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May 4, 2021

4 Debit and Credit Card Hacks

Money hacks for what is already in your wallet.

When it comes to money management, people consider savings to be the most important aspect. But that can be hard as we all have to spend money on basic necessities to live. Even if you have a strict budget, you need to eat, pay rent, fill your vehicle with gas, and hopefully, you have enough to spend a little on recreational shopping. Here are a few smart spending tips that can help you capitalize your everyday spending with cards that you already own.

Make the most of your cash-back bonus

Most debit and credit cards tend to have cash-back benefits even if they’re only with certain brands or websites. Make sure you are aware of the cash-back opportunities on your cards. For example, Discover cash-back cards tend to change their cash-back prospects quarterly. Another way to make the most of cash back is to register your card with sites like Rakuten or Quidco. These websites allow you to earn cash back when you shop at their participating retailers. This is useful if you are a frequent online shopper.

Utilize a savings app

An app on your phone can help you build up savings when you shop. A popular option is Acorns, which helps you save by rounding up your purchases and putting that money aside into savings. Other savings apps can analyze and track your spending habits and budget to automatically help you put aside a percentage of your income into savings each paycheck. These apps are usually free, and it is easy to link your cards to the apps and start saving.

Read the fine print

Another method to really make the most out of your debit or credit cards is to read the fine print for overlooked benefits. Debit and credit cards often come with valuable saving benefits that may be missed when you first get your card. Benefits can include travel perks, cash back, or automatic credits. It is also important to read the fine print to make sure you are not being charged fees as some minor fees might not be obvious.

Use reward cards

If you find that you tend to shop often at a specific place or brand, it might be worth checking to see if they offer a rewards card. Usually a rewards card offers cash back or discounts that are beneficial in the long run. Be sure to pick rewards cards that suit your lifestyle and do not have a monthly fee. As long as you spend only what you can afford, these rewards cards can help you save.

Although it is worth it when shopping gets you points and cash back, do not make the mistake of spending more than you can afford to pay off every month. These debit and credit card tips are to help you make the most of your necessary spending. If you have questions about your current debit or credit card, feel free to reach out to a personal banker for answers.