Auto Savings Using Reward Cards

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Auto Savings Using Reward Cards. This post may sound like a little bit of work but if you trust me it will be worth it. Once this is set up you will begin saving money automatically on almost all purchases. I currently use a variety of credit cards, each with cash back savings on a number of different categories. Some are consistent and some rotate categories periodically. Say you spend $500 a month on groceries, $400 a month on gas, $200 a month at restaurants and you find a way to save 5% on each of those, you just made $55 bucks a month. That is like getting free cable TV each month by making the same purchases you already make.

Here is a list of great credit cards. Keep in mind these are to be used for purchases you would make with or without credit. This is not “free” money so do not overspend. These give you 1-6% cash back on what you spend but usually charge 8-14% in interest. The trick is to pay the full balance off each month to avoid the interest charge but still gain the cash back rewards. If you can not pay off the entire credit card bill each month then you are losing money. Start with one credit card first and see how you are with handling credit.

Sallie Mae:

  • 5% cash back on the first $250 you spend per month on eligible gas and grocery purchases each and the first $750 you spend per month on eligible book purchases.
  • 1% cash back on every other purchase you make.

Pentagon Federal:

  • You can earn 5% on gas purchases paid at the pump and avoid an annual fee by obtaining a qualifying PenFed product:

Chase Freedom:

  • You’ll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It’s free and easy to activate your bonus each quarter!
  • Unlimited 1% Cash Back on all other purchases

Citi Dividend Platinum Select:

  • Earn 5% cash back this quarter and every quarter on changing categories like home improvement, travel and more
  • Earn 1% cash back on all other purchases.

Discover It:

  • Generous. 5% cash back on up to $1,500 in purchases for Online Shopping through December 2013 with free and easy sign-up. And 1% cash back on all other purchases.

Amex Blue Cash Preferred:

  • 6% US supermarkets up to $6,000 per year in purchases, 3% US gas stations & select US dept stores, 1% other purchases. Terms and limitations apply.

Once you sign up for these cards, simply set up auto pay and create a separate checking account that these will all be linked to. Determine how much each month you will use with each category such as groceries or gas. Set up an allotment in MyPay equal to that amount to cover the credit card bills each month. Be sure to link a savings account to the checking for free overdraft if your bank allows. This can be easily done at USAA.com.

To make things even easier you can use the new Coin Card to replace all of those cards. The Coin allows you to store unlimited number of cards onto one card and simply select between the cards right on the electronic display. Coin is the size of a normal card and can be used in any card reader, swiper, and ATM. You can link the card via Bluetooth to your phone and it will even alert you if you forget your card at a store. Pre-order you Coin today to get 50% off.

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