Money Hack: Supermarket loyalty rewards
How to get doubly rewarded for being loyal.
Most people are aware of supermarket rewards programs, but not everyone realises the benefits they can actually offer. Or, how to essentially double these benefits. While my dad thinks flybuys is "not worth the time it takes to get the card out of my wallet", there are definitely ways to hack these programs. Here's how:
The hack
Sign up for a rewards credit card or a rewards debit card and double your points every time you spend at the checkout.
1. Rewards credit card
If you're in a position to apply for a credit card, a rewards credit card can see your points doubled at the checkout. By paying for your groceries with your rewards credit card and then swiping your supermarket rewards card, you earn points twice.
Obviously, there are a lot of considerations using these hack. Generally, rewards credit cards are only worth it if you pay back your balance each month. This is because of the high interest rates that are normally charged on the cards. You also need to consider the annual fee that is charged as well as the rewards program the card is attached to. Is it a frequent flyer or a standalone rewards program?
You also need to consider your current financial situation and decide whether, first, you can handle a credit card and secondly, whether you will be approved for the card when you apply.
2. Rewards debit card
Yep, these do exist. You might know them better as travel money rewards cards and they give you a way to earn rewards points without applying for a credit card. Cards that are offered by providers such as Virgin and Qantas let you load funds onto the card and then earn rewards points for your spending. While they are designed to be used for overseas spending, you can still earn points by spending in Australia.
finder money hacks is a bi-weekly roundup of the latest ways to improve your finances. Check back every Wednesday and Saturday for new hacks.
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