***Warning, this is for those who have some type of control when it comes to spending***
Summer is here and during this time more money may be spent with increased travel, to engage in outdoor activities, buying new outfits, and just being out of the home more often. I’m not a frugal girl by any means but I love a sale and I love to save money for a rainy day when I can. As Afro Black and Brown people of the US, we are an equal part of consumerism in this country, but we are behind in overall wealth. We buy groceries, clothing, cars, jewelry, and many other things but what do we get in return for our purchases, nothing, but that’s if not done the right way. I want to shine a light on a small way to make some money from your spending and it’s using Cash Back credit cards and store cards with rewards. Now many people are programmed to use cash or debit cards for purchases as you know how much money you have in the bank, so you use it accordingly and don’t owe any company money. This is safe and good but why purchase items without getting a bonus or if you look at it the other way, without getting a discount?!
Getting a cash back credit card without an annual fee has become easier to obtain and with good willpower you can use it instead of your debit card and pay off the transaction with money from your checking account soon after to make sure you don’t spend the money. Most of these credit cards are from banks and they can range from 1 to 2% cash back most days unless there are bonus months of up to 5%-10% back from purchases made at specific places/stores. So, the next time you go to Costco, BJ’s, Sam’s Club, or any other store and spend $300 on groceries each month, think about getting 1% back for a whole year as that’s $36 dollars just from this store alone. Now we all know you do way more shopping per month than just for groceries, so all that additional money adds up. Also, there are some stores who have reward cards, and it can be used for outside purchases, so if you use this as well you can gain rewards points/cash to use for purchases at your favorite store instead of your own money.
When I first got my cash back credit card it was almost 10 years ago now and the promotion was $100 back after spending $500 in the first three months. At that time, I knew I had a final payment for a vacation coming up, so what did I do I put the balance on my card along with a few other small purchases and then paid my bill right away just so I could get that promotional money in time. In the first 3 years of having that card, I did not put all my purchases on it at that time, but I made over $400 that I could convert to cash but I instead used it to buy an airline ticket for a destination wedding I had to go to.
In conclusion, the next time you use your debit card, alter your thoughts if you can and think of how much you would get back if you had the opportunity to get a cash back credit card to use.
Below are two articles giving details about a few of these cash back cards:
https://www.nerdwallet.com/best/credit-cards/cash-back
https://web.creditcards.lendin`gtree.com/cash-back