Credit Card Cashback Class

Cashback credit cards, why I endorse them and how best to use them. Please feel free, (it is encouraged!) to comment!


The Credit Card Story So Far

I have written about credit cards before, explaining why I use a credit card and a discussion about whether it is ever worth paying for a cashback credit card. For more information I encourage you to read those articles.  Here is a quick synopsis of my opinion on credit cards:

  • Use them
  • They help build your credit rating
  • They delay money going out of your account allowing you to earn more interest
  • Your purchases have better protection
  • You may be able to earn points or cashback
  • They require careful money management, particularly with regard to knowing what money you have coming in and what money you have going out.

The Cashback Catch

Put simply, many cashback credit cards have clauses that put limits on the amount of cashback you can earn on them. For example I have a credit card that allows me to earn a whopping 3% market beating cashback on all purchases. However I only gain cashback up to £100 a year. This means (I'll do some quick maths for you) that if I spend £280 a month then I will get the full cashback over the year. There is no point in spending more than that per month as you will not earn any more cash by using the card.


The Cashback Solution

The simple solution is to get yourself another decent cashback credit card. You will spend up to whatever amount is necessary each month to gain you your full cashback on your highest cashback percentage card. Then any other spending you will do on your other card. I myself have another card that gives me cashback at 1% up to £100. This means that each month I first spend £280 on my 3% cashback credit card on my needs (not wants!) and then any other spending that month is done on my 1% cashback card. Simples!!!

Obviously the only problem is working out how much to spend each month on each card. Here's how I did it: I earn 3% on my spending up to £100 a year. This mean that to get £100 I must have had to have spent £3333.3 in the year. Divide this over 12 months gives me my monthly spending: £277.7 or £280. The rest of the spending for that month can be done on the other cashback card.

Readers, what cash saving tips do you have?

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An open letter to my readers...

Dear reader,

I apologise that I have not been writing in over a month. I have recently moved to London and started a new job at an accountancy firm. As such, the majority of my waking hours are spent either working, or revising for exams. However, having passed my first few, hopefully I will have a little more time to begin posting at least once a week. I have a long list of things that I would like to discuss, especially as my knowledge of firms, investments and the economy grows.

Many thanks to those of you that still look out for my posts,

Kind regards,

Mr. Moneybanks

Accidents from 9-5

A quick guestpost on how to recieve compensation if you've ever had an accident at work. Knowing how to work the system is crucial.


Accidents at work


Accidents at work are very common and they can happen to anybody, regardless of the type of work. All jobs, from office work to construction can pose a risk to employees’ health and safety, and some, pose greater risks than others.

Every day, people suffer from accidents at work. Yet, some never file an accident at work claim, for fear of being looked down upon, reprimanded or losing their jobs, even if they are not at fault.
Picture from freedigitalphotos.net

By law, employers are required to provide employees with as safe of a working environment as possible. While all workplaces are different, and pose varying risks, an employer’s responsibilities can include protecting you from harassment, providing adequate break time, testing equipment regularly to ensure safety and functionality, informing employees of workplace safety, maintaining a clean work environment and providing adequate first aid facilities.

Health and safety concerns


Health and safety at work should be an employer’s number one priority. If your employer fails to protect you from any risks that could result in an accident or personal injury, the legal consequences can be grave. Not only is an employer supposed to protect employees from dangerous situations, be one is also required to report any accidents, illnesses or dangers to authorities. Failure to follow through on such reports is grounds for legal action.

At the same time, you are also responsible for looking after your own health. That means avoid wearing clothing that may interfere with your work, ensuring that you are mentally stable and have enough sleep, pursuing proper training and following safety regulations. Furthermore, if you do suffer from a work-related injury, whether minor or severe, it is not only in your best interest to report it, but you are also obligated to do so.

Accidents may result in compensation


If you have suffered from an accident at work, you could receive compensation. On so many occasions, personal injury lawyers have protected clients who have been exposed to hazardous material, suffer from a job-related illnesses and been injured while at work. They can help you understand your legal rights, explain to you your chances of pursuing a successful claim and make the claims process as easy and … as possible. The care and diligence that they put into the cases yield positive results.

Although time cannot be reversed and nor your pain and suffering retracted, monetary restitution can provide claimants with some form of relief. With the guidance of an experienced personal injury solicitor you can receive compensation to help cover your medical expenses and other financial burdens you may have incurred as a result of your work-related accident.

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Disclaimer

Information on this site is not appropriate for the purposes of making a decision for carrying out a transaction or trade nor does it provide any form of advice (investment, tax or legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments, or products.
Always seek advice of a competent financial advisor with any questions you may have regarding a financial matter