Don't Pay Cash and Use Credit Cards Instead

Using credit cards has lots of benefits such as the cash rewards, discounts, and protection from purchases, to name a few.



CASH BACK OR POINTS

Many credit cards offer at least 1 points or 1 % cash back per dollar spent.  As the competition among the credit card issuers heat up, they sweeten the pot by offering more cash back and more points.  It's not unusual to see some cards that offer 2% cash back or double points nowadays.  Some cards pay up to 5% for certain types of purchases during a specific time frame.  If you pay cash for most of your purchases, you are losing out.

EXTENDED RETURN AND REFUND

The return policies vary from stores to stores.   Some say you must return within 7 days and others might let you return within 30 days.  If you pay cash for them, you’re bound by the merchants' rules.  If you pay with a credit card, you can still file a claim with the credit card company outside of the return window.   Typically, credit card companies give you a 90-day window such as American Express cards.

SHOPPING PORTAL, DEALS AND OFFERS

Credit card companies often team up with merchants and offer better deals for us.  They can be better discounts, faster and free shipping, higher cash back percentage, or more points.  Check with your credit card companies' websites for better deals before your shop.

BETTER PRICES OVERSEAS AND NO FOREIGN TRANSACTION FEES

Often you'll find better deals elsewhere outside of the U.S.  If you can put up with a bit longer shipping time, these deals can save you a bundle.  When you use the cards with no foreign transaction fees, you can save even more.  Keep in mind though.  Most of the credit card companies do not offer extended return or refund when the purchases are made outside of the U.S.  There are some risks involved when purchasing something from China, for example.  If you end up not liking the product, you have to work with the merchants directly.

RENTAL CAR INSURANCE

When you travel and rent a car, the rental company's collision damage waiver would have cost you hundreds of dollars.  You could charge the rental on the credit card that offers car rental insurance as a free benefit.  One thing to keep in mind though.  The credit card companies' car rental insurance often serves as the supplement insurance.  This means that it will only pay for the cost of certain damages not covered by your regular car insurance policy.

READ the rules carefully if you use your credit card rental car insurance instead of buying that damage waiver.  There are exceptions and not all types of rentals are covered.  Call your credit card companies when in doubt.





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