6 Ways to Save with Rewards and Cashback Credit Cards

6 Ways to Save with Rewards and Cashback Credit Cards

Credit cards can be expensive. However, banks are now introducing cards that offer rewards and cashback at the end of the year. Such cards can actually save you money if you use them right. Here are a number of tips that will help you save money with a credit card rewards program:
1.     Get the Credit Cards that Match Your Interests
Credit cards offer rewards for things like air miles and travel miles, and for buying certain items from certain shops. If you get a credit card that offers excellent travel rewards, but if you travel very little, the rewards program is not worth the annual fee you have to pay for it. Therefore, apply for  cards with rewards that align with your existing interests. For example, if you go on business trips a lot, it makes sense to get a credit card that offers air mile perks. Likewise, buy cards offering rewards for things you already do, not things you hope to do in the future.
2.     Exclusively Spend Using the Credit Card Offering the Reward for the Money Spent
It’s normal for Canadians to carry multiple rewards cards at once. If one card rewards generously for filling your gas tank, use that card exclusively for that purpose. Doing so will increase your reward. If you have another card with travel mile perks, use that card all the time for travelling. Exclusive spending is the method to maximize your rewards from cards. If you have two rewards credit cards, split your expenses between the two; you will be splitting up your reward as well: https://www.lifeoncredit.ca/cashback-vs-rewards-credit-cards/
3.     Buy Credit Cards with Different Perks
Don’t get two reward credit cards offering the same travel perks. That’s redundant and you will only waste money. Instead, apply for different types of rewards programs. For example, have one card offering cashback for air miles, and another for shopping. Diversify to cover as many interests to get the most rewards.
4.     Shop at Stores Offering Discounts Specially for the Credit Card
Credit cards that offer rewards for shopping don’t cover all the stores in your area. Instead, there will be a select number of stores where you can shop to obtain your cashback or other rewards at the end of the year. Therefore, shop at these stores that do offer rewards. Some shops offer discounts exclusively for certain types of cards. You can save money on everyday shopping by taking advantage of such discounts.
5.     Take Advantage of Gift Card Bonus Points
Some gift cards offer bonus points on your credit card for shopping at certain stores. Therefore, don’t hesitate to buy gift cards from a local store and use them at other stores to nab those extra points. These types of offers are common during holidays like Christmas. So, be on the lookout to stack up on rewards points when doing your Christmas shopping.
6.     Stop Switching Cards
Some cardholders like to cancel cards after a couple of months. Then they sign up for a new card with rewards to take advantage of short-term perks like no annual fees or initially reduced interest. These perks don’t last long. If you keep opting out of rewards programs in this manner, you will lose money. Stick with the cards you use for a long time to stack up your rewards points. That’s the only way you will truly save money with cards.

Don’t forget to do the math. Don’t spend more money on subscription fees and interest than you do on rewards and cashback.

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9 Ways to Get back on Your Feet

9 Ways to Get back on Your Feet

Even if you are knee-deep in debt and experiencing financial hardship, there are ways to get back on your feet financially and start your life anew.
1. Plan and Budget
Make a list of all income sources, everyday purchases, outstanding balances, and other expenses to see where your money is going. This will help you to redo your budget if necessary and cut some expenses. Plan ahead and start saving for a rainy day. You may want to reconsider your spending habits as well. If you have compulsive spending habits and tend to splurge, make sure you stick to your revised budget.
2. Avoid Bankruptcy
While bankruptcy is one solution to your financial worries, there are other ways to deal with debt. One option is to contact different lenders and ask whether debt consolidation is an option: https://www.lifeoncredit.ca/getting-out-of-debt-get-a-chance-with-debt-consolidation-loans/
. Other alternatives to bankruptcy include debt restructuring, formal proposal, settlement, and individual voluntary arrangement. If self-money management looks like a challenging task, contact a financial advisor for advice.
3. Reestablish Credit
This is a very important step to ensure that you have access to cheap credit. One way to do this is to apply for a secured or department store credit card and try to pay the balance in full each month. Apply here: https://www.lifeoncredit.ca/top-6-secured-credit-cards-for-canadians/ Obviously, you want to avoid piling debt so make small purchases and timely payments.
4. Pay All Bills
Make sure you pay all bills, including gas, phone, water, and electricity bills on time. Bank fees, overdrafts and bounced checks will also appear on your credit file.
5. Pay Cash
If you use multiple high-interest cards, think of paying cash whenever possible. Maxed out credit cards show on your report and will ruin your credit. Use your debit card instead of your credit card or pay cash when shopping.
6. Look at Your Credit Report
You are entitled to a free report once a year, and it pays to check for omissions and errors that may affect your credit score: https://www.creditandloans.ca/secured-credit-cards-for-canadians/. If you find any errors, report them to have them corrected so that all payments show up as they are.
7. Set Goals
Once you have dealt with debt, it is time to set long- and short-term financial goals. Keep goals realistic, whether it is going on vacation, saving for a car down payment or home improvement, or anything else.
8. Stay away from Scams
There are predatory lenders out there that prey on innocent victims and charge excessive fees and interest. Loan sharks usually pray on the working poor, immigrants, the elderly, and borrowers who are strapped for cash and need money for emergencies. While there are many legitimate and reputable payday lenders avoid loan sharks that use unethical and illegal practices.
9. Your Income
One way to deal with debt and improve your financial situation is to pad your income. You may want to get a well paid job or take on additional work.

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9 Cashback Credit Cards with Generous Earn Rates and Add Ons

9 Cashback Credit Cards with Generous Earn Rates and Add Ons

Financial institutions such as BMO, Scotiabank, RBC, and others offer cashback credit cards with perks such as free money, discounts, and generous earn rates. Premium cards feature added benefits such as roadside assistance, concierge service, luggage protection, easy returns, and many others. See more credit cards in this post written by Sam @ https://www.lifeoncredit.ca/ : https://www.lifeoncredit.ca/top-6-credit-cards-for-bad-credit-in-canada/

Scotia Momentum Visa Infinite

The best thing about this Visa card is the fact that grocery store and gas purchases earn 4 percent cash back. Recurring bill payments and drug store purchases earn 2 percent. 1 percent cash back is offered on all other purchases.

• Interest rate: 19.99 percent
• Introductory rate: 1.99 percent
• Introductory period: 6 months
• Grace period: 21 days

Aspire Cash Platinum MasterCard

This card offers multiple travel, everyday, and other benefits, including travel assistance, baggage delay coverage, purchase protection, and cash back on supplementary cards. Customers earn 1 percent back on eligible everyday purchases, and there is no limit to the rewards that can be earned. In addition to cash rewards, the card has no annual fee and goes with a standard rate of 16.8 percent on cash advances, purchases, and balance transfers. This is a great choice for customers with average credit given that issuers offering cash back cards often require stellar credit.

RBC Cash Back

RBC offers a cash back card with a low annual fee of $19 and a standard rate of 19.99 percent. Additional cards have no annual fee. Travelers cheques are also offered commission-free. Added benefits include travel insurance and Visa payWave. All purchases made on the card earn 1 percent back. RBC also offers a cash back MasterCard with no annual fee. The bank advertises a generous 2 percent cash back on groceries. Customers earn 1 percent on all other purchases.

Scotia Momentum Visa

Scotiabank features a cash back card that offers 2 percent back on recurring bills, drug store purchases, groceries, and gas station purchases. Holders earn 1 percent on regular purchases and benefit from add-ons such as credit card checks, discounts on car rentals, and optional card protection. There is an option to order supplementary cards.

• Intro rate: 1.99 percent
• Regular rate: 19.99 percent
• Credit limit: $500 or higher
• Annual fee: $39
• Interest-free period: 21 days

MBNA Smart Cash Platinum

This is a great premium card with generous cash back on selected purchases. Groceries and gas purchases earn 5 percent back during the intro period (the first 6 months). Customers earn 2 percent back once the introductory period is over. Regular purchases earn 1 percent back. This card is also a great choice if you are looking for a low-interest option to transfer existing high-interest balances. MBNA features a low rate of 1.99 percent during the promotional period (first 10 months).

Costco True Earnings Card

This card offers cash back at a tiered rate, and holders earn 2 percent on dining and travel purchases. Three percent back is offered on gasoline and gas purchases at Costco. Customers are also offered travel, entertainment, and shopping rewards, including pre-sales and discounts on concert tickets and sporting events, travel accident and car rental loss coverage, and more.

• Interest rate: 15.24 percent
• Intro rate: 0 percent during the first 6 months
• Annual fee: none

PC MasterCard

This is yet another option to earn points on everyday purchases, including groceries, flight and vacation deals, hotel accommodation, and more. PCtravel travel purchases earn 20 points per $1 spent while regular purchases earn 10 points. The interest rate is 19.97 percent, and there is a promotional rate of 0.97 percent on balance transfers. Customers benefit from no annual fee and add-ons such as balance transfer protection.

BMO Cash Back World

BMO customers earn money back on everyday purchases at a rate of 1.25 percent. The card goes with an annual fee of $79 percent and interest rate of 19.9 percent. Gas purchases at Shell locations and car rentals at select partners earn 3 percent back. Cardholders also benefit from complimentary roadside assistance, concierge services, and other add-ons. There are minimum income requirements – $100,000 household income or $60,000 individual income.

TD Rebate Rewards

Toronto-Dominion also features a cashback option, but it is no longer available to new customers. The card goes with multiple benefits such as 1 percent back on net annual purchases over $3,000. Optional extras include travel medical insurance, preferred rates on car rentals, and others.

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