At the end of the year people all over America receive a nice check from companies like American Express, VISA, Mastercard and other big credit card companies in various amounts. The reason they receive a check is because they had a cashback credit card that had a certain percentage that would pay them back for making certain purchases. For example, the big one this year was gasoline purchases. So if a credit card had a cashback award of 5% for gas purchases and you pumped $100/week then you are earning $5 a week as a cashback bonus. Sounds good right!
Well its not because it messes with your mind. Credit card companies are not dumb, they want you to feel like you are getting them back. Truth is not everyone pays their credit cards off every month so these companies are paying people 5% for pumping gas and then turning around and charging them 15%-21% for carrying a balance. This is how stupid of a deal this is and people still fall for it.
Every time I pump gas I have to look at a dumb credit card offer that says that I could be saving money if I was using a credit card. Well I know how credit cards work and they do not work in my favor.
Solution:
If you could receive 5% back for your purchases and you did not have to use a credit card would you do it? I do it all the time and use a debit card because I do not own a credit card. How do I do it?
I go through Cashcrate. They have a section that reads “Go Shopping” and they show you how much cashback you can receive. It’s not gas but its places like Wal-Mart at 5%, I mean what if everyone was getting 5% back from their Wal-Mart purchases, now you can because you read Debt Free Hispanic who by the way looks for every way to make money without using credit cards.
I must point out that I have already received two checks from them so I know they pay. Cashcrate has a payout limit of $10 which is easy to reach, especially since I like to buy Apple iTunes music as well. Anyways, just thought i’d pass along the information because i’m sure there are some of you who feel the same way I do about the cashback credit card rewards. Trust me, its not worth the hassle of even having to cancel your credit card much less missing a payment and having to pay for it big time. Below is a screen print that show you the percentages that companies are paying right now.
cashback card