back for all of your purchases. Educate yourself on the details for any cash back rewards credit card you are considering and plan your purchases accordingly.
2. Sign Up for Cash Back Websites
If you’ve never heard of Ebates or FatWallet, check them out. Both have cash back programs that provide a rebate whenever you use their links for making online purchases. If you shop a lot online, the cash back can really add up.
3. Download Smartphone Apps
Download the Wallaby app to determine which of your credit cards is the best to use on any given purchase. This ensures you’re always getting the best cash back reward, simplifying the reward-management system if you’re juggling multiple cards.
You can also earn money by using other apps. For instance, download the GymPact app, set up a workout schedule, and earn up to 75 cents every time you exercise. If you shop a lot, try the Shopkick app. Every time you enter a participating store or make a purchase, you receive “kicks” which can be redeemed for gift cards.
4. Pay Your Bills With Credit Cards
Many monthly service providers offer customers the option to automatically pay monthly bills with a credit card. By putting $5,000 worth of monthly bills on a credit card over the course of a year, you could earn at least $50, assuming your card offers a 1% or greater cash back reward. Just make sure you’re paying off your balances each month – if not, the added interest payments could eclipse any cash back bonus.
5. Apply for New Cards
If you have a vacation coming up, you may want to consider a card that offers bonus points for travel rewards if you meet the requirements for spending a certain amount on purchases using your new card within the first three months or the first 90 days of account opening.
Just don’t sign up for too many new credit cards in a short period of time – that could hurt your credit score – and do pay attention to your cards’ annual fees. Consider cards with a rewards programs aligned with your spending habits – you want to be in a position to earn more rewards than the cost of the annual fee.
6. Pay for Everything With Credit
The more you spend on purchases on your credit cards, the more cash back you can earn. But once again, this only works if you’re paying off your balance each month. As long as you’re living within your means, by paying with credit, you’re racking up those cash back rewards.
If you have the option to apply your cash back rewards in different ways, such as gift cards, travel rewards, or statement credits, consider to opt to use them as statement credits. You may get a better return on your rewards, and if you’re paying for everything with your credit cards, your cash back essentially helps pay for your current purchases.
How do you earn more cash back rewards?
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