Monday, July 16, 2012

Getting Credit Card Rewards

I feel like I'm a bit behind the bandwagon on this one.  We've just started using our credit card to pay for all monthly expenditures to get the credit card points.  We now use it for all gas, groceries, eating out, anything that we can put on credit card.

I know that many other personal finance bloggers have been doing this for a long time but I hesitated because I wasn't sure that I would be able to pay it off monthly if I did so.  I didn't want to overspend and not have the money for the basics that we were used to paying cash for.

I now have a system that has been working for us.  Both Y and I use the same credit card.  I now log in online every couple days and record the expenses in our checkbook register.  That way the money is "spent" but is still there waiting for when the bill comes.  It's not really all that different from logging into our bank and tracking expenses that way. 

We now have 25,000 points that I could cash in for $250.  We've been using this card for over a year but just using it exclusively instead of our debit cards for 2 months.  I think that I will hold off on cashing it in for cash because we could purchase a $500 plane ticket with our points.  I would really love to take a vacation.

Do you use a credit card for points?  What is your system?


  1. I just recently hopped on the bandwagon also (winter 2011). I can't believe how many years I went without using points!

  2. That is a great idea! I may have to try that !!!

  3. I don't use a rewards credit card. Most of them I've seen charge an annual fee that I'm not willing to pay, and I have the same worries you do. I get out of control enough just with the debit card. I also think I would justify purchases easier because I know I'm getting a "discount" through the cash back. This has proven to be the case with my Target card and I've really been having to reign it in. Perhaps if I had more self-control and better budgeting, but I doubt it. DH doesn't even like us having a credit card (have 1 credit card and 3 store cards).