Give Me the Cash, I’ll Swipe My Credit Card
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Cash is not a regular camper in my wallet. My cash back credit card, on the other hand, gets much more action.
Wow. That just made me sound like a compulsive spender. But, that is not the case. I am a little more aggressive with the way I use my credit card to maximize the cash back I get.
Cash Back Hoarding
Unless there were plans that would require cash, the maximum amount of cash I carry with me on a typical uneventful day is about $20. I like to take advantage of the cash back perks on my card whenever possible – even it means just a few cents.
So when friends call me on a whim to hang out, I’m usually caught off guard when we decide to eat somewhere a step up from the ubiquitous fast food chains. For the past few occasions, I’ve been the one who didn’t have the cash when it came time to pay the bill. Obviously, I’d be the one to take their cash and put the tab on my credit card.
Sure, I could have told the waitress to charge the difference but I would be missing out on free cash back.
Right after spending the night out, I’d head straight to the ATM on the way home and deposit the money into my checking account. After the transaction is posted in my credit card account, I pay the bill.
Also, my dad and his friends are obsessive aficionados of vintage audio. They lack the English skills and computer skills to buy the many music toys that audiophiles crave. Their favorite place to shop – eBay.
Every time they find something they want, it costs hundreds to thousands of dollars. They don’t have the means to make the purchases so I buy everything for them. In addition to the cash back that I get from my credit card, I’m racking up a bunch of cash back on eBay through Bing cashback and eBay Bucks.
A Bootleg “Cash Advance”
There have been instances where the cash actually becomes a cash advance without the ridiculous interest rate.
I wouldn’t have incurred the debt if I didn’t have to put any extraneous charges on my card. With a swipe of the card, I get cash. That is a recipe for a financial disaster. It is no different from borrowing cash on a credit card. Soon, it can build up and end up putting you in debt.
There were a few times where I had paid for something with my card and gotten cash for it – just to spend it and realize my credit card balance was over the roof.
Are there any other readers out there who are love offering their cash back credit card to pay for stuff while you get the cash?
(Photo credit: JOE MARINARO)