Task 10: Start earning cash back through a rewards-earning debit or credit card.
If you use a debit or credit card, why not use one that earns cash back? Here's why you might want to consider getting cash back with a credit or debit card.
Extra Cash With Credit Cards
It seems that a lot of people are under the impression that credit cards are pure evil, which they have the potential to be. However, if used wisely, a credit card can work to your advantage.
For instance, they can earn you rewards, like cash back or air miles. They can also help build your credit. Using them responsibly will allow you to reap the benefits, while avoiding the accumulation of debt. When you spend more than you can afford, that is when credit cards get dangerous.
Use a cash back credit card if: (1) You have good self-control and discipline, and (2) You will pay off what you purchase immediately so you don't accumulate a balance on your card.
NerdWallet lists credit cards that earn cash back. Some include Capital One Quicksilver Card, Discover it Card, Chase Freedom, Blue Cash Everyday, etc. etc. There are many options, choose the one that is right for you.
For those who would rather steer clear of credit cards, there is another way to earn cash back. Certain checking accounts allow you to earn money simply by doing everyday transactions, checking online banking, and getting e-statements. I called my credit union today, and in a matter of 10 minutes, my free checking account, with cash back rewards, was set up. (I don't know why I didn't do this sooner). The process is painless, and the checking account is still free. If your credit union doesn't offer a cash back checking account, you can browse other credit unions. Some will have the option of online account-opening. So, this is very doable.
Cash back accounts
Remember to share how you're saving on Instagram @YoungFreeME with the hashtag #TeamOwnIt, so we can all connect on how we're saving!