This is a sponsored post written by me on behalf of Chase Ultimate Rewards. All opinions are 100% mine.
This holiday season we’ll be spending $0 of our hard earned money on gifts for family. How? It’s actually quite simple. We’ve been doing this for years now and it’s worked really well for us. This all started when we were in graduate school and didn’t have much to spend on Christmas our final year since I had made the decision to stay at home. Wondering what to do, we suddenly realized one day paying bills that our credit card statement had some rewards associated with it. In fact it was hundreds of dollars. The light bulb went off, and that started the year that we used our Chase Ultimate Rewards to pay for Christmas.
This system of purchasing our gifts has worked really well for us for a couple really important reasons.
1. We pay off our credit card each and every month. This is very important because who wants to be racking up points by accruing additional debt? If we didn’t pay it off each month we’d probably go back to using just cash. But as it is, we use the Chase Rewards as a way to pay for Christmas gifts.
2. It gives us a budget. Whatever we have in points, becomes our budget for Christmas. It makes it really easy to be frugal and challenge ourselves to stay within that budget. Because it’s typically somewhere between $300 – $400 per year, it still presents a challenge but one that we’re up for!
3. It’s really easy to get our rewards and sign up for more rewards. I get a text message every quarter with the bonus rewards and 20 seconds of my time texting back to accept, means more money in our holiday budget! My favorite is the quarter each year where we get 5% cash back on gas. Who doesn’t love to save more on that?!
What I love about our Chase Ultimate Rewards is that we can get the benefits using our credit card. Ultimate Rewards are available to Chase Freedom, Chase Sapphire and Ink from Chase Cardholders. So not only do I rack up points with our personal account but also my business account as well! Score! As you can see, we’ve racked up over 84,000 points in the last two years just from our personal account. That’s over $800!! And honestly, I don’t think we’re big spenders. We typically have about $1,000 on our credit card each month. We put all our gas and grocery purchases on our credit card as well as any online purchases.
One of the additional things we decided to do this year was to purchase gift cards with our rewards right through Chase Ultimate Rewards. At certain points throughout the year they had “deals” on gift cards to extend our savings. We took advantage of those gift card deals to places like Lowes and Amazon. These were places we knew we would be spending money anyways, so it made sense to cash in.
The rest of our amount went to cash back. We use that to purchase the remainder of our gifts. It’s easy. And let me tell you, it feels SO GOOD. You kind of feel like you’re getting everything for free. 🙂 And because I only buy things for Christmas that are on sale and look for the best deal I stretch the rewards that we get. It’s a challenge each year and it’s one I love to take.
What are some ways you use rewards from your credit card to cash in?
Looking for some gift ideas? Here are 25 Popular Gifts Under $25.