Matching your spending habits with the right credit card reward program is as important as the interest rate you are going to pay if you carry a balance. Go to the bottom of the page to review offers on cash back reward credit cards.
Using cash back rewards credit cards in a way that saves you money
To use this financial method you should have two credit cards. First let’s talk about whether having two credit cards is a good or bad thing. If you are going to use your credit card to track your expenses or keep a record so you can budget better, you have to have two credit cards.
One should be focused on the lowest interest possible, with no annual fees and at least some sort of reward program. The other card should be focused on one of the many cash back reward programs. The reason for this is simple one you will only use one incase of emergencies and the other with the cash back is going to help you pay down this card faster.
The first cash back card we have picked is one of the top 10 credit cards. It is the chase free cash rewards credit card. A couple of the great benefits you can earn 1 point for every eligible dollar spent toward travel on any airline, shopping at your favorite stores or cash! One other card worth mentioning here is the Chase Free Cash Rewards(SM) Visa® Card it gives you the extraordinary benefit of earning points for every purchase and the power to choose your rewards. Redeem your points for great rewards including cash and gift certificates. There is more information at the bottom of the page.
The other card we have picked is the bp credit card. These are some of the best credit card offers to-date. At a glance you get double rewards for the first 60 days, 10% rewards at BP gas stations, 4% on qualifying restaurants and travel, 2% on all other purchases. Go to the bottom of the page to find out more on this rewards credit card.
Now what you will be doing is taking full advantage of the cash back offers on a daily basis whenever your buy something. The money you get back will be used to pay down your emergency credit card, if it has a zero balance you will put this money in a separate account for a rainy day so to speak.
Why you don’t pay down your main consumer card with this bonus
Your second card or emergency credit card ideally should have a 0 balance at the end of every month because it is your budgeting credit card. If it doesn’t you have used the wrong card for purchases. The credit card that you use to track expenses with can only have a self-imposed limit of 75% of what you take home every two weeks. It takes a tremendous amount of dedication to budget this way but you will find that after awhile your debt will be going down and your savings at the end of every month will be going up. This happens because at the end of every month you will be looking at your credit card statement and seeing exactly what you have been spending your money on. This can be a real eye opener for some people. I can guarantee you that after two or three months of doing this you will be starting to stop buying some of the things that you had previously been purchasing.
This is important - The credit card you are using for tracking expenses must be paid in full every month, otherwise you are defeating the whole purpose of trying to budget. You should use it for gas purchases so you can reduce your travel expenses and it will probably be your most common purchase. By doing this you can see where you can cut down on driving by being better organized. Every little bit is going to help lower your monthly costs and expenses.
Please note; Using credit cards in this way isn’t an easy fix for spending money, it takes a great deal of dedication on your part, and you have to take the time every month to look at your bill to see where you money is going. If you have a spouse or partner using a credit card in the same way, you will both have to come to an agreement by sitting down together to discuss finances, each and every month to make this work. People are starting to use this as a form of budget planning and using credit wisely. You will notice other people doing this if you keep your eyes open for it. Have you ever noticed when you are in a line say to buy a coffee and someone is paying for a small item with a credit card. Chances are it’s not because they haven’t any money it’s because they are tracking where their money is going.
If any of these credit card offers interests you, pick a card from below and apply.
Go here to apply for this free cash rewards credit card - 1 point for every eligible dollar in purchases - 1,000 Bonus Points after your first purchase- Intro 0% Fixed APR for up to 12 months*
apply for the Chase visa credit card with flexible rewards - 0% Intro APR for up to 12 months*- Earn 1 point for every eligible dollar spent toward travel on any airline, shopping at your favorite stores or cash!*- Earn 1000 bonus points after first purchase
Apply here for rewards at any bp gas station - 0% APR for up to 6 months - No Annual Fee - Double Rebates for two months - 5% rebates on all participating BP location purchases - 2% rebates on all eligible travel and dining purchases - No limit on rebates - Redeem every $25 rebates for: BP Gift Card, cash or donation to the Conservation Fund
