Just a heads up to any American Express cardholders, American Express is offering $5 Cash Back on some of their cards if you spend more than $10 at a designated small business. You can earn up to $50 Cash Back in this Shop Small promotion happening through September 20, 2020. If you have an American Express card, you will likely find the promotion advertised when you log in. The offer does require activation before you are eligible. Go sign up now!
We recently took advantage of this when we had a small business do a repair on one of our vehicles. We spent far more than $10, but it was nice to get a little bit back and help a small business at this time when potentially others are struggling to keep their doors open.
We redeem all of our credit card rewards for cash when possible. This works well for us as we never pay interest on our credit cards, using it much more like a debit card than a credit card. We are paid twice per month and on payday log in to our accounts and pay the balances in full. We do not recommend using credit cards for rewards if you cannot pay off your balance in full each month. The reason is that most rewards are only1% of the purchase, if you are also paying interest for any interest rate above 1% you are not coming out ahead by using the card this way. These rewards are only beneficial if you pay the balance in full by the due date each and every month.
As usual, I will post our credit card earnings for July at the beginning of August.
If you are new to following our journey, I will attempt to bring you up to speed in future posts, but for now I will say that we are currently on a big savings journey that we used to call our Big Goal. We now refer to it our Pot of Possibilities. Some day as my husband nears military retirement we will start using our pot of cash to start a new adventure!!
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