To really cause your savings to grow, you should challenge yourself to match your money back credit card savings each month. In other words, let’s say that you spent $1000 on a card that gives you 1 % back in cash. That equates to ten dollars that you’ve gotten from money back credit cards. You can easily find a way to pull ten dollars out of your paycheck and match that amount by adding it to your savings account. Now, just by spending money on your credit card, you’ve got $20 in savings. As the months go by, that’s going to add up.
Getting the Right Money Back Cards
The key to making this work is to make sure that you select good money back credit cards. There are some money back credit cards which don’t actually give you the cash back but instead apply it to paying off your bill. That won’t benefit you in the same way. There are also cards that advertise a certain percentage back but actually give you a lower percentage if you opt for cash instead of gift cards or other rewards. Make sure that you read the terms carefully so that you get a money back credit card that is actually going to let you cash out your rewards.
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