Receive a Monthly Return with a Cash-back Credit Card – Week 11

For its 11th challenge, Metro’s Small Changes, Big Win series gets you to save by securing a cash-back credit card.

Small changes to the way you spend can add up. We’ve pulled together weekly tips that will add a minimum of $10 to your savings. Ready to watch your money grow? Check out this week’s tip.

Week 11: Switch to a cash-back credit card

How It Works: Let’s face it. Not all of us spend enough on our credit cards to benefit from travel rewards. So, why not switch to a credit card where you receive a monthly cash-back credit. Cash-back credit cards typically offer between two and four per cent cash-back on your purchases, which is applied directly to your statement. On Canada’s most popular cash-back cards, cardholders average savings of $500 per year.

The key with a cash-back credit card is to ensure that the amount of cash-back you receive is greater than any annual fee you might pay.

Take Action: Sign up for a cash-back credit card and then eTransfer $45 into your savings account.