Smart Ways to Cover Back-to-School Costs Using Your Credit Card

It’s back-to-school season, which means new supplies, clothes, shoes, backpacks and more. For many families, the costs can quickly add up, stretching budgets and creating financial stress. If you’re worried about how you’ll cover the school essentials without breaking your budget, you might consider your credit card as a helpful tool.  

See how different types of credit cards in Canada can help you earn rewards and bonus points while helping you and your family get everything needed for back-to-school.   

Redeem rewards 

If you have a credit card that allows you to redeem rewards for cash back, you can use these rewards to reduce the cost of back-to-school shopping. Depending on your card, you may be able to redeem cash back as a statement credit, which lowers your credit card balance, or you may be able to transfer your rewards to your checking account. In some cases, you may be able to redeem your rewards in the form of a gift card. 

Look for bonus offers 

Some reward credit cards allow you to earn bonus rewards in certain categories. For instance, some cards provide more cash back or points when you spend on groceries, gas, travel or online shopping. Other cards offer extra rewards when you shop at certain retailers. 

Check your credit card to see which categories offer bonus rewards that support back-to-school shopping items, like clothing or technology. This way, you can boost your rewards while shopping for the essentials. In the future, you can apply the rewards you earn on back-to-school supplies to other items.  

Take advantage of welcome offers 

If you’re looking to open a new credit card, many issuers offer sign-up bonuses, also called welcome bonuses, to encourage new users to apply. Bonuses typically come in the form of cash back, points or travel rewards, and most require that you spend a certain amount of money in a set period of time. For instance, you might earn $900 worth of travel points if you spend $3,000 in the first four months.  

Timing a new credit card to coincide with back-to-school shopping can be a useful strategy. Purchases such as new clothing or a new computer can help you meet the minimum spending threshold quickly and earn the bonus rewards. Once earned, these rewards can be used to help offset other costs, such as airline tickets to help bring your college student home for the holidays.  

Use your card issuer’s online portal 

Some credit card issuers have online shopping portals that may offer special discounts or the opportunity to earn rewards when you purchase items.  

Once you access your issuer’s portal, search for items that align with your back-to-school needs. You can make purchases directly through the portal to earn extra rewards or take advantage of exclusive deals.  

Optimize back-to-school shopping with your credit card 

A credit card can act as a strategic tool to help you make the most of your back-to-school shopping. With careful planning and responsible use, you can earn rewards, unlock sign-up bonuses and easily track your spending. So before you invest in all those backpacks, pens and binders, check out what your credit card has to offer. 

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