Rambling News: Insights/Opinions/Tips/Tricks in Today's World

Tuesday, November 14, 2006

How To (Money): Tips and Tricks to Maximize Your Cash Back Credit Cards

Here are a few tips and tricks for those of you who have a cash back credit card. This might not work for every cash back credit card, but it doesn't hurt to try. For the most part, all these tips and tricks work. We'll assume that your cash back credit card gives you 5% back on groceries, gas, and drugs, with 1% back on everything else.

1. Understand that if your card states that you receive the maximum cash back for groceries, that doesn't necessarily mean that you have to buy groceries. It only means that you have to buy at a grocery store...but it can be anything in that store. The same goes with drug stores. If your grocery store has batteries, and you need to buy batteries, you can receive 5% back on your purchase of batteries as long as it's at a grocery store. Just like the store Longs Drugs...it's categorized as a drug store, so no matter what you buy at Longs, you will get 5% back, whether it's drugs or not.

2. Need to buy gift cards for a birthday or Christmas gift? Buy them at grocery stores with your cash back credit card (or drug store if they carry them)! Stores like Safeway sell gift cards for Best Buy, WalMart, Home Depot, etc. If you buy those gift cards at their respective locations, you will only receive 1% cash back on those purchases (with other cash back cards, you might not get any cash back). If you bought, say a Best Buy gift card at Safeway, you will receive 5% cash back for that purchase.

3. Use your cash back credit card for most if not all of your purchases (just don't overdo it and spend too much...just buy what is essential, as explained in my Simple Ways to Save Money post). This way, especially if your cash back credit card gives you a certain % back for all other purchases, you will always get money back. I use my cash back credit card when I eat out (1% back), fill up gas (5% back), buy groceries (5% back), purchase a CD at Best Buy (1% back), purchase a gift card at Safeway (5% back), and most recently buying roach traps and contact solution at Longs Drugs (5% back). As you can see, no matter what I purchase, I will always get some money back.

Hope these tips help. Have fun making money using your cash back credit card!

Labels: ,

2 Comments:

  • Tip 2 is pretty cool. I had no idea you can do that. Plus, you can get 5% back on the gift card instead of 1%!!! That's pretty cool.

    By Anonymous Anonymous, At December 06, 2006 11:14 AM  

  • I had no idea you can buy gift cards at supermarkets and earn 5% on them. Slick. That'll add up to a lot of cash back. So far, I've already collected 2 $50 checks. Nice tips by the way.

    By Anonymous Anonymous, At December 06, 2006 1:48 PM  

Post a Comment

Subscribe to Post Comments [Atom]



<< Home


 
Finance Blogs - Blog Top Sites