Receive a monthly return with a cash-back credit card: Scorgie
For its 11th challenge, Metro's Small Changes, Big Win series gets you to save by securing a cash-back credit card.
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Small changes to the way you spend can add up. Metro financial guru Lesley-Anne Scorgie pulls together weekly tips that will add a minimum of $10 to your savings. Ready to watch your money grow? Check out this week’s tip.
Week 11: Switch to a cash-back credit card
How It Works: Let’s face it. Not all of us spend enough on our credit cards to benefit from travel rewards. So, why not switch to a credit card where you receive a monthly cash-back credit. Cash-back credit cards typically offer between two and four per cent cash-back on your purchases, which is applied directly to your statement. On Canada’s most popular cash-back cards, cardholders average savings of $500 per year.
The key with a cash-back credit card is to ensure that the amount of cash-back you receive is greater than any annual fee you might pay.
Take Action: Sign up for a cash-back credit card and then eTransfer $45 into your savings account.
Options: Ratehub.ca has a calculator to compare cash-back credit cards to help you determine which is right for you.
More on Metronews.ca
If you want to be able to cope with life’s little surprises you have to first know exactly where your money is going.
Take stock of your debts and devise a plan to pay them off while saving as much on interest as you can.