I've come across many individuals who have been using cash and debit cards for years not realizing that they are throwing money away. For example an employer sponsored 401K - It is logical to invest at least the minimum to receive the employers maximum contribution match! In the same respect utilize credit cards with incentives such as cash back, bonuses & other perks! Charge on all / everyday purchases that you are accustomed to paying by cash or debit & pay if off on or before the due date! Ideally would be getting into the habit of paying off every two weeks.
Some of the additional perks include & may be limited dependent of account approved for:
- Bonus miles & multiplier when miles are used for eligible purchases
- Cash back for eligible purchases
- Additional savings at select retailers
- Travel & rental insurance
- Cash back for purchases at grocery stores, Amazon, Paypal (using card), gas stations, restaurants etc...
- Global Entry or TSA Precheck credits
- Priority Pass & other lounge free access
- & More!
Savings to consider especially in our current inflationary time:
5% back at gas stations - $3.50 per gallon of gas automatically cost when using card with this incentive $3.325...
To go even further, since you were use to spending via cash or debit all this time - these now unrealized savings per month can be directed into an investment account or permanent life insurance policy with cash value growth & other living benefits!
For some of my current favorites visit:
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