student loans


Cash Back Bonuses vs Savings Interest



Cashback earned from Chase Freedom in 22 months: $481.41

Cash back earned from Discover it Miles in 7 months: $90.26 (that may double in 5 months)

Total cash return earned in less than 24 months: $571.67 ($661.93 if we add in the anticipated double points)

Total interest paid on those cards: $0

Interest earned with a 1.20% APY savings account with $15,000 with no monthly deposits by 50 percent years: $364.17


Because i was writing my post on obtaining the most out of cash back rewards cards, I started thinking about the savings account I opened lately and I realized that I’ve made more from cash back and bonuses with two cards in less than two years than I will have made after having my family savings for two years. Which led me to think about how my money back rewards aren’t taxable and also the interest earned from my savings is. Permit me to say this now: I’m not discouraging opening a checking account or any similar taxable accounts. I’m still making money from my money while I’m not using it, instead of it just a slave to. I just thought this was a interesting thing to think about.


This is how much I made out of two cards. Eventually, I would stop getting sign-up bonuses, but nevertheless I would make a decent amount from cash back and in the future, hopefully, travel rewards. I haven’t even gotten cards that will give me even greater rewards for gas and Amazon purchases because I spend a lot on those. The wheels are handing over my mind right now thinking about the possibilities.

The only time I’ve ever paid money I didn’t already dedicate to my credit card was any particular one time I paid my Chase Freedom bill late (by only like 5 hours) and had to pay a $25 late fee. Luckily, no interest was charged mainly because it was during my intro 0% APR period so my no-interest streak continues. On the other hand learned my lesson and today have my bills focused on autopay and haven’t had another overdue payment since.

I guess accusation in court a small continuation on my small other credit card articles as well as a peek into my train of thought. Also, someone close to me is anti-credit cards and possibly this will convince these to change their mind. I’ve claimed it before and I’ll say it again: pay your cards entirely each month so you don’t get charged interest. Don’t allow the credit card own you. You have the credit card.

*Side note, the eye earned from the family savings in my example isn’t according to mine. 1.20% APY is amongst the highest you’ll find for the savings account these days knowning that bank requires a $25,000 initial deposit. I merely made up that scenario since a $15,000 deposit seemed more obtainable.