INDIANAPOLIS — There are more than 1,000 credit cards on the market. That’s why you might want to consider using a credit card comparison engine like Gigapoints to really stretch your dollar.
“So, we do a personalized analysis of your spending where we securely connect to your existing cards and use that to calculate what card will earn you the most,” said Erik Budde, CEO and Founder of Gigapoints.
Millions of consumers will spend billions of dollars on their credit cards during Amazon Prime Day. Last year there was a 45% jump in sales from the year before, and 2021 may be even bigger. Amazon Prime Day this year falls on June 21 and 22.
Gigapoints has 3 hacks for you to get the best deals during Prime Day and beyond.
The first hack is getting the Amazon credit card itself. An estimated 21 million consumers have the Amazon credit card, and the numbers are going up every year.
“And it’s not bad, there’s no annual fee. If you’re a prime member, they give you 5% back essentially. And keep in mind that your average cash back card, or a good cash back card will give you about 2% back,” said Budde.
That 5% cash back can really add if you shop on Amazon or at Whole Foods. Hack #2 has to do with places where you can buy Amazon gift cards. This is not their credit card but an Amazon gift card. Many places like grocery stories or office supply places sell them.
“You can buy the gift cards there, easily load them to your Amazon account and then buy stuff with your Amazon credit essentially. So it’s kind of a backdoor way to earn a lot of extra points,” said Budde.
Basically you’re buying Amazon gift cards with your grocery credit card. For example, if it’s the American Express Gold card, which pays four points per dollar spent on groceries, Gigapoints says those points are the equivalent of an 8.5% return on your spending.
Hack number 3 is the idea not to cash in points for Amazon purchases.
“They make it real easy to redeem which may be your first clue that it’s in their interest to use those points that way,” said Budde.
But those points can be worth more elsewhere. You can often use those points in a connected account on such things as travel.
“Our numbers show you usually get a penny a point redeeming on Amazon. For some of the big points programs like Chase, Amex and City, usually we value those points at roughly double that so somewhere around 1.6 to 1.8 cents per point,” said Budde.
Almost double the value! That’s not bad, just with a few more clicks.