Disclaimer: This will not save everyone money! If it will not save you money PLEASE DON'T DO IT.
I'm all about being frugal and saving money and making it stretch. I love Dave Ramsey & think he has a lot of good advice. One area we differ on is that of credit cards. I think that most people should heed his advice and cut them up and not use them. But, there are people who don't miss payments. Ever. People like my husband. Being so on top of payment means we can actually see a benefit from using credit cards with rewards attached that would otherwise be negated by late fees or interest accruing.
My husband has had a Discover card for quite some time, and was lamenting that there wasn't a card that we could 5% back on gas all the time (instead of some random quarter of the year). We walk into our Sam's Club shortly thereafter and notice they have a credit card. That offers 5% back on gas all the time. (Plus 3% on travel/dining & 1% everything else)
Is the interest rate high? Yep (though I've seen other cards, like some from Capitol One, with higher interest rates). But since my husband has never missed a payment, we won't have to feel that sting. What we do feel, however, is the benefit. We are coming up on one year of having this card and we are about to receive our first pay out.
We earned enough cash back on gas in the first couple months of owning this card to pay for our membership.
We are actually making money by being members at Sam's Club.
If this is something you are interested in (aka, that you will be prompt in your payments!) I suggest you wait till they are running a special for signing up. I have seen two that regularly appear in our club.
1. Get $20 off your purchase of $50+ when you open & use your card that day.
2. Get $40 off your purchase of $100+ when you open & use your card that day.
I recommend waiting for the second since you save more money (that's what we did!). Just don't buy a bunch of stuff you don't need for the deal - that negates the whole saving money aspect!
Not a member at Sam's? Here's why we love it. Plus, you can use my referral link to become a member online & we'll both get a $10 gift card to use on regular purchases!
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