The first few months of the year are always a busy time for households. Not only are we embarking on a new year, new semester for the kids, and new priorities to remember as we navigate our days, we’re also looking at our household budgets with tax time looming ahead. Every household, mine included, can find ways to “do better” when it comes to that monthly budget, and I’m often asked for tips and tricks to do so. I love sharing some of the great strategies and I, too, am learning new things all the time.
One strategy for families is to ensure your credit card comes with a rewards program. While I do have more than one rewards credit card, this past year I signed up for the Capital One Mastercard, exclusively for Costco members! This no-annual fee card Not only makes visiting my local Costco warehouse super-efficient with one card for membership and payment, it also means this is my very first time experiencing the fun of Cash Back Time.
When you’re a cardholder, you’ll receive a cash back coupon in the mail along with your January paper statement (even if you’ve gone paperless, you’ll still receive this in the mail). This coupon is your annual cash back reward for the purchases you made, and you can take it with you to Costco to spend in the warehouse! Use it for your usual weekly Costco purchases, or perhaps put it towards something you’ve been eyeing for a while!
Let’s back up a bit first though. Here’s how members like me can earn those cash back rewards using the Capital One Mastercard, exclusively for Costco members. An easy way to remember this is simply 3, 2, 1! This means you get cash back in the form of:
• 3% on restaurant purchases
• 2% on gas purchases
• Up to 1% on all other purchases (0.5% on your first $3,000 spent annually, then 1% after that)
This was my recent learning curve! Until recently, I wasn’t paying attention to this and was only using the credit card at Costco, and occasionally on other purchases elsewhere, but with little strategy in place. NOW, for 2018, I’m going to also use it for most of my purchases especially at restaurants and gas stationsfor sure! Why not, when I can earn cash back rewards that easily?
Since I’m the primary Costco shopper in our household, I had no problem determining that my cash back coupon should be spent on something for myself! After all, I’m the strategist in our household, and therefore, I should be rewarded for my savvy shopping annually! Since we are leaving on a family vacation shortly, I decided that taking some time to browse the large book collection at Costco and choosing some new books to read was the perfect way to spend my cash back coupon.
Redeeming the coupon was easy, I simply presented it at the till when I was checking out with my books and other items, and the amount was deducted from my purchase, just like that! A note: you can also go to membership counter with your cash back coupon and redeem it for cash, if you choose!
If you don’t have the Capital One Mastercard, exclusively for Costco members, and are interested in learning more, you can visit https://www.capitalone.ca/costco/, or you can simply apply for the card in the warehouse the next time you’re at Costco, like I did this summer.
And, if you’re not a Costco member yet (don’t even get me started on exactly why you should be … value, value, value!!), check out details on their memberships here. Up until April 1, 2018, if you sign up online using promo code FEISTYFRUGALFAB18, you’ll get a $10 Costco Cash Card*.
Disclosure: This is a sponsored post in partnership with Capital One. All opinions are, as always, my own.
*This offer is for new members or memberships that have been expired for more than 18 months. Offer only available online on Costco.ca, expires April 1, 2018 and may not be combined with any other offers. Not valid for renewals. Receive a $10 Costco Cash Card when purchasing a new Gold Star or Executive Membership on Costco.ca. This offer is only valid in Canada and on Costco.ca. A Gold Star Membership is $60 per year (plus applicable taxes) and includes a Spouse† card.
†A Spouse refers to either a spouse or a family member 18 years of age or older living at the same address.
Capital One is not responsible for the fulfillment of any Costco membership offers.