Today I realized just how important it is to play your cards right. I was charged with the task of getting a few groceries at Target today by my mother, which I figured I'd be a good son and go ahead and do. The deal was go get the goods, then she'd reimburse me the total after I came back with the purchases. No problem right? Everything was fine up until I got to the cash register. I had found the bargain items, taken advantage of a few sales, left behind a few tempting but unnecessary luxury food stuffs that I know my mom wouldn't approve of on her budget, and overall I had done a good job at doing what was asked of me. I was in high spirits up until it came time to pay. Just those 8 or 9 bags worth of groceries at Target had added up to a surprising total of $91.56. I shrugged internally at my mom's fondness of Target when I knew the commissary was a better bang for your buck, but swiped my card anyway. That's when the trouble began.
The cashier looked at me apologetically and said, " Uh, sorry, it didn't go through. Do you want to try again?" I was confused, but figured it was probably her fault. I knew for sure that I had money on my card, so I swiped again. Another disappointing rejection notice appeared on the screen. At that point I was starting to become indignant and a bit embarrassed. Why wasn't the card working? I just played it off like I knew what had happened and asked if there was an ATM in the store. She pointed me in the right direction and I went to take out cash, only to find that the ATM was out of service. I ended up having to go down the shopping center to the Shoppers to withdraw the necessary $80 and go back and pay for the darn groceries.
What went wrong? A few things. First was my choice of credit cards. As a young adult I don't have the credit that older adults have, so I decided to sign up for a Navy Federal credit card that was secure. This means that the card was essentially a debit card that built credit with every use. It's a good way to keep your money in check, since there's no possibility of over-drafting or using funds that simply aren't there. The downside is that since I had transferred money over from my savings to my credit card yesterday, the transaction was still pending and the card didn't have the money I needed. Because I chose a secure, smart way to build credit, I was charged $3 dollars for using an M&T ATM. Ridiculous.
The moral of the story? When choosing your cards, keep in mind that there are pros and cons to every type of card out there. Checking, Credit, or Debit, they all have their ups and downs. Make sure that when you pick a card you find one that has either many convenient locations for ATMs and banks, or one that reimburses any withdraw fees you may acquire. Also keep in mind that if you go for a standard credit card, you need to be smart and keep in mind that just because you can spend the banks money, it doesn't mean you should. Don't go into debt like so many millions of Americans have before you. If a secure card is right up your alley, go for it! Just make sure to have cash on you too so you don't end up like me in Target today!
Sources:
https://www.navyfederal.org/products-services/cards/creditcards/creditcardsAA.php
Navy Federal Credit Union.Virginia: 2012. NCU, n.d. Web. 19 March 2012.
Monday, March 19, 2012
Tuesday, March 13, 2012
The Road to Rewards
Over the past few weeks, I've hopefully helped my readers save money in various aspects of your life. I've given tips on ways to save on food, on couponing, conservation, different ways to shop, online grocers, and other tips and tricks that I find save not only time but money. What I haven't mentioned is how to save when you have no choice but to spend. Even the most frugal or thrifty person is going to have to go out and shop or spend money at some point. Even so, there's a way to earn back some of your hard earned money that you have to eventually spend. That way? It's called a Rewards Card.
Rewards cards are wonderfully simple, credit-card shaped blessings. These little pieces of plastic keep track of money spent, and in some form give it back to you! The idea probably started with those stamp/punch cards that places like smoothie stores offered, where each store visit would earn you a stamp or a hole punch. Now that idea has evolved into an intricate rewards system with benefits, balances, and even credit cards. Most stores nowadays, the smart ones anyways, have a rewards system or a credit card with benefits. As for myself, I have quite a few rewards cards from stores such as Hot Topic, CVS Pharmacy, Panera Bread Co. I asked a friend what they had in their wallets, and was surprised to find that not only did she have these but also Starbucks, Build-a-Bear, Victoria's Secret, Borders, Khol's, and other places I'm pretty sure she'd only been to once because they were in different states. Just goes to show that signing up for these cards is so simple, and the rewards are so enticing, that just about everyone should have them.
Rewards vary with the type of card you have. With some cards the idea is simple: buy a certain number of these, or come here a certain number of times, and you get this and that free; the cycle then repeats. With other rewards systems, the the one offered by Starbucks, the possibilities are endless. Not only is membership tiered (Welcome, Green, Gold, with Gold being the best), but one can even lose the top membership if they become inactive. Between the three levels of membership there are free birthday drinks, free refills, free syrups/milks and add-ons, free drinks every 15th purchase, and other coffee-related rewards that are all listed on the website. Some rewards cards are credit cards, like the ones offered by Khol's and Victoria's Secret (so my friend tells me). According to her, discounts and offers are mailed to your home or emailed, and can only be used with the card. She also informed me that points are awarded for purchases, and were kept track of so that ever certain number points you get a cash reward. Sounds complicated, but for people who have a favorite store the credit card option may be a good fit for you.
One last thing I'd like to point out on rewards cards is that they don't even have to be cards! Many stores are keeping it trendy and putting out applications that one can download to smartphones and other app-compatible devices. What better way to keep that store in mind than by seeing their app every time you use your phone, tablet, or other smart device? I'm telling you, these stores think of everything to get your money. At least they're nice enough to give some of it back.
Sources:
Sources:
http://www.starbucks.com/card/rewards
Starbucks.Virginia: 2011. Starbucks Corporation, n.d. Web. 13 March. 2012.
http://mypanera.panerabread.com/
PaneraBread.com.Virginia: 2012. Panera Bread, n.d. Web. 13 March. 2012.
https://www.cvs.com/CVSApp/user/extracare/extracareCVS.com.Virginia: 1999-2012. National Association Boards of Pharmacy , n.d. Web. 13 March. 2012.
Rewards cards are wonderfully simple, credit-card shaped blessings. These little pieces of plastic keep track of money spent, and in some form give it back to you! The idea probably started with those stamp/punch cards that places like smoothie stores offered, where each store visit would earn you a stamp or a hole punch. Now that idea has evolved into an intricate rewards system with benefits, balances, and even credit cards. Most stores nowadays, the smart ones anyways, have a rewards system or a credit card with benefits. As for myself, I have quite a few rewards cards from stores such as Hot Topic, CVS Pharmacy, Panera Bread Co. I asked a friend what they had in their wallets, and was surprised to find that not only did she have these but also Starbucks, Build-a-Bear, Victoria's Secret, Borders, Khol's, and other places I'm pretty sure she'd only been to once because they were in different states. Just goes to show that signing up for these cards is so simple, and the rewards are so enticing, that just about everyone should have them.
Rewards vary with the type of card you have. With some cards the idea is simple: buy a certain number of these, or come here a certain number of times, and you get this and that free; the cycle then repeats. With other rewards systems, the the one offered by Starbucks, the possibilities are endless. Not only is membership tiered (Welcome, Green, Gold, with Gold being the best), but one can even lose the top membership if they become inactive. Between the three levels of membership there are free birthday drinks, free refills, free syrups/milks and add-ons, free drinks every 15th purchase, and other coffee-related rewards that are all listed on the website. Some rewards cards are credit cards, like the ones offered by Khol's and Victoria's Secret (so my friend tells me). According to her, discounts and offers are mailed to your home or emailed, and can only be used with the card. She also informed me that points are awarded for purchases, and were kept track of so that ever certain number points you get a cash reward. Sounds complicated, but for people who have a favorite store the credit card option may be a good fit for you.
One last thing I'd like to point out on rewards cards is that they don't even have to be cards! Many stores are keeping it trendy and putting out applications that one can download to smartphones and other app-compatible devices. What better way to keep that store in mind than by seeing their app every time you use your phone, tablet, or other smart device? I'm telling you, these stores think of everything to get your money. At least they're nice enough to give some of it back.
Sources:
Sources:
http://www.starbucks.com/card/rewards
Starbucks.Virginia: 2011. Starbucks Corporation, n.d. Web. 13 March. 2012.
http://mypanera.panerabread.com/
PaneraBread.com.Virginia: 2012. Panera Bread, n.d. Web. 13 March. 2012.
https://www.cvs.com/CVSApp/user/extracare/extracareCVS.com.Virginia: 1999-2012. National Association Boards of Pharmacy , n.d. Web. 13 March. 2012.
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