Unlock the Full Potential of Your Credit Card: A Guide to Optimizing your Rewards and Cash Back

CREDIT CARDS
Maximize Your Credit Card Rewards: A Simple Guide
By Marc Andre

Who doesn’t love free money? An effortless way to rake in some extra cash is by using your credit cards wisely to earn cash back and other rewards. However, it’s more than just having a card that offers a basic 1% cash back. Let’s explore how.

First and foremost, consider your lineup of credit cards. To really get the best returns, you’ll need different cards catering to various purchases. Here’s a list:

– Citi Double Cash: Gives 2% cashback on all purchases, provided you at least make the minimum payment each month.
– Chase Freedom Flex, Discover it: Both offer 5% cashback on certain categories, rotating each quarter.
– Citi Custom Cash: Gives 5% rewards on the category where you spend the most each month.
– Chase Sapphire Preferred: Offers an attractive sign-up bonus, 2% cashback on travel and dining, plus a 25% bonus when redeeming your points for travel.
– Amazon Prime: Prime members get 5% cashback for all Amazon purchases.
– Chase Ink Business Unlimited: If you’re self-employed or have a side hustle, you can earn 1.5% cashback on your business expenses.

Remember not to apply for many cards at once to avoid rejections. Spacing it out, like 2-3 cards per year should work.

Now, on to strategies to milk these rewards:

1. Use Citi Double Cash for everyday expenses. It’ll give you a minimum 2% back on everything.
2. If a purchase falls into the 5% category of Chase Freedom Flex or Discover It, use them. Else use Citi Double Cash.
3. Use Citi Custom Cash for purchases in a specific category each month to earn 5% cashback.
4. Look for cards that offer more than 2% cash back on frequent purchases, like the Amazon Prime card which gives 5% back on all Amazon orders.
5. Make the most of sign-up bonuses. Ensure you meet the criterion to be eligible for these bonuses.
6. Use your credit cards for all purchases, without resorting to unnecessary spending. Don’t forget; even recurring monthly bills can be covered by credit cards.
7. Large purchases also rake in substantial cashback. However, verify fees for paying with credit cards before proceeding.
8. Rack up additional savings by linking your rewards card to cashback websites or apps like Rakuten.
9. Purchase gift cards to capitalize on rotating offers.
10. Redeem rewards through portals like Chase Ultimate Rewards for added perks.
11. If you’re self-employed, consider getting a cashback business card.
12. Familiarize yourself thoroughly with the details of each card to use them optimally.

Lastly, remember to pay your balance each month. The aim is to gain rewards, not debt. It defeats the purpose if you end up paying more interest than you’re earning in rewards. So charge only what you can pay in full each month.

So gear up, use these points, and start maximizing your credit card rewards! They’re a free ride to a healthier financial future.

*Tags: credit cards, making money, personal finance, side hustle*