In this episode, A.B. Ridgeway dives deep into the truth behind cash back credit cards. While credit card rewards seem enticing, they may actually lead to hidden losses when fees outweigh the benefits. A.B. provides actionable advice on when to use credit cards versus debit cards, and how to avoid unnecessary costs for convenience.

3 Key Takeaways

1. Cash Back Isn't Free Money
   • Cash back is essentially a discount, not extra income. You could still be paying more through hidden processing fees.
2. Processing Fees Eat into Rewards
   • If a purchase involves a 2.49% processing fee but only earns 1% cash back, you are losing 1.49% of your money.
3. Use Credit Cards Strategically
   • Credit cards offer fraud protection, but they shouldn’t be used for every purchase. Large or recurring payments are often better handled through a debit account to avoid fees.

3 Memorable Quotes

1. “Cash back is nothing but a fancy coupon—just paying a little less.”
2. “Why pay a couple hundred extra dollars to get $150 back of your own money that you didn’t need to spend in the first place?”
3. “We are paying for convenience—how much is that convenience worth to you?”

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.