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Wednesday
Nov062013

Cash Rewards Cards and Christmas

Not quite a BanksyIn May of 2013, Jen and I moved from using primarily our debit card for purchases to using a combination of three cash rewards cards for all of our purchases, paying them off each month and pocketing the rewards cash.

With nearly two months until Christmas, I want to revisit this topic to demonstrate how well this has worked so far.  

Completely passively, without paying a cent of interest, we've now collected $606.88 in cash rewards from our cards.  I expect by Christmas that this amount will be near $800.00.

Grocery shopping:  Bam!  Cash rewards.  Gas in the car:  Bam!  Cash rewards.  Amazon purchase:  Bam!  Cash rewards.  Too easy!

$800.00 is not chump change.  In fact, this will take a big bite-- a monster bite, to be clear-- out of our Christmas budget this year.  Thanks to using cash rewards credit cards for all of our purchases, December is simply not going to curtail our normal monthly efforts to be frugal, aggressive reduce our debts, and continue to build our assets, and our kids will still have nice Christmas gifts!

Why visit this topic with you now?  Mainly because I encourage each of you to start using a cash rewards card now, before you do your holiday shopping, so you can start to build your rewards when your spending is probably going to be at its greatest.  Be smart, though, and pay your credit card statement balance each month to avoid interest charges.

Since I do most of my shopping online, the Discover It card is particularly good right now, because they are giving five percent cash back on online purchases through the end of December.  In addition, they often will multiply your cash back for purchases with their partners (for instance, $40 of cash rewards money can earn $50 worth of purchasing power for Old Navy).  

Here is my original Discover It card review from June of this year.  I know a few of you signed up back then so I'd love to hear in the comments from you if you've managed to accrue some decent cash in your accounts!

Here are links to the cards that we use (these are affiliate links-- signing up through them passes a small amount of money back to LTNE at no additional expense to yourselves, which we appreciate!)

Discover It Rewards Card (the first ten people who sign up with any of my Discover links will get $50 in bonus cash if they make a purchase within three month of receiving their cards!)

USAA Cash Rewards American Express

USAA Cash Rewards Mastercard

Also, if you shop online during the holidays, we'd sure appreciate if you would use our affiliate links below by clinking on them and then doing your online shopping (bookmark this page and come back when you are ready to shop!).

Amazon.com

Wal-Mart 

Target

Kohl's

Thanks again for sticking with LTNE, commenting on our articles, and using any of our affiliate links!

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