There was an awesome promotion with my RBC credit card last week. 25% cash back at Indigo. So I purchased two new books. Lately, I've really been into the work of Simon Sinek. He's the New York Times bestselling author of Start With Why. This was one of the books I purchased. I also bought his follow up book Find Your Why.
I've been thinking about this topic a lot lately. Deep down inside I know what I believe, but I haven't been able to put it into words yet. I'm hoping these books will help me.
Together the books cost me $35 but with the promotion, I'll save about $9 in a statement credit. I also helped a friend of mine to buy 5 books, spending $116. He will save about $29. And as a result of buying all these books, I got about $1.50 in loyalty points at Indigo.
I Can't Believe I Forgot About Ebates!!
I just realized something I missed though. Normally I would go through Ebates to get additional cashback. I got so excited about the 25% cash back deal that I didn't even think that I could combo it with Ebates. UGH! Currently, Ebates has 2% cashback on purchases at Indigo, which means I could have gotten $3 back if I hadn't missed this extra step.
I'm actually not too sad about it, I still got an awesome deal. I have enough books to last me to the end of the year. And I saved my friend almost $30. Still #Winning.
Credit Cards Can Be Your Friend Or Your Enemy
This whole deal started because of the RBC credit card I have. When I think about credit cards, I only see all the benefits I can get from them.
1) Welcome bonuses
2) Travel insurance, warranty extension, rental car insurance, etc.
3) Cash back and Rewards Points
4) Special promotional deals (like this 25% deal at Indigo)
5) A grace period to pay for my purchases
6) The security of having less cash in my wallet
These are the main reasons I choose credit cards over debit or cash.
I never look at the bad parts of having credit cards for one reason and one reason only. I always pay my full statement balance every month. I never carry a balance. When you have this one strict rule on yourself, you will never spend more on your credit card than you can afford to pay. If you always pay the full statement balance off every month you will not incur any of the bad stuff which includes super high-interest payments and overdraft fees.
You just need to have ONE RULE: ALWAYS PAY OFF YOUR CREDIT CARDS.
And you can enjoy all the benefits.
It's so easy nowadays to check the balance on your credit card. Just download your bank's app and have it on your smartphone at all times. Be Intentional. Know what you want to spend on, so you can save money.
Save Money Retire Early is written by Jon Lo, a barely 30 something Chartered Financial Analyst. I believe anyone can be rich or poor, it's what you save that makes the difference.