Monday, December 12, 2005

It's late, and I should be studying for my exams tomorrow, but instead I'm looking over my bank accounts and credit card statements. This week two of my CCs posted statements, so I'll take the time to give a brief progress update here.

Last month, I began a new strategy to maximize any rebate points and cashback bonuses I can earn with my credit cards. One of my goals was to use my Citi mtvU card solely for purchases that earn 5 pts for every dollar spent (restaurants, movie theaters, bookstores, video rental stores.) I spent $411.56 this month on my mtvU card, and all but $63.13 qualified for 5 point/$1 purhcases. The $63.13 only earned me 1pt/dollar because the campus bookstore is coded as an organization, not a bookstore. Overall I consider the method successful. In 30 days of relatively "normal" spending, I racked up 1800 ThankYou points on one card. I could get a $10 giftcard for just one month of spending, but I'm holding out for a $50 giftcard.

In about 2 weeks of using the Dividend card, I've racked up 6.14 Dividend Dollars. I've been surprised how fast the rebates have added up for this card.

Next month, all my purchases on the mtvU card will be 5pts/dollar. One purchase per month will go to my Driver's Edge card, earning 1% back, just to keep the card current and reporting. Every other purchase will go on the Dividend card, earning 5%/1% cashback.

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