cash back credit cards are a great way to get back some of your hard earned cash

With inflation and debt being high, people are looking for ways to save money. One way to do this is by using cash back credit cards. It’s not exactly a secret either. In a 2023 survey conducted by Rakuten, they discovered that 55% of people are “leveraging cash back platforms, coupons, or loyalty programs to mitigate the impact of rising costs.” This means they are keeping their eyes open for any offers they can take advantage of to lower their everyday costs. Here’s how you can use your cash back credit cards more efficiently.

Wait For Deals

In case you weren’t aware, some merchants offers higher offers from time to time, and higher discounts, if you use your credit card to make your purchase. This can add up to some pretty good savings too. In the same survey mentioned above, Rakuten found out that 77% of Canadians are “willing to wait for higher Cash Back offers from merchants before finalizing their purchases.” While waiting may not always be possible, sometimes it’s well worth it. Keep your eyes open for emails from your favourite merchants and take advantage when possible.

Use Your Cash Back Card Whenever Possible

You may be tempted to use your debit card when shopping  to help you keep your debt low, but using your cash back credit card may be more beneficial. If you’ve got the money in your account to pay for your goods and services directly, use your cash back credit card first, then pay it off right away. This way you add up your cash back savings, and get the items you want. Don’t be tempted to keep the balance on your credit card either as your savings may be negated by the interest.

Use Your Credit Card For Gas and Groceries

Looks at the terms and conditions of your credit card before doing this, but many of them offer higher cash back depending on the type of purchases you make on it. Some offer double, and even triple the cash back for using them at grocery stores and gas stations. This is why it’s always important to read the flyers and inserts they send you, because you can end up getting more out of it.

Look At The Fine Print

Not only does each cash back credit card have its own features and benefits, but they also have their own fees as well. Make sure you properly understand how much the annual fee is, what the earn rate for cash back is, and how much the interest rate is. Also pay attention to any additional benefits you may not be aware of such as free insurances you can take advantage of.

Shopping for the right cash back credit card can be a daunting experience, buy Rate My Rewards makes it easy. You can find a list of the cards available on our website by visiting our Best Cash Back Credit Cards page. These cards are extremely popular in Canada, and with the economy the way it currently is, it’s a great time to take advantage of them. Cash back credit card offer flexibility you can’t find in any other type of credit card. © 2023 All rights reserved. Terms and conditions | Privacy Policy | Disclaimer