My credit union credit card has a rewards program - for every $1 you spend, you earn 1 point. I use my credit card for everything, yes everything. After earning 6,000 points, the credit union will redeem them for $50 against a loan account (mortgage, home equity, car loan). I don't know about you, but I am all about the free and I am definitely all about free money. So when the choice is $50 towards the principal balance of my car loan or material things like a blender or an umbrella or even a box of truffles, which do you think I am going to choose? That's right - $50 baby! It feels good knowing that using my credit card as much as possible earns me money. And since the credit card has a promotion right now of no interest on purchases it doesn't cost me a darn thing to get that free $50. Isn't that just the coolest?!
At the rate I use my card I earn about $100 a year (about half a car payment) - not a huge amount in the grand scheme of things, but its still $100 that didn't come from my pocket. :) So what do I use my card for to get those points? Any and all shopping (grocery, clothes, online purchases, gifts, etc), gas (which has its own rewards-more on that later), personal travel, work travel, postage (for the stuff I sell on ebay), and even my car insurance. And this year with the wedding I will probably earn enough points for an extra $50 since I am flowing as much as I can through the card for that as well. And because the card is through my credit union its so easy to transfer a payment at any time. So I shop it up and then go home and transfer the money straight from my checking or wedding savings account. So even when there is no promotion, I rarely carry a balance and therefore pay no finance charges - like I said, getting money for free ROCKS!!
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