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Tuesday, April 29, 2008

Does the Store Cards Save you Money?

Every grocery and retail stores have them. The cards that they say can help you get points or other stuff for using it while shopping. I have to admit that I am one of the many shoppers that never leaves without my card because some of the sales are only available to those with the card. But are they double charging us and making us think that we are saving?
" Just because you're buying food with your rewards credit card doesn't mean the purchase qualifies for bonus points. Credit cards dole out rebates based on where, not what, you buy — and they typically only recognize standalone stores whose primary business is selling groceries, says Arnold. That excludes convenience stores (WaWa, 7-Eleven), warehouse clubs (BJ's, Sam's Club, Costco), drugstores (Rite Aid, Walgreen's) and superstores (Target, Super Kmart, Wal-Mart), as well as some individual proprietors and specialty stores (Whole Foods, Dean & DeLuca). Buy from an excluded store and you'll earn the low "all other purchases" rewards rate. Before applying for a card, call to find out which category the stores you frequent fall into."