Cash Back Rewards Credit Cards

Cash back reward credit cards are a wonderful thing, if you use the credit card wisely. It is a great to earn points that can be redeemed for cash, travel vouchers or others types of merchandise just for using your credit card.

Not all credit cards give back, so be careful and do your research and read the fine print on the credit card application. The cards that do offer cash back do not all give back the same amount, each card offers different incentives when rewarding the purchaser.

Here are some guidelines for choosing the best rewards credit card for you.

Credit Score

Each card company will have different qualifications for their cards. Know your credit score and check with the card company to see what their average approved credit score is for their rewards card. If you have a medium or low credit score then most likely you will have a hard time getting approved for a rewards credit card.

High Cash Back Rewards

Not all rewards cards offer the same cash back. Some credit cards only offer 1 percent cash back on purchases, while other card companies will offer a higher cash back reward. Again do your research and try to get approved for one that offers higher cash back rewards.

Unlimited Cash Back

Again not all cards are the same even when it comes to the amount of cash back they will award you. Some companies put a cap on the amount of money they will reward you, while others have no cap on their cash back rewards.

Sign Up Bonus

Several of the rewards cards offer great bonuses if you spend $500 dollars within the first 90 days of having the rewards credit card. This is a great way to maximize the cash back benefits right in the beginning. Some card companies offer different types of promotions from time to time, check with your card company and see what types of promotions they offer.

Annual Fee’s

Check around, you should be able to find a rewards card that does not have an annual fee tied to it. Some cards may have an annual fee but the cash back rewards outweigh the annual fee being charged so in this case the fee is worth it.

Remember these rewards cards are credit cards, so if you want the best from the rewards then you need to pay off the balance every month so you don’t start acquiring interest. Having interest charges on these cards negates the cash back rewards, Another thing to remember is just because you are getting cash back rewards does not mean you can go out and overspend and ruin your budget. It can be tempting to overspend and purchase items you really don’t need. These cash back rewards cards are great if used responsibly and used sensibly.

11 Ways for Saving Money

11 Ways for Saving Money

Are you new at budgeting your finances? Do you really need to start saving up for a new vehicle, plan a vacation, save for retirement, pay on some medical bills? Here are some thoughts of how you can say for these items.

1. Make a total of all your monthly bills. Monthly bills are ones that occur every month, usually on the same day. Insurances, house payments, cell phone bills, and car/school loans are all considered routine monthly expenses. Don't include things like grocery shopping, clothing, or eating out, these are flexible and can change from month to month.

2. Make a list of net income after taxes you receive each month. This would also include rental income, child support, interest you receive from investment, and etc.

3. Subtract your monthly bills from your income and what is left over is your true free income.

4. Take a look at your credit cards. Put your highest interest cards at the top of the list to pay off first. We need to get rid of these first and only keep the one with the lowest interest rate in your wallet. The ones in your wallet should only be used for emergencies only, like car repairs, medical emergencies, and home repairs that are a must!

5. Think about all the money you need to spend to SURVIVE. Not on dinners out, new toys, or clothing. Things you need to keep your family fed and healthy. Subtract this money from your free income, it should only be half or less of your free income money.

6. Use the rest of your free income to start paying down your credit cards. If you just pay the minimum each month you will not see your credit card debt drop. You must make a diligent effort to pay more than the minimum.

7. Repeat these steps until your credit card debt is under control. This doesn't mean having absolutely no debt, but I would recommend an amount you can pay off in 3 months or less.

8. Congratulations on making it to step eight and getting your debt somewhat under control! Now let's start saving. If you like to see what you need to save to retire, here is a free retirement calculator for helping figure our what you may need. Retirement Calculator

9. If your company has a 401k and they offer any sort of match (any percentage), start the 401k. This is free money that your company is giving you, if you do not take advantage of this you are losing out.

10. With you car loans, mortgage companies, and credit cards you may want to try and connect with the lenders and ask if they would consider lowering your interest rates. Even if you only get one yes, it is better than not asking at all and continue to pay high interest rates.

11. If your employer directly deposits money into your bank account, set up an extra account to add money into. Since you don't ever see it, you won't think about it. If you deposit your checks yourself, take advantage of a savings account or do what I did and set up an account at another bank and then on my bill pay each month I automatically transfer funds from my working account to my other bank account, what do they say, out of sight out of mind.

As hard as it sounds, try not to indulge. Cut back your cable package, go out to eat once a month, and instead of seeing movies on the big screen with your entire family, wait until you can rent the movie. Chances are you can rent movies through red box for less than $2.00! You can save a lot of money if you just put some effort into it. Our family had to make adjustments, but now we can sleep at night and don't have get scared if the phone rings thinking what collection agency is after me now.