Yesterday, I received my new AMEX Blue Cash card. Since I have no consumer debt and very disciplined in keeping a budget and paying on time, I decided to maximize my rewards! Here is a run down on this card's benefits:
Spend up to $6500 in a year, and receive:
- 1% back on grocery, drugstores and gas
- .5% on everything else
Anything over $6500:
- 5% on grocery, drug, gas
-1.5% everything else
Up until now, I have been using my Nordstrom VISA, which earns 1 point for every dollar charged, except 2 points per dollar at Nordstrom. Once you accumulate 2000 points, you receive a $20 Nordstrom GC. During the big sales you can double your points earned. This is all great, as I love Nordstrom, but guess what I realized: I hardly ever shop there, except to redeem the GC's! So I'm really only earning 1% by using this card.
I went through my 2007 credit card bills and compared my actual Nordstrom reward with what I would have received with the AMEX. It was $180 vs. $320. That is a difference of 78%!
What I love about this is that instead of working more and being taxed on the earnings, I am "earning" a credit on my credit card that is not taxed!
I also take advantage of two online reward sites: Mypoints and Mr.Rebates.
Mypoints works on a point system. You can earn anywhere from 2-10 points per dollar on purchases, or some companies give you a set amount... like 500 points on any purchase over $25. Points are available after 30 days and you can redeem them for gift cards. The gift cards have different point costs, so I go with the companies I shop at that have the best ratio of dollar value to points. They also send emails that you click on and earn 5 points just by going to the sponsor's site, so you can get rewards even if you don't shop online (although it takes much longer that way.) Generally when you order the gift card, it arrives within a week.
Mr.Rebates rewards you with cash. It's measured as a percentage... anywhere from 2-20%. It takes 90 days for the rebate to become available and you have to wait until you accumulate $25 in rebates. Once you request the check, it comes in a few days.
I am very excited to take full advantage of these programs this year, and will be keeping track of how much $$$ I will be earning.
Rewards for spending
January 17th, 2008 at 06:38 pm
January 17th, 2008 at 07:06 pm 1200596769
Now, we have switched to a Chase visa and we get 3% back everytime dh shops at Home depot. I got a check last month and will apply for another one this month.
January 17th, 2008 at 09:59 pm 1200607168
January 18th, 2008 at 02:50 am 1200624612
January 18th, 2008 at 01:57 pm 1200664627