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How to Spend Your Credit Card Cash Back Money

Mar 10, 2008
It's a little bit exciting to get credit card cash back money. After all, you already made those credit card purchases and forgot about them so it's not like you're really expecting to get anything else. The cash back credit card offers you a little bit of a reward in addition to your purchase so that you can have some spending money in your pocket. But what do you want to spend that money on? Different people find that different purchases can make their cash back credit cards really benefit them.

Pay Your Credit Card Bill

Some people find that the best use of their credit card cash back money is to pay off their credit card bill with it. Many cash back credit cards make this easy by offering that as an option in your rewards package. In other words, when you sign into your online account to see what your dollar amount cash back is, you'll also see an option to "use this amount to pay your bill". This allows you to save the money that you would've normally spent on your monthly credit card bill and to use it for something else down the line.

Get Rewards Other than Cash Back

Many cash back credit cards offer a certain percentage of your purchase amount back to you in cash but will give you more than that amount if you choose another reward. For example, you might get 3% cash back on purchases. Let's say that youve earned enough off of that to get $100 cash back. Your credit card company might offer you the option of choosing a $150 gift card instead of the $100 cash. This lets you actually get more from your cash back credit card companies than you would have thought to begin with. However, it's only good for people who are really interested in the items or gift cards that are available through the rewards program.

Gifts for Others

Perhaps you'll find that there are gifts in these rewards programs that are better for someone else than they are for you. When it comes time to buy gifts in bulk, such as during the holidays, you can cash in your cash back credit cards points to get a bunch of gifts for other people. Since that money was just sitting on your cash back credit card, it almost feels like you didn't have to spend anything to get nice gifts for the people that you care about.

Something Nice for Yourself

There are some people who find that the best thing that they can do with their credit card cash back money is to use it for giving themselves a gift. After all, your credit card purchases usually don't go to things that spoil you. They go towards buying groceries and paying bills and taking care of daily expenses. When you make a commitment to spending your cash back money on a treat for yourself, you really reap the emotional benefits that can come along with having a cash back credit card.

Savings Accounts

Other people find that what they want most from their cash back credit cards is a little financial security. They take the money that they get in cash back and they use it to start a savings account. Every time they get more cash back, they add to that account. They're not spending anything but they're allowing their money to work for them.
About the Author
Robert Alan is an editor for www.CreditCardAssist.com and frequently contributing writer on various credit card-related topics. Find more free information, tips and advice from Robert on the credit card cash back page at CreditCardAssist.com.
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