How I save with Points Programs
I have a confession, in my 20’s I had ZERO financial literacy. Literally none. It didn’t help that as a young mom I was constantly in a financial state of survival. It was pretty pay-check to pay-check.
I got real serious about my finances when I turned 30. I realized I was no longer a ‘young’ adult, and it was time to get my finances in order. I started by getting out of the rental rat race, bought my first trailer, and nailed a career centered job. With a steady income and cutting out ‘rent’ I was able to pay off around $50,000 of debt over the course of 3 years. Two student loans, 2 credit cards, plus I paid off the trailer and the car.
Now, you’re probably wondering, what does any of this have to do with points? Well, a lot actually. It was during these times of extreme saving that I tried to maximize the spending power of every dollar.
Keep in mind, if you pay ANY interest on your card balance, you are instantly negating any advantage of your points. Pay off your balance, daily if possible.
First I have both of my credit cards linked to a points program, that way every transaction earns points automatically. I use my PC Financial Mastercard for most of my regular purchases, but Canadian Tire’s Mastercard definitely pays off when shopping through the store itself. One limitation to both of these cards is that you do have to purchase gift cards in store.
Canadian Tire/no annual fee- .5% on all purchases, 1.5% on $1,000 of grocery purchases a month excluding Costco & Walmart, 4% on Canadian Tire Purchases + bonus point coupons
PC Financial Mastercard/no annual fee- 1% on all purchases, 2% on all grocery purchases at PC Stores
There is also:
BMO Airmiles/no annual fee- .42% on all purchases, .84% on $500 of grocery purchases a month, including Costco.
Amex/no annual fee- 1.25% on all purchases, 2% on $1,250 of grocery purchases a month excluding Costco & Walmart.
Next, almost everywhere I choose to shop is somehow linked to another points program.
Airmiles Shops- Amazon (.5%)
Aeroplan- Amazon (.7-3.5%), Gas (Ultramar), Bed Bath & Beyond, LCBO
PC Points- 10% on Groceries (Independent), Gas (Esso), Shoppers
Scene- Groceries (Foodland)
This means that if I spend $400 on groceries a month I can get $8 back, potentially even $48 if I shop according to their promotional points items.
My 2024 YTD Points Breakdown
Airmiles- $10
Canadian Tire- $99.04
Aeroplan- $10.93
PC Points- $24.50
It might not seem like a lot but add it all up and I’ve saved $144.47 so far this year, just by spending money that I would have spent anyways. X 6 and this year I’ll save upwards of $866.82. With a plan to put all points towards giftcards for Christmas this year, it means I won’t have to dip into my budget for gifts, especially at a time of year that sends so many people into debt. Or you could even put it towards your spring budget for seeds & garden supplies!
Keep in mind this is about leveraging corporate programs that are designed to make THEM money. It’s up to you to determine your budget, choose where to spend your money, and figure out how to maximize each dollar’s spending power;
you have to make it worth it for you!
This post has not been sponsored or paid for, this is an honest review of a process that works for me personally. Please make smart financial decisions according to your own financial situaion.
