Unexpected Ways to Use Cash Back Rewards

TORONTO, ON / ACCESSWIRE / September 5, 2024 / Cash back credit cards are enormously popular, and for good reason. Who doesn't want to earn money for purchases they make on their credit card? There are a handful of common ways to redeem your cash back rewards. You can opt to put your rewards against your balance as a statement credit or choose to have that cash deposited into your bank account. You can even use your rewards to pay your monthly utility bills. The great thing about cash back credit cards is you can use the rewards you earn however you choose.

Make Charitable Donations

Wanting to do some good in the world? Put some of the rewards you earn towards a cause that's near and dear to your heart. It's always a great feeling when you donate to your favourite charitable organization. As another plus, your donation may be tax deductible depending on the amount.

Invest for the Future

If you have room in your contribution allowance, consider investing a portion of your cash back rewards in an RRSP (Registered Retirement Savings Plan). If you're more of a stock market person, take advantage of investment opportunities there. Or put your rewards into a high interest savings account. Saving for your future is important, and the cash you earn can build up significant interest over the years. It's like getting even more money back.

Buy Discounted Gift Cards

Many cash back credit cards give you the option of redeeming your rewards for gift cards. If your card offers this, and you love shopping, watch for discounts on retailers you shop with regularly or plan to shop with soon. Many people are unaware that their cash back card may offer discounts on gift cards purchased with rewards. The percentage off can be quite high, yielding even more bang for your buck.

Make Memories by Spending on Experiences

Is there a vacation you've always wanted to take? Or an upcoming concert you would love to go to? Maybe you'd like to indulge in a luxury spa experience or dinner at a five-star restaurant. Take your cash back rewards and treat yourself to a guilt-free splurge.

Offset Large Purchases

Perhaps it's time to start saving for a new vehicle or take on some much-needed home renovations. Open a savings account to build up your money for those expenses and add your rewards to that account.

Now that you have more ideas for what to do with your rewards, remember to use your credit card responsibly. Don't spend more than you can afford to get more cash back. Spend wisely and enjoy the many options for redemption opportunities.

CONTACT:

Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

SOURCE: iQuanti