HomeWorking MomsCredit score Card Rewards vs. Qube Cash: Which Is Extra Financially Savvy?

Credit score Card Rewards vs. Qube Cash: Which Is Extra Financially Savvy?

“I might by no means use Qube Cash as a result of I like getting bank card factors for my spending!”

That is the primary response I hear from bank card customers contemplating budgeting with Qube Cash. And I get it, all of us like “free” stuff. However does it make sense?

Let’s break down why you may need to give Qube Cash a strive, even if you happen to’re a accountable bank card consumer.

This submit is sponsored by Qube Cash, a budgeting and banking answer rooted in constant intentional spending. Enroll at this time with code MONEYMAMA for 2 months of Premium at no cost! 

As at all times, my opinions and experiences are my very own and we by no means suggest merchandise we don’t love. For extra data, see our full disclosures.

What’s Qube Cash?

Qube Cash is an app and banking answer that mixes the facility of digital banking with the intentionality of money envelope budgeting (with out all of the monitoring or pesky money.)

By creating “Qubes” (envelopes) in your Qube Cash account that you want to open prior to creating a purchase order along with your card, you develop intentionality along with your cash and keep a real-time image of your spending plan.

Need to know extra? See our full Qube Cash app walkthrough and overview right here.

Qube Cash vs. Credit score Playing cards

1 – Are Credit score Card Factors Value Not Switching to Qube?

Most individuals perceive that bank card factors aren’t price it if you happen to can’t use bank cards responsibly. (i.e. paying off your invoice in full every month.) The price of bank card curiosity is rarely going to stack as much as the worth of any rewards you earn.

Nonetheless, even in case you are accountable along with your playing cards, analysis exhibits you seemingly spend considerably extra when making purchases with a bank card than a debit card or money.

One typically cited examine by Dun & Bradstreet discovered that individuals spend 12% to 18% extra per transaction when utilizing a bank card. And that is the bottom estimate we’ve seen in analysis, with some research exhibiting individuals prepared to spend over double when utilizing a bank card as a substitute of money or a debit.

With bank card rewards paying at most 5% again, by switching to Qube Cash and being extra intentional along with your spending, you may lose out on the rewards – however you’ll have much more of your personal cash to place in direction of the issues that matter most to you!

2 – What About Safety?

Bank cards typically win out versus debit playing cards and money in relation to safety as a result of nearly all bank cards carry 0% legal responsibility safety for theft.

Nonetheless, Qube doesn’t work like most debit playing cards.

As a result of your Qube card carries zero steadiness till you open a Qube to spend, even when somebody stole your card quantity, they wouldn’t be capable to run any transactions! Any transaction could be denied, and also you’d truly get a notification out of your Qube app of the place the denied transaction was coming from.

Your cash would keep safely in your account till you might have a brand new card and card quantity in hand. Thus, Qube is as protected as a bank card in relation to theft.

Plus, you don’t have to fret about disputing expenses that aren’t your personal – they merely don’t undergo within the first place.

3 – What About Insurance coverage & Fee Safety?

Some bank cards do supply cost safety together with prolonged return durations, rental auto insurance coverage, journey insurance coverage and extra. Qube Cash – or any debit card – isn’t going to supply these protections.

So, for big bills like journey or home equipment, it might make sense to buy along with your bank card. Simply be intentional about how a lot you’re prepared to spend in these moments, so that you don’t fall prey to overspending.

4 – Which Offers You Extra Management?

You’ll be able to responsibly and successfully handle your cash with Qube or by spending and budgeting with bank cards. You must think about for your self which methodology most closely fits your character and provides you probably the most management over your cash.

Cash is a software to create the lives we love. The extra intentional we could be about the place our cash goes, the extra we are able to put in direction of the issues that matter most to us.

Personally, I used to be prepared to surrender bank card rewards to scale back our total spending, put my husband and me on the identical web page with our finances, and get to make decisions round how we spend our further financial savings as a substitute of attempting to optimize probably the most environment friendly method to spend bank card rewards.

Run Your Personal Spending Check with Qube Cash!

In the event you’re involved about dropping out on bank card rewards by switching to Qube Cash, I like to recommend downloading the app and attempting it for 30 days. On the finish of 30 days, evaluate your spending in your month utilizing Qube to prior months utilizing your bank card.

I’m guessing you gained’t need to hand over all the additional financial savings for just a few rewards factors.

Obtain the Qube Cash app at this time and use the code MONEYMAMA to get 2 free months of Premium!

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The submit Credit score Card Rewards vs. Qube Cash: Which Is Extra Financially Savvy? appeared first on Good Cash Mamas.



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