Customized Cashback Could be the Best Thing to Happen to Millennials’ Credit Cards in 2019
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Customized Cashback Could be the Best Thing to Happen to Millennials’ Credit Cards in 2019

EPF February 7, 2019

Having modified cash back is imperative especially to those who have credit cards. Do you know that you can maintain your card as well as reward yourself by using credit cards? Nowadays it’s possible. One can get rewarded after cash back transaction. In case you don’t have a card, you need to look for potential banks or lenders who offer cash back credit cards. Owning one is potentially the best thing you can wish. That’s why there is this new norm (customized cash back) embraced by millennial generation to boost their credit cards.

Customized cash back is much demanding to the Bank of America. Would like to know how? At the beginning of this year, the bank introduced cash rewards on their credit cards. It means, once you spend with your card, you’ll be able to get more rewards.

Having ultimate goals will lead to a well-structured credit card usage. Cashback customization has resulted in the right expertise, and this has made life better.  Through customization, millennial will find improvements and innovations such as elegant thermostats. Interestingly, America becomes the best place to live.

The Millennials’ spending habits are well designed after the customization. Some of their significant advantages are :

 

Choice for Millennials

A well-planned budget is always encouraging. Some budgeters are champions though; their spending behavior may change with time. Your billing series determines your change for a new category. As earlier said, a well-customized cash rewards approach is offered currently by The Bank of America. The groups include;

  • 3 % cash back in your preferred category
  • 2% cash back in wholesale stores and groceries (all quarterly purchases of up to $2,500)
  • 1% for all other products.

Some of the things you qualify to shop for from the multiple of choices available include; doing online shopping, buying home expenses, ordering dining through their app, traveling expenditures, purchasing furniture, renovating a home building and medicine stores.

 

Making the Most Spending

As you know already, a choice category can get changed to your preferred product. The choice depends on what you want at a given time. For example, when relocating into a new home, you may need to purchase some furniture and household items. You may change your category by earning more cash back on furniture and house wear. The cash back also applies when going for essential trips. Your vehicle might need a new tyre for the journey. Why stress yourself? Just earn some cash back for a ‘tyre’ as your chosen category.

The Bank of America also redeems your cash back as a deposit into your savings accounts. The bank uses it as a check, a credit statement to your credit card or an eligible Merrill Lynch, and Merrill Edge accounts. Additionally, the bank analyses the previous snapshot of your spending. It also guides you to determine the favorable category to enable you to earn more cash back.

 

Managing of Saving Goals

Early generations were not very good in terms of money management. According to the Bank of America’s report of 2018, Millennial’s are found to manage their funds very well. It has contradicted the judgment made by many Americans about Generation Y as lighthearted money users. Having set goals and sticking to budgets have played a more significant role in supporting Millennials’ financial habits.

The research by The Bank of America shows that 73 percent of millennials have a planned budget, and manages to stick to it almost every month. Those with a good savings goal, 67 percent of them have stacked to it nearly every month;  resulting in a 47 percent of millennials with savings of $15,000 or more. Interestingly, 16 percent have managed to save $100,000 or more after the credit card customization. The modification has helped millennials in their day to day transactions thus improving their saving and spending habits.

 

Bottom Line

Having modified cash back has enabled more millennials to live within their means. They have learned to manage their money carefully than the older generation. The rewards of cash back are quite encouraging. The reason is, one can get what he or she doesn’t have at the moment of need by changing the category to ones’ choice. No one regrets the customization of credit cards in America.

Elite Personal Finance

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