Earning Cashback

Banks will actually pay you to use their credit card. But some promises are too good to be true, and some options are better than others. 

Tips for Earning More than 1% Cashback

Brian explains why you deserve better than earning just 1% cashback and how to find the card that maximizes your spending habits. Think 5% cashback is too good to be true? It is. Brian tells you what traps to watch out for.

How this works.

Merchants pay banks an average fee of 2% for every amount you spend with a credit card. The process is called interchange. Fortunately for you, banks are in a race to return at least 1.5% of that to you just for using their card. Be wary of offers over that amount as banks don’t like to lose money, and will pepper the fine print with all sorts of limitations that can negate any cash back rewards earned. But follow the five rules below and have the banks buy you something for a change! 

5 things to watch out for


Reduce your credit limit and opt out of overlimit.

Decide how much you can afford to pay off every month and set your credit limit at that amount with no option to go overlimit.


Never take out cash at an ATM.

The fees and interest are extremely high and you earn no cashback.


Always pay your balance.

Late payments can cost $35.


Always pay the balance in full.

Even if you pay 80% of the balance, interest will accrue on all of your spending, not just the remaining 20%


Never take a balance transfer offer.

The interest on the spending will likely be more than the cashback you earn!

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I spend about $2000 a month.

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