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      February 23, 2019

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The Benefits of Cash Back Credit Cards

 

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The Benefits of Cash Back Credit Cards

With cash back credit cards you receive something for nothing - that sounds like a pretty good deal right? Cash back credit cards give you a bonus for spending money. Cash back credit cards gained popularity after airlines offered cards with “bonus miles.” Now, most credit cards offer some type of reward program - often in the form of a cash back bonus. We all have to spend money on bills, groceries, gas and other essentials. By using a cash back credit card with these purchases, you are receiving money back for items you are already spending money on.

Cash back credit cards work best for those that pay off their balance in full each month. By doing this, you will not pay any interest on your purchases (which is often high with cash back cards) while receiving all the benefits of your rewards. You are essentially getting free money.

Most cards offer anywhere from 1%-5% cash back rewards, depending on what you are purchasing. That is like going to a store and getting 5% off with every purchase. On average, most users receive about 3% back on each purchase. Often, many users get credit cards for their family members to optimize earnings. If you and the members of your household use cash back credit cards on all your purchases, it would add up to a significant amount over the course of the year. Many businesses can also use cash back credit cards and can reap the same benefits and savings each month as well.

There are many benefits to receiving cash back every month. If the rewards come back as a statement credit, then you have reduced credit card bills each month. Other cards send your reward in the mail and can use it to spend it on whatever you want - this could be your vacation or entertainment money. You might feel you have the freedom to use your cash back rewards on items you wouldn’t ordinarily purchase with your hard earned money.

Credit card users have been down recently and many companies have been offering great rewards for new users. There are many different options out there to choose from. You can find one that best supports your spending habits.

Cash back credit cards are one of the best types of credit cards to choose because you earn a portion of the money you spend back and you have the freedom to choose to do what you want with the bonus cash. They are easy to use they offer many benefits to consumers that research and select credit cards that fit their lifestyle. The savings can be significant and costly charges can be avoided if the consumer makes payments promptly and in full each month.

Those Credit Card Bonuses May Be Taxable

Whether rewards or bonuses are taxable depends on whether they are tied to spending on the card, tax experts say. If you get cash back or rewards from a credit card in exchange for buying things with ...

Published:  Fri, 22 Feb 2019 15:55:00 GMT



Are business credit card rewards taxable

The ruling clearly states, "The portion of the credit card purchases that Taxpayers can "¦ receive back in cash"¦ does not constitute gross income." In plain language, no, your business credit card rewa...

Published:  Fri, 22 Feb 2019 07:09:00 GMT



Why I'm Back to Plastic After 15 Years Without a Credit Card

So, I did. I vowed to live only on cash and my debt card. And, for 15 years, my husband Nick and I did just that. Now, both of us are back to plastic after 15 years credit card-free. Why

Published:  Tue, 19 Feb 2019 02:36:00 GMT



NerdWallet's Best Credit Cards for Large Purchases

The strategy here is for when you already have the money to pay in full but you want to earn a pile of cash back or points from a new rewards credit card. You do that in two ways: hitting the required ...

Published:  Fri, 22 Feb 2019 11:36:00 GMT



Should You Get the Apple and Goldman Sachs Credit Card

Apple and Goldman Sachs will launch a joint credit card this spring ... including the Citi Double Cash. The Wells Fargo Cash Wise card gives cardholders 1.5 percent back on all purchases, while the Ca...

Published:  Thu, 21 Feb 2019 12:07:00 GMT



Should you tip with cash or a credit card

While service workers generally prefer cash, there are some instances where a credit card tip can be better ... [them[, the bus[ser], those in the back cooking and so on. So at a restaurant ...

Published:  Fri, 22 Feb 2019 08:00:00 GMT



Why Credit Cards Are Safer Than Debit Cards

Some banks offer rewards, such as travel miles or cash back on debit card purchases. However, rewards debit cards are fairly rare and the rewards tend not to be too lucrative. Rewards credit cards ...

Published:  Thu, 21 Feb 2019 16:28:00 GMT



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