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I’m saving up the cash back and miles I’ve earned from credit cards to help with holiday purchases later this year.
My Discover it® Cash Back and Capital One® Venture® Rewards Credit Card earn rewards that I can use to purchase gift cards, or to make purchases through Amazon and PayPal.
That, along with swapping in some coins for Amazon credit and earning gift cards from the online shopping deal program Honey Gold, will help me save on gifts and other holiday-related expenses.
I’m also considering using cash-back rewards to make an end-of-year donation to charity.
See Business Insider’s list of the best rewards credit cards »
Every year, my extended family gathers at my cousin’s house in the suburbs of Southern California to celebrate Christmas. Because my uncle’s family is so large — we’re talking seven pairs of cousins and their spouses, and over 20 grandkids — my mom and I usually go outlet shopping to stock up on presents.
But because of the coronavirus outbreak, like most people, we’re not entirely sure how the holidays will be celebrated this year.
We might decide to gather with just our smaller, immediate family in an outdoor space, or we might meet over video chat. What’s more, we might be sending gifts in the mail instead of giving them in person. As so much is still up in the air, my mom and I haven’t been gung-ho about diligently stockpiling gifts. But that doesn’t mean I’ve change my plans to buy presents.
As I’ve been spending more on online purchases since quarantine started, I’m racking up lots of credit card rewards. But instead of redeeming them immediately to save on online purchases and more, I’m planning on using the cash back toward holiday expenses at the end of the year.
Discover Discover it® Cash BackIt will help me save during a spend-heavy time
In the past, I’ve probably spent an extra $800 to $1,000 in December. This includes everything from catching up with loved ones, Uber rides, gift wrap, holiday attire, and presents. And while celebrating Christmas might be done on a much smaller scale this year, I still anticipate exchanging gifts with relatives.
There’s nothing worst than kicking off a new year in a debt hole. When I shop online, I typically use my Discover it® Cash Back. My Capital One® Venture® Rewards Credit Card is usually for car-related expenses, such as filling up on gas or taking my car to the mechanic for repairs.
Since quarantine started, I’ve redeemed most of my credit card rewards for online purchases. So I’ve only just started racking up cash back and miles again.
Starting from scratch earning rewards
So far, on my Discover it® Cash Back, I have $10 in cash-back bonuses. (I’ve also enrolled for 5% on the card’s rotating bonus categories, so I anticipate racking up extra points that way.) On my Capital One® …read more
Source:: Business Insider