There are a lot of negative connotations when it comes to credit cards, mainly because it can be a trap for people to get into serious consumer debt. The convenience of swiping to pay for that dress on sale or the latest gadget can be addicting. Not seeing actual bills vanish from your wallet can cause one to overspend. However, when you spend within your budget and avoid unnecessary fees, you can actually benefit a lot from using a credit card.
I traced my total cash credits earned from around September last year, plus other gift certificates I got from different promos. These are primarily from swiping for grocery shopping, dining out, and baby/toddler stuff.
My Citibank Rewards Card earns 1 point for every P30 spend. For dining out and shopping in retail stores, the points is tripled. So that means if you spent P6,000 in restaurants and shopping last month, you will get 600 points (P6,000 ÷ 30 = 200 points, x 3 = 600 points). 600 points is equivalent to P60, which is basically a 1% rebate from your P6,000 spend.
My BPI card earns 1 point for every P35 spend. So unless there is a promo for BPI, I use the Citibank Rewards Card since it earns more points.
The total cash credits that I earned from my points since last Sept. is P2,300.
Citibank had a promo where you would receive a P4,000 eGC for every accumulated spend of P100,000 from August 1 – Oct. 15 2017. That is a 4% instant rebate, for less than P50,000 a month. This was a above our average monthly credit card usage, but fortunately I was able to use the card for my son’s birthday and other extraordinary expenses during that period. I used the eGC to buy me new basketball shoes, which I really needed (trust me).
They also had a promo where you would get a P100 eGC for every P3,000 swipe, from April to July 2018. That is around a 3% instant rebate. Our grocery budget is around that amount, so I was able to accumulate 8 vouchers, or equivalent to P800. I used the eGC’s for my monthly haircut in Bruno’s Barbers.
In summary, I earned a total of P7,100 cash credits and gift certificates in less than a year. Not bad at all. Budget first. Swipe away. And keep accumulating points. Like the SM Advantage Card, this is another piggy bank in the form of a card.