Make a Payment Rates About Careers Contact Locations

Credit Card Strategy

July 27, 2022 Recently Robin and I have begun to look a little closer into how we can leverage our credit cards. We each currently have different approaches, with Robin using her credit card to manage her monthly budget and running most of her purchases through the card. This allows her to take advantage of the rewards she earns because of using the card. I use my credit card on a much less frequent basis, typically using a card for purchases where the ancillary features of using the card are beneficial (i.e., using the card to book a car rental to take advantage of the insurance coverage provided by the card) or for larger unanticipated expenses. To take full advantage of our cards we both typically pay the balance off in full each month, so we don’t incur any interest expenses – of course life happens and that isn’t always possible but having no carryover balance is a high priority for us.What we have been digging into are the specific cards that we have, and we are leaving money (cash back or rewards) on the table with my limited use. As we have been looking into the card options available and reviewing the features of each, we have specifically been taking a closer look at cash back rewards cards and the following:  cash back rewards percentages (not only the categories available and corresponding percentages, but also if there is a cap on rewards earned per period and how active or static are the rewards categories – will we need to reselect categories each quarter, or “set-it-and-forget-it”). We reviewed if there is a minimum amount to redeem, or if there are expirations associated. Also, a factor is the ancillary benefits offered like the rental car insurance noted above, cell phone insurance, appliance/equipment insurance, TSA PreCheck, or no fees for transactions abroad. As we continue to fine tune our monthly budget on Summit’s Climbr, I realized that one of the benefits has been that it has helped identify how much I had been spending on a debit card, and with the categories identified, it became easy to extrapolate how much cash back I could have earned if I were to have used a credit card for those purchases.We are looking forward to digging into this further and reviewing with our Summit Financial Coach to discuss how we can best leverage our credit card usage. You might also be interested in As the year comes to a close, so does Season 14 of Project Money. In preparation for writing our final blog post we reflected over what has occurred over... In the last week we had to take Robin’s car, a 2019 VW Atlas, in for a couple of recall notices we had received. Nothing completely out of the ordinary... One of the topics we had mentioned in our posts from earlier this year was an employee stock purchase plan offered by Robin’s employer. We have never participated... Being part of Project Money has pushed our family to take a more active role in managing our finances, necessitating weekly conversations that have spurred... With Thanksgiving behind us, the countdown to Christmas has “officially” begin. This year, as part of our Project Money journey, we have been planning... I had been putting this off for a few weeks/months now, optimistic that Fall might stretch on a little bit longer – but this past week’s winter weather... Over the last few weeks, we have been working to refocus, and get back to some of the basics as we start to head into the end of year holiday season... Over the past few weeks and months, I had seen several news reports about I Bonds, usually with a corresponding endorsement of their attractiveness as... We have reached the point of the year where we have one foot firmly planted into heating season and thought we would reflect on what energy saving tips...
Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch
Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site.
NCUA Insurance Estimator Privacy, Security & Accessibility Rates Terms and Fees Routing Number
* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA