$3,843.94 For Doing Nothing (in 2011)
What currency do I use? Why, my lithe yet Herculean physique and Cheshire cat grin, of course. Buuuuut seriously… I rarely use cash. I throw down plastic because I don’t like to handle dollars and coins that have been fondled by junkies, hobos, and booger-eating morons. Oh, and I also get cashback, which adds up!
I suggest that you get the Chase Freedom – $100 Bonus Visa card. It has No Annual Fee and gives you 1% cashback on everything and 5% cashback on rotating categories. Use it to pay for things you would otherwise buy with cash. Apply now and they will give you $100 if you spend a total of $500 in the first 90 days. If you’re like me and charge everything possible on a card, you will meet that spending threshold of $167/month in no time.
Click on Chip’s Favorite Credit Card Offers for up-to-date deals, terms, and conditions on this card and more.
Here is the breakdown of how I received $3,843.94 tax-free in 2011:
Cashback cards including Chase Freedom: — $ 1,053.05
Chase Ink Bold ($500 bonus) ————————-$ 550.89
Capital One Personal ———————————- $ 1,120.00 in gift cards
Capital One Biz (Anyone is a Sole Prop biz) — $ 1,120.00 in gift cards
See my video about Capital One’s offer. That offer was tremendous but is not currently available.
Besides getting tax-free cash for using a No Annual Fee credit card, I like that it puts a firewall between my money and a merchant – something neither cash nor a debit card does. If something is wrong with a good or service I have purchased, I am in a much better position to negotiate if the merchant isn’t already fiddling with my dollars.
In case you are wondering, I always pay my credit cards off in full, every month. If I cannot afford it, I don’t buy it. Period. Most of us won’t even consider buying a Lamborghini – something we know we cannot afford. But that alarm doesn’t always go off when we’re at Best Buy, Macy’s, or when “Congressman” is placed in front of one’s name.
If you dabbled in li’l deficit spending in your House, there are cards that charge 0% interest onto which you can transfer your high interest card balances. Chase Slate is my favorite for this. Click on Chip’s Favorite Credit Card Offers for up-to-date deals, terms, and conditions on that card.
Chase Freedom’s 5% cashback categories change every quarter. January through March 31st, it is Gas Stations and Amazon.com. They put a limit of $1,500 spent in the 5% categories. 5% of $1,500 is $75 cashback. Anything over $1,500 goes back to 1% cashback.
I am considering ditching my TV from the 1900s for an HDTV. If I pull the trigger and shop at Amazon.com through March, I will get 5% cashback using my Chase Freedom card.
If I am not using my Chase Freedom card to collect 5% cashback, I use my Fidelity American Express. Depending upon what you deem a “hassle”, the Fidelity American Express may not be for you. Fidelity American Express has no annual fee and pays 2% cashback. There are no special rotating quarterly categories. That money is dumped into your eligible Fidelity Account (Cash Management, Brokerage, 529 College or IRA). I have it go into my free Fidelity Brokerage account.
If the last paragraph made your brain bleed, I suggest you get your cashback feet wet with Chase Freedom and its nice $100 Bonus.
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