Using plastic wisely saves woman dough
Chicagoan Julie Miklos, the 40-year-old mother of two young sons, including one with special needs, is disciplined when it comes to adhering to her family's budget.
That's been more challenging amid higher gas and food prices, but strategically using credit cards is helping her and her husband, Mark, stay on track.
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Julie Miklos has learned to take advantage of credit card reward points, she said.
"I just feel that if you're going to go to the grocery store or pay at the pump, why do it on a debit card or pay cash," she said. "I have credit cards, and I search out credit cards that pay high reward points."
If you pay off credit card balances every month and avoid getting overextended, credit cards can be used to one's advantage, she stressed.
Last year, she redeemed more than 60,000 reward points and received more than $700 in gift cards she used at retailers including Target, Home Depot and restaurants, she said.
"I found one a couple of years ago, a Master Card, that pays five times points for gas and groceries, so when I do have to pay for those items I use that credit card," she said.
"Then I make sure I pay it off when it comes with the money I budgeted in that month for those purchases.
"It's amazing how fast the points add up," she added.
She also found a card that pays three times the points for purchases at hardware and home improvement stores.
"So when I had to buy flowers recently for my backyard, I went to Home Depot and used that card," she said.
She uses a Discover Card that provides 1 percent cash back on purchases to pay her home and cellular telephone bills and the cable bill.
"My husband and I are firm believers in trying to get together for a date night once a month or every other month," she shared. "I might rack up $80 or 100 dollars cash back, and then I apply that sometimes towards going out to dinner, or I'll say to my husband, let's go to a show," or it pays for my family to go out to the movies."
She researched the Internet for the best reward programs and responded to some card solicitations she received in the mail.
She never pays an annual fee.
"I don't believe in those," she said. "Once they even try to charge it, I say 'There's plenty of other cards out there. I don't have to pay this.' I'm very strict with that."