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Tuesday, March 31, 2020

Rewards Canada's Guide to Credit Card Cash Back Liquidity


For nearly a month now we have been looking at how you can use your loyalty programs and credit cards to help you out financially during these difficult times. In many of our articles we talk about the liquidity of your points, miles and even cash back as there is a lot of variation from each of the programs and card issuers. It is the latter where much of that variation comes in - that is how quickly or how easily can you access your credit card points or miles or cash back to help lower your credit card statement balance.

The reason we look at this is front and centre in our news and world today. Thousands of Canadians are being laid off from work or are working much less hours from home or at their workplace and this means lower to even no income. On the date of publishing this article a survey reported that 49% of Albertans were already feeling a financial pinch. That's where you can look at your credit card reward programs as source of financial aid by using the rewards or cash back to help pay down your expenses. We won't go into huge detail in this article since we have covered it in great depth in the following articles:
The one recurring theme you'll notice in many of those articles is our warning about many of the most popular cash back credit cards. They are being heavily promoted right now since travel is almost nonexistent but you have to be aware that a lot of them don't give you easy access to that cash back. Many of them only provide you your cash back return once annually - something that doesn't work for many who may need access to those rewards in the short term. That is why we developed this feature so that you can compare the various cash equivalent redemption options of many of Canada's popular credit cards.

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