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I’m going to stick a disclaimer up here just to make sure everybody understand this: this system is not for everybody. If you get a credit card and make frivolous purchases until you’ve hit the limit and then have trouble paying things off, this system is not for you. However, if you’re one of the readers who are responsible with credit cards and never (or very rarely) carry a balance, this post is for you.
In today’s capitalist society, there aren’t many legitimate ways to get free money. In fact, there aren’t many legitimate ways to get free money in any society. So when this opportunity is given to you, you should pounce on it as quickly as you can. Cash back credit cards are one of these “free money” offers.
If you have a no-annual-fee cash back credit card on which you never carry a balance, you’re going to be getting free money back. In Canada, our cash back cards are generally limited to around 1% cash back, but with the Amex Blue Cash card, our American friends can take advantage of up to 5% cash back on purchases at drugstores, gas stations and grocery stores.
1% isn’t very much money, but when you make all of your daily purchases at 1% cash back, it adds up. I almost never use my debit card, except at places which don’t accept credit. As such, almost all of my day-to-day expenses go on my credit card and at the end of the month, when I’ve spent anywhere from $500 to $800, I can expect to get a few dollars back at the end of the year. Sure, $60 to $96 isn’t a fortune, but it’s free money that I can use to go out for dinner one extra time, that I can just stick in a savings account or invest for retirement. It’s also non-taxable.
If you’re the type of person who pays off their credit card monthly, you’re losing money by not having a cash back card, so go apply for one today! For Americans I would recommend the Amex Blue Cash card and if you happen to live in Canada, the TD Rebate Rewards card or the Citibank Enrich card are two of the best.
Stay tuned, as later this week I’ll be posting a full comparison of the best cash back credit cards in Canada!
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[…] You’re losing Money if you don’t have a Cash Back Credit Card I’m going to stick a disclaimer up here just to make sure everybody understand this: this system is not for everybody. If you get a credit card and make frivolous purchases until you’ve hit the limit and then have trouble paying things off, this system is not for you. However, if you’re one of the readers who are responsible with credit cards and never (or very rarely) carry a balance, this post is for you. In today’s capitalist society, there aren’t many legitimate ways to get free money. In […]
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[…] You’re losing Money if you don’t have a Cash Back Credit Card I’m going to stick a disclaimer up here just to make sure everybody understand this: this syst […]
[…] You’re losing Money if you don’t have a Cash Back Credit Card I’m going to stick a disclaimer up here just to make sure everybody understand this: this system is not for everybody. If you get a credit card and make frivolous purchases until you’ve hit the limit and then have trouble paying things off, this system is not for you. However, if you’re one of the readers who are responsible with credit cards and never (or very rarely) carry a balance, this post is for you. In today’s capitalist society, there aren’t many legitimate ways to get free money. In […]
Actually, Scotiabank has the best cash reward credit cards with an interest rate of 18.50% and not TD’s 19.75%. TD has the HIGHEST credit card interest rate there is!
Hi Melissa, thanks for your comment! I was referring to the interest rate on the cash back cards. TD’s card offer’s you 0.5% cash back on up to $3000 on purchases and 1% for everything higher whereas Scotiabank’s card only gives you 0.25% on the first $1500, then 0.5% on the next $1500 and only then do they give you 1% on anything else that you spend.
[…] You’re losing Money if you don’t have a Cash Back Credit Card If you have a no-annual-fee cash back credit card on which you never carry a balance, you’re going to be getting free money back. In Canada, our cash back cards are generally limited to around 1% cash back, but with the Amex Blue Cash … […]
I currently have a Scotia Visa that gives me 1+% cash back.
One side note: Responsible people here shouldn’t worry too much about interest rates on CC. If used correctly, you won’t have to pay 1cent of interest.
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