With rising living costs, consumers are continuously seeking various ways to stretch their spending power. Typically, they would rely on tried-and-tested money-saving methods, such as cutting unnecessary expenses, meal planning, batch-cooking, and buying in bulk to enjoy discounts to maximize their budget. While these strategies are essential and have already been proven, consumers can enhance their savings by taking advantage of promos and offers tied to credit cards. These promotions can help cardholders save money or unlock additional value from everyday purchases. Plus, with credit card companies constantly rolling out new and enticing offers, it’s easier for consumers to access exclusive benefits.
However, the key to fully taking advantage of these rewards is knowing which types of promos align with your lifestyle and spending habits. In this article, we’ll dive into the different credit card offers and promotions and highlight how each can benefit you.
Cashback Rewards
Cashback rewards are a straightforward and highly popular credit card promotion in which you earn a percentage of your spending back as cash. The percentages will depend on the card and spending category. For instance, the Landers Cashback Credit Card by Maya offers up to 5% cashback on all items purchased at Landers, 2% cashback on all dining spends, and 1% cashback on all qualified transactions. In this credit card promo, every point earned equals PHP 1, and when you reach the 500 points milestone, you get PHP 500 off vouchers. You can then redeem these vouchers at any Landers Superstore in the Philippines.
To maximize this type of cashback credit card, use it for everyday purchases, especially in categories that offer higher cashback rates. You should also ensure to pay off your balance in full each month to continue to enjoy accumulating points and avoid getting your card blocked or suspended.
Welcome Bonuses
Welcome bonuses often serve as the primary incentive for new cardholders. They typically offer many points, miles, or a cash reward if you meet a specific spending requirement within the first few months of activating the card. For example, your credit card might offer up to 15,000 free rewards points on your new credit card if you spend at least PHP 15,000 within 60 days from card delivery. These points can often be converted to cash credits, which you can use to offset future purchases, redeem for gift cards, or even pay off your credit balance.
You must plan your spending around the required threshold to take full advantage of welcome bonuses. During the introductory period, one effective strategy is to time large purchases, such as appliances, electronics, or home furnishings. Additionally, track the deadline for earning the bonus so you don’t miss it. Finally, always review the card’s terms to confirm that the bonus structure aligns with your spending habits, ensuring you can comfortably meet the spending target without accumulating debt.
Introductory 0% APR Promotions
Introductory 0% APR (annual percentage rate) promotions are designed to help new cardholders avoid paying interest on purchases or balance transfers for a limited time. During this period, you can make large purchases or transfer balances from higher-interest cards without worrying about accumulating interest. This offer can be incredibly beneficial for those looking to pay down existing debt or finance a big purchase over time, as it allows you to spread out payments without the extra interest cost.
That said, it’s important to have a repayment strategy in place before the promotional period ends. Since the regular APR will kick in after the introductory phase, make sure to pay off the full balance before the end date to avoid high-interest charges. It’s also worth noting that many 0% APR cards charge a balance transfer fee, so factor this into your decision if you plan to transfer debt. Lastly, make timely payments during the promotional period. If you miss a payment, you can lose the 0% APR offer and trigger the standard rate.
No Annual Fee for Life
Cards that offer no annual fee for life are highly appealing, thanks to the long-term savings they provide by eliminating the recurring cost many credit cards charge yearly. While some cards waive the annual fee for the first year and charge it afterward, cards with no annual fee for life ensure you never have to worry about paying for the privilege of owning the card. To make the most of a no-annual-fee card, look for one that offers solid rewards or cashback incentives in addition to the fee waiver. Even though these cards tend to offer fewer premium benefits, they can still provide excellent value when used regularly and strategically.
Travel Credits
Travel credits are a popular perk offered by many premium travel-focused credit cards. These credits allow cardholders to receive reimbursements for various travel-related expenses, such as airline tickets, hotel stays, baggage fees, or in-flight purchases. As such, they can be a valuable benefit if you travel frequently and want to reduce out-of-pocket travel expenses.
For you to earn and fully utilize travel credits, use the card for eligible purchases that will trigger the reimbursement. Note that some cards offer flexible travel credits that apply to a broad range of expenses, while others are more restrictive, requiring you to use the credit with specific airlines or for particular types of travel-related purchases. If the card has an annual fee, make sure the travel credits you receive each year offset a significant portion of that fee to maximize your savings.
Credit card promotions can help you save money and unlock extra value in everyday transactions. The key lies in choosing promotions that align with your lifestyle and spending habits. When you strategically use the right rewards, you can maximize your rewards and make the most of every purchase.
