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Where We Are With Credit Cards

February 6th, 2014 at 08:18 am

Regular readers know we have been taking advantage of credit card bonus offers to make a little cash. All funds earned from our regular spending on these cards is going to pay down our mortgage balance. If we could get decent rates on savings accounts, we would do that instead.

Currently, we are working on spending on three cards to obtain bonus cash. I thought you might like to see where we stand on those. We both have a Discover It card that we each need to spend $750 on to receive $150 in bonus cash. I also had a special offer from US Bank for which I need to spend $500 to receive $100 in bonus cash. There is an opportunity to claim an additional $25 at the time of redemption on that card.

US Bank: $427.82 of $500
Discover(Me): $35.94 of $750
Discover(DH): $126.86 of $750

I am close on the US Bank card. I will probably pick up some vitamins at Walmart and get fuel in my van to meet the minimum spending requirement.

As for the other two cards, I expect we will be charging six concert tickets for about $150, the electric bill which is $167, cell phone bill for another $150, fuel for our vehicles and other odds and end spending. I might bump up payment for our auto insurance to meet the spending as well. I already have the money set aside for that bill, so that makes it easy.

I have a balance of $552 on my Chase Sapphire card and the money to pay it, but I expect the bonus of over $500 to be available when the statement closes on February 10. When it is available I will request a statement credit and pay the remaining balance to bring the card back to zero. No interest has accrued of course, because I would never let that happen!

That is where our credit card reward activity stands. It feels things are moving slow on those cards, but I think the main reason for that is less spending. And that is a good thing! Smile

Make sure you read my blog post from yesterday about how to pay off debt using the debt snowball, if you find yourself with multiple debts.

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