Squeeze The 5% Reward Out of Your Credit Card

Are you ready to try some extreme strategies to squeeze the 5% cash back reward from your credit card?

If you own a rotating or non-rotating credit card that offers 5% cash back you could have a gold mine in your wallet. Currently, savings account interest rates are extremely low. However, you can create your own interest by using your credit card that offers a 5% cash back reward.

I have been putting the squeeze on the cashback rewards for years. But, it took a while before I put enough effort into the game, to focus on the 5% reward. In using this system of passive cash, I have learned a few things.

Table Of Content

Develop a Mindset of Acquiring Cash Back Rewards
Learn to Squeeze The 5% By Combining Offers
You Can Only Reward Yourself If You Payoff Your Credit Cards Monthly
The 5% Squeeze Requires Thinking Outside Of The Box

Affiliate Marketing Disclaimer: This article contains Amazon affiliate links, thank you for helping me out. Financial Disclaimer: This article contains strategies that I use personally, but should not be taken as a prescribed method of use for you.

Develop A Mindset of Acquiring Cash back Rewards

First, you have to change your mindset to a growth-mindset. With a growth mindset, you can determine which bills, grocery or other needs you can purchase with your credit card to get the 5% reward from your credit card.

Therefore, when you review the various types of credit cards, make sure you choose one that provides high cash back rewards on utilities. For example, some individuals use their credit card to pay utilities, gas and groceries.

While these are great ideas, using a credit card such as Discover during the months of April through June will get you 5% cash back on gas station purchases, wholesale clubs and select streaming services.

You may be wondering what could you possibly purchase from a gas station other than gas? These are a few of the items that I purchase from the Speedway gas stations during these months.

gasoline, other auto fluids
hot or cold sandwiches
coffee, tea or sodas
bags of ice
firewood
propane tanks for grills
mulch for my yard (brown or black)

There are a few other ways to maximize your savings and cashback if you include the fuel card. The fuel card reduces the price of gas by 3-cents per gallon. Also, you get the purchase points on your account card to continue to build your points. Nonetheless, remember that these points can be turned into cash by simply purchasing a Visa Gift Card with the points.

Learn to squeeze the 5% by Combining Offers

Secondly, in addition to a mindset change, you must also learn how to combine offers from the various companies where you normally shop. You notice that I mentioned how I combine Speedway rewards with Discover. Another great combination that I have used with the Discover Card is the 5% cash back profits from grocery store purchases.

As we both know there are numerous items that are not necessarily food, that you can purchase from the grocery store. For example, if you know that you will be planting flowers in May, why not purchase your potting soil in March and have it ready when May rolls around. Nonetheless, do not forget about Christmas shopping in the early months of the year.

You can really get a lot back when you put the squeeze on the 5% reward during the October to December time period. Also, do not forget that you always get the 1% back on all items even when you are purchasing those items outside of the rotating 5% calendar schedule.

For example, you may have decided to use your credit card to pay your utility bills. Well you will still get the 1% cash back rewards no matter when you use the card for that purchase. Consequently, and best of all none of your rewards dollars ever expire.

You can Only Reward Yourself If you Pay Off Your Credit Cards Monthly

Thirdly, I just want to remind you that you must payoff your credit card balance completely within your grace period to keep from being charged any interest fees. I usually pay mine off within 7 days. Therefore, to make the passive cash back a successful strategy for increasing your wealth, zero out your balance each month.

Also, the best strategy I have found for keeping my cards paid off is to only use my credit card when I already have the money to pay for the item(s), before I the charge the item(s). Having the money in advance saves me in a few different ways.

First of all, I don’t have to worry about an additional interest (APR) charges in the upcoming months. Secondly, I don’t have to worry about spending over my head because I have the money readily available to pay for the merchandise. Thirdly, I remove the stress of saving enough extra money to pay off the charge on my credit card.

The 5% Squeeze Requires Thinking Outside of the Box

During this time or these days in 2021 finances are really tight. They are tight for both the businesses and the customers. Therefore, we have to squeeze the 5% from our credit card rewards by thinking outside of the box.

Some individuals have said think outside the box this way, “learn how to play the game and then play it well.” Therefore remember that the 5% credit card reward is cash back in your hands. So keep your focus on developing and using a process that adds to your long term savings goals.

Conclusion

We began by asking if you are ready to try some extreme squeeze strategies to get the 5% cash back on your credit card purchases. Then we explained how the credit cards that offer the 5% rewards could be a goldmine in your wallet. Next, we explain the need to change your mindset to a growth mindset.

We also state the importance of learning how to combine promotions to get the best possible reward. After that, I explained how I use my Discover card combined with Speedway to put the squeeze on the 5% reward with my credit card.

I moved forward into re-iterating the importance of keeping a zero balance on your credit card account. Finally, I stated the bottom line in this strategy of earning passive cash, which is learning how to play the game and playing it well.