Shop Like a DealPro: Want Not on Maximizing Credit Card Rewards Programs

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Many frugal and personal finance bloggers caution against using credit cards as people often have a tendency to spend more on plastic than they would if they paid cash.  Mir Kamin of Want Not , on the other hand, recommends using credit cards to take advantage of the multiple rewards they offer–as long as you’re smart and disciplined about it and pay off your balance in full every month!

For more ways to have it all with less, follow Mir on Twitter @wantnot and keep checking the Savings.com blog for more DealPro tips.

Video transcript:

My name is Mir Kamin. I blog at Wantnot.net, and I’m a 2010 Savings.com DealPro. I believe that if you use a credit card like cash, if every time you use that credit card, you pay it off at the end of the month, there’s absolutely no reason that you can’t incorporate that into your normal saving and spending.

So for example, I’m a very big fan of the Discover Card. That’s what I tend use. I pay off the balance at the end of the month. With Discover, in addition to the flat rate money that you earn back, each quarter they’ll have a special program you can sign up for. For that quarter, you’ll get an even bigger bonus on certain purchases. You get these bonus dollars, and then you can redeem them for things like gift certificates to stores. It’ll be something like you give them 20 of your bonus dollars and they give you back a gift certificate for $25.

Then they have a shopping portal. So you can take your $25 certificate, that cost you $20, which really didn’t cost you anything because they were bonus dollars. Then you go through their portal where you’re going to get 5% or 10% back on that purchase, and then you can also use a coupon or whatever else you’re doing at that sight when you make your purchase. It’s a way to make those credit cards work for you.

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  1. nubiesrule

    4 years ago

    This is great advice. I earn $25-50 a month back using my cc and keeping it paid off. The key, though, is to keep ahead and owe nothing.

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