Hello everyone, welcome to Part 1 of my series on how to Make Extra Money!!!
This guide will explain and show you an easy way to make an extra few hundred dollars every 3 months!
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A lot of us have switched to this platform for a variety of reasons, one of them being the ability to make some extra money for our work!!! Making money for your hard work is important and I wanted to let you all in on an open secret not many people know about... It is something that I do and have shared with others who are now making extra money for free every few months.
Today we are discussing Cash Back Credit Cards. Yes, you read that right, signing up to the right credit cards can get you cash back!! Why do they do this, these credit card companies? Won't they lose money when they give you back money or rewards points??? No!!!
How does this work then??? When you use your Visa/Mastercard or whatever card somewhere, that business has to pay a 2.9% fee to the credit card company. You don't pay any fees for using a card, but gain bonus points or cash back reward dollars.
For my 3 example cards I will reference NerdWallet, this is a great resource for finding the latest credit card offers. For now we will just look at the cashback cards and signup bonus of cashback. Remember, not all cards are created equal, some are better than others and I will explain why you need to sign up for certain cards first over others.
Other cards can be found here
Source: http://www.moneycrashers.com/best-cash-back-credit-cards/
Source: https://www.creditdonkey.com/cash-back/
Some quick general rules to know, always sign up for Chase cards first if you can because they have some of the best points/rewards programs. They have a rule where if you sign up for more than 5 credit cards in total within a 2 year period they deny you if you try to sign up for more. They also deny if you just signed up for another card in the last 60 days, so if you have done that you need to wait.
Always go for cards with $0 annual fee, this way you can keep the card long term so you can build your credit. Credit is built by having accounts that are old, the more years you have a card or cards the better your credit score will be :) :)
The general idea is that you already are spending a few thousand dollars a month but are not earning rewards. Most people are paying from their checking account for groceries/gas/electric bill/natural gas bill/rent/entertainment/cell phone bill/internet blahhh. By signing up for 1 or 2 or 3 credit cards every 3 months, you would spend the money you were already spending on the cards and earn the reward. That is the key!!! Get rewards for what you are already doing!!!
1st best card: Chase Freedom, if you haven't signed up for any cards in the last 60 days, the card you want is the Chase Freedom card. You get 1% rewards on everything you buy, $0 annual fee, and after you spend $500 within first 3 months of owning the card you get $150 rewards! These rewards can be used just like cash and can be redeemed to your bank account or used to pay off your statement bills
2nd best card: Blue Cash Preferred Card from American Express, you would want this card if you buy a lot of Groceries and spend a lot of money on gas. You are rewarded 6% when buying items from Supermarkets (Giant Eagle, Wegmans, Tops, Food Lion and many others, excludes Walmarts). You will also get 3% cash back on all gas purchases from any gas stations and department stores!! One down side of this card is the $95 annual fee, but when you sign up for the card and spend $1,000 within first 3 months you get $150 cashback reward to offset that! If you spend a lot on groceries and gas and department stores, you can easily make your money back. For instance, spending $3,000 USD at grocery stores in a year would get you 6% which is $180 you get back, not very hard to get to that if you have a family or live with others!
3rd best card: Citi® Double Cash Card , this card is for everyday purchases, in other words you would use this card to buy things that are not covered by the Blue Cash card above. This card gets you 1% rewards cash back when you buy anything, then when you pay your bill you get a bonus 1% cash back, a total of 2% rewards!!! Spend $3,000 in a year and get $60 back! No annual fee makes this an easy one + in your first 18 months of having the card you can transfer balances from other credit cards to this one and have 0% interest on the balance! An easy way to consolidate one card to another, maybe a card you don't want any more and you transfer balance over to this one. Then as you pay off that balance you get the 1% bonus for when you pay!
I hope you enjoyed this post and it helps make you some money!
This is very educative. Steemit knowledge is powerful to me
Mmmmmm.... I'm gonna hold off on the resteem this time.
Useful info and people really should have a better idea of what they're doing with all that, but it felt a bit like a "sign up, get your friends to sign, with these companies, own a sports car!" kinda schtick.
I'm one of them marketing folks and that's included being hired by multi level marketers, so I'm a bit sensitive and wary.
But if it's not a constant thing, then I'll go past the up vote.
Praise Kek.
Nothing I posted is any kind of referral links if that is what you are wondering about. Just easy to make extra money signing up for credit cards is all. Have you done it before?
compared credits and shopped around for benefits and cash back? Sure. But it's a "spend money to make money" system. Even if you get free nights at a hotel, you have to get to the location, take the time off work, make all sorts of arrangements, you gotta eat, maybe you get some free shows... so there are still more costs and hoops involved than at first glance.
Nothing's ever free and I never roll with multitudes of cards. A couple for specific purposes but I don't have any desire to bounce around just for stuff I'm not interested in in the first place.
But, them not being referral links is good.
I'm not poo-poo'ing what you're suggesting, absolutely use the system to your advantage if you can get enough of a benefit out of it. Git dat money.
I mean the hotel points is pretty great, hilton and hampton are in almost every city so it isnt hard to get that going if that is what you want to do.
If not, the citi double cash card gives you 1% when you buy and 1% when you pay it off. No annual fee. If you spend 30k a year on rent/buying stuff that 2% adds up to 600 bucks. I make more moneu per year on that cashback than i do for my yearly bonus.
Lots of cards are free and have no annual fees and a lot of people dont take advantage of it.
Redditnhas a subreddit called /r/churning where they just discuss best cards to sign up for and they have a lot of detail.
Myself, ihave 12 credit cards. Credit score over 790 usually. Perfect credit. No unpaid credit cards. No past due bills. Once i did a few cards i got better with managing my money and make more. Everythinf auto pays and i dont spend more than i know can afford.
Multiple cards isnt for everyone, but the citi double cashback i think everyone should have. It really is no annual fee and easy money.
Just trying to help spread some wealth :) hehe. Yeah no referal links.
that does remind me that I need to look into how much cash back I'm due. I usually forget about it and then get pleasantly surprised every now and then.
HEY EVERYONE WHO'S NOT AS INTO IT AS OP! CHECK YOUR REWARDS BALANCES! Cuz like... when's the last time ya did?
Some people also just let them build up as a buffer for random stuff as long as it's not a "use it or lose it" situation. Then it's just this massive wall of possibility that had been building up without paying attention to it unless you need to or just sorta... feel like it.
I'm not really a super money driven guy. Not even really sex or ego driven, tbh. Like... for me personally... this an unnecessary complication to add to my life.
So I guess it's really just a style thing.
Yeah, I am in general always thinking about how to save money.
I think it stems from always playing MMORPG games, I am usually one of the richest people on any given server. Runescape or Guildwars or SWG or SWTOR, just always having mad money! I usually give some away to noobies to help them heh.
But yeah, I do put some research time into the whole thing on that for sure.
I also am going to make a detailed post about this, but I just recently switched from Verizon to Straight Talk on my cell phone plan. I did this because three reasons.
Saved myself per year about 420 bucks on that switch.
Honestly... I pretty much behave like I do in GW2. I have a nice pillow that I've built up that's allowed to fluctuate to certain limits and then I'll derp around til I sort of even out (get the pillow back to that comfy, cool spot) and start all over.
No point in just sitting on the pile but only make dips when the investments are solid. Gotta invest in yourself. I hang out with people and talk about math theory... lol, I keep it simple but stimulating.
Great post!!
Thanks :)
My friend was telling me about this. As long as you pay your bill on time.
Yes! Do not take out more than you can pay. I update my spreeadsheet every 2 weeks with how much I own on each card and how much I have in my bank account.
In last 3 years i have earned over 800 dollars cash back, 1200 dollars of airfare and over 1500 dollars in hotel points. :)
I don't even know why people willingly choose not to have cash back or airline miles credit cards.
I think most people just don't know how much money or rewards they can get.
Myself I got 260,000 Hilton points, used 60,000 to stay for 3 nights for free last year on Florida right by the beach. Can't beat free!
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