I’m not a proponent of credit cards nor am I advising anyone to go out there and start using credit cards. But I came upon this article about using reward points to help offset the rising costs of almost everything and I think the author, Maurie Backman is on to something. You can read the article, by clicking here.

Of course, there are steps you can take to avoid having your personal finances take a hit in the face of inflation. Cutting back on non-essential spending is one, as is getting yourself a side job to boost your income. But here’s another tactic worth trying — applying for the right credit card.”

Think about it. There are several credit cards out there that give you 5% back. You can apply your rewards towards your credit card balance thus lowering your costs, depending on the credit card you are using, on groceries, or gas or work related expenses or homes costs. Granted yes, inflation is way higher than the 5% back, but at least it’s something. “Higher rewards can offset higher expenses.”

To find the right credit card for you, take a look at your credit card statements from the past six months. That will help you identify the categories you spend the most in. That way, you can focus your search on the right rewards program.

If this is something you may be interested, my suggestion is to read the article, click on the link Backman advises and see what is right for you. My only advice is make sure you pay that balance off, in full at the end of the month. If you incur any interest charges then the savings is moot. I looked over my own spending habits and I seem to like Amazon a lot! They offer their own Visa card to Prime members with that infamous 5% back! Ditto on my gas card. And ditto on my grocery shopping. There’s a 5% card back on practically everything. One of my readers wrote to me to tell me that she was able to afford a week’s vacay on Cape Cod by simply utilizing her reward points.

Happy savings!

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