Tuesday, September 4, 2012

Greetings Thrifty Friends,

On my credit card bill this month I noticed an entry for "Extra Cash" which they have apparently been giving me all year.

It seemed a far-fetched idea that a credit card company would give me free money when their whole purpose is to take my money, but it says it right there on the statement.

So I created an account online and went to see what all this "extra cash" I was accumulating would buy me.

As it turns out...nothing. Scroll down to read more about the scam.

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP:

What they do have is an entire e-commerce web site. They sell everything from men's and women's apparel and accessories to gift cards and movie tickets. What my "extra cash" does is allow me to buy all of these products that I don't need at a discount.

For example; while the Bluetooth wireless speaker is normally $49.99 I can use ten of my "extra cash" dollars to buy it for $39.99. And as an extra convenience to me I can charge it straight to my credit card which is now connected to the account I just created.

Who would have thought those usually straight-shooting credit card companies could be so devious?

Some credit card companies do offer their customers frequent flier miles and other freebies, but you always have to spend money to earn them. And it is usually money you don't need to spend.

The lesson here is; you never get something for nothing.