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6 Ways To Hack Your Way To More Credit Card Rewards

6 Ways To Hack Your Way To More Credit Card Rewards

Consumers are obsessed with rewards. We crave them, want them, love them. We obsess over how to burn, churn, trade, convert, and optimize them. We get a rush of adrenaline when we collect them, satisfaction when we redeem them.

Banks are competing hard for your wallet, and we have a few tips on how to exploit their appetite for growth so you can fly free, sleep free, float free, drive free, and more.

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1. Get A New Card

Loyalty doesn’t pay in credit cards. Just like wireless and cable, you’ll get the most value from your credit card when you switch providers and get a new card.

Want proof? With your current card, it might take you 2 years and $25,000 of spending to earn 25,000 miles. Get a new credit card and you could get a 25,000- to 60,000-mile sign-up bonus in as little as 3 months, requiring only $500 to meet the minimum spending requirement.

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2. Try Before You Buy

Before you buy a new car, you take it for a test drive, right? Same with a pair of shoes? Of course. That’s why you should only get a new rewards credit card with an issuer that doesn’t charge an annual fee in the first year. This will give you the chance to try out their product and make sure you’re happy with things like their customer service, ease of rewards redemption, online billing and payments, credit line, etc. It makes trying risk-free, and puts the onus of performance on the issuer, not you.

3. Wait For The Big Promotion

Issuers have special welcome bonus promotions all the time. Quite often, they don’t make them available on their website or to the general public. Search through credit card comparison sites, travel reward blogs, and Google search to see if they’re advertising any limited-time offer welcome bonuses, the wait will be worth it.

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4. Know Your Categories

Many rewards credit cards offer bonus points when you use your card at the gas pump or grocery store. There’s a way for you to hack bonus points in even more merchant categories. Simply use your credit card at the grocery store to buy a gift card to your favourite merchant (Wal-Mart, Amazon, Apple, Home Depot, etc.). You’ll get your bonus rewards or cash back because you made your purchase at the grocery store, and then you’ll be able to use your gift card at your favorite store.

5. Stack Your Credit Cards

Maximize your rewards by using multiple credit cards with different bonus categories, so that you get a bonus on all your spending.

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For example, you can use one card to get 5% cash back on gas and groceries, another to get 3% back at restaurants, another to get 3% at the pharmacy, and yet another card to get 2% cash back everywhere else.

6. Know The Rules Of The Game

Credit card companies are a little like casinos. They offer you all the promise in the world, but they lay a few land mines in the way to stack the deck in their favour. Here are a few things to watch out for:

  • Rotating Categories: Some cards change their categories month to month or quarter to quarter. To get any real value from the card, you have to be willing to stay on top of the rotations and re-select your categories frequently.
  • Earning Caps: Make sure you know if there are any caps on rewards earnings. If there are, it makes no sense to spend beyond the cap, because you’ll either earn less or no rewards from the additional spending.
  • Rule Changes: Credit card terms and conditions change all the time — most cards have an obligation to notify you of any changes. Read your mail, or you might miss the memo.
  • Penalties: Know where the land mines are laid. Do you you lose your points if you cancel your card or miss any payments?
  • Expiration: This can be a killer. Know if your points have an expiry date or if they expire upon cancellation of your card.
  • Carrying a Balance: If you carry a balance, your interest payments will wipe out any value you get from your rewards.
  • You’re late: Being late wipes out any value created from your rewards. You’ll be charged a late fee, your interest rate will skyrocket, and you’ll lose the privilege of your grace period.

Featured photo credit: money-256314_960_720 / jarmoluk via pixabay.com

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Marc Felgar

Marc Felgar is an aging, health & senior care expert focused on improving the lives of mature adults.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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