TORONTO, ON / ACCESSWIRE / October 8, 2024 / Spending strategically with your cash back credit card in Canada can help you make the most of everyday purchases and earn more money. Whether you're looking to maximize rewards, improve your home, or invest in experiences, there are several ways to spend with your credit card to reap the best rewards.
Cash Back Rewards Categories
With a cash back rewards card, you can either opt for a flat-rate cash back card or a category-based card. Many cards offer enhanced rewards for specific spending categories, such as groceries, gas, or dining. If you frequently spend in these categories, choosing a card that offers higher returns in these areas can be particularly advantageous. For example, a grocery category might provide up to 4% cash back on groceries, which can add up quickly given the rising cost of food.
If your spending is more varied, a flat-rate card might be a better option. These cards reward you based on your overall spending, offering consistent and predictable cash back across all purchases. This can be a simpler way to accumulate rewards without needing to track specific spending categories.
Home Improvement and Renovations
If you own property, consider using your cash back card to help increase the value of that property through home improvement projects. Consider tackling essential upgrades such as plumbing or electrical work, which can increase your home's resale value.In Canada, investing in energy-efficient appliances or home renovations can also be eligible for grants or subsidies from federal and provincial governments. By using your cash back card to pay for these improvements, you can earn rewards while also reducing your electricity bills and increasing your property value.
Travel and Experiences
For Canadians who travel frequently, spending wisely using a cash back credit card can be surprisingly effective. Whether traveling for business or pleasure, every expense-from flights to accommodations-can help you accumulate rewards. Consider using your cash back card for educational trips that offer professional or personal growth. For example, a chef could explore new culinary scenes to gain fresh inspiration, or a teacher might visit historic sites to enrich classroom lessons. By strategically using your cash back card for these experiences, you not only save money but also earn rewards that can be redeemed for upgraded flights or luxurious hotel stays, turning your travels into both a learning opportunity and a financial win.
Charitable Donations
Charitable donations not only help support important causes but can also provide tax benefits. By using your cash back credit card to make donations, you can earn rewards while also benefiting from tax deductions. You can do good for organizations that desperately need funding and earn some rewards at the same time.
Quality Tools and Equipment
Use your card to invest in high-quality tools and equipment to improve your productivity and efficiency. Upgrade your lawnmower to improve the look of your yard while making the job easier. Get yourself a new toolkit so the small fix-it-yourself jobs are easier on you (and so you always know where your tools are). Upgrade your vacuum to a robotic vacuum to save yourself time on cleaning. All of these purchases can earn you cash back.
Upgrading to the newest technology, such as computers or software, can enhance your personal or business projects. Perhaps you've wanted cameras around your place for added security but are concerned about the price. Take advantage of seasonal promotions and spending categories when you use your card, so the cash back can help save on the total cost.
With cash back credit cards, you can make money even while you're spending it. By using your card smartly, you can rack up rewards and get more value from every purchase. So go ahead and enjoy those perks, but keep an eye on your budget to make sure you're getting all the benefits without any additional stress. In the end, it's all about making your money work smarter for you.
CONTACT:
Sonakshi Murze
Manager
[email protected]
SOURCE: iQuanti