Cash Back Rewards Programs

It seems so hard to save money when you have to use so much of it for daily life. Well, if you are like many other American’s the spending isn’t going to stop. Electric bills, cable/satellite, grocery, fuel, car payments, etc. are all necessary expenditures on a monthly basis. So why not earn a little while you spend all that necessary cash?

Cash back rewards are a great way to earn cash on the items you buy. Being fiscally responsibly is still a key element to this equation because you have to stay within your means. You need to be able to pay off your credit card bill monthly (don’t carry any balance at all) and you can reap the rewards of the cash back programs. You’ll find a few examples below, but make sure you do your homework since everyone has different spending habits–what is good for you may not work for someone else.

Discover Rewards Program

Discover provides 5% cash back bonuses on popular category purchases (January-March: Airlines, Hotels, Car Rentals, Cruises; April-June: Home, Fashion; July-September: Gas, Hotels, Movies; October-December: Restaurants, Fashion), and unlimited 1% cash back rewards for all other purchases. Or if you become a Sam’s Club Advantage Plus member you can receive up to 2% for all purchases made on your Sam’s Club Discover Card.

Bank of America, Capital One, American Express Rewards Programs

Other companies such as Bank of America offer Power Rewards Visa Cards where you can convert your points into cash back or Capital One offers several different options to include a 2% cash back at gas stations and grocery stores with 1% cash back on all other purchases. Blue Cash from American Express is another rewards program where consumers can earn cash for the money they spend using their American Express Card.

The best advice is to look for the best deals, avoid annual fees, check how much you have to spend in order to receive the full cash back (for example on the Sam’s Club Advantage Plus you have to spend over $10,000 annually on the card to reach the 2% reward zone–lesser amounts spent receive lower percentages back, but you are still earning some type of cash back reward). And most of all–control your spending so you can afford to pay off the balance each month. Many of the cards won’t pay the cash back reward if you are late on a payment or the account is delinquent in any way.

Good luck and happy spending…I mean savings!