How to Make an Extra $300 Every Year

This will probably be the easiest $300 you'll make every frickin' year! And that's not even the best part. What is? It's free. I know what you're thinking: there's gotta be a catch. Well, yes and no. That's because I'm talking about a rewards credit card. But it's one of the best out there, in my opinion. I'm talking about the Chase Freedom Credit Card. It has no annual fee, and is very easy to get for most people out there. According to Credit Karma, if you have a credit score of at least 585 you can get approved. The Freedom was my very first adult credit card out of college! And let me just say, when I graduated college, I had a crappy paying job with very little credit. 

Where does the $300 come from?

Simply stated: by spending money! Go about your every day spending like you normally do and you could easily make $300. That's because every quarter Chase gives you the opportunity to make 5% cash back on each purchase you make (up to $1,500), as long as you follow their quarterly calendar. If you reach that $1,500 mark you'll earn $75 (boom! Winner, winner, chicken dinner)! After that, the rate goes down to 1% for the rest of the quarter.

• First quarter includes grocery stores, movie theaters, and Starbucks. I'm sure many (including me) can easily spend $1,500 alone at grocery stores. Hell, I can spend $1,500 at Starbucks, but I digress. Unfortunately, if you prefer big box stores such as Walmart or Target for groceries, that won't get you 5% cash back. You need to stick with the likes of Kroger, Publix, Jewel, Tom Thumb, etc. The first quarter ends March 31st.

• Second quarter merchants include restaurants, Bed Bath & Beyond, H&M, and Overstock.com. A little harder for me to spend $1,500 this quarter but it's still possible. For example, if you really like eating out, buy a bunch of gift cards from some of your favorite restaurants. Keep in mind (this is important), in order to get the 5% cash back at restaurants, you have to buy gift cards at the actual restaurant (not, say, the local grocery store gift card section). This quarter runs through June.

• The only confirmed category so far for the third quarter is gas stations. If you have a gas guzzler, or drive your kids around a lot, this quarter is for you. Even if you drive one of those hybrid things, you can easily use the gift card trick at gas stations this quarter, which runs from July through September.
  

• Again, the only confirmed retailer for the fourth quarter right now is Amazon.com. Certainly good for buying presents during the holidays. Last year they had several other retailers that made my Christmas shopping easy. If memory serves, Lowes, and Sears, were among the retailers on the list. This quarter runs from October through December.

When all said and done you can walk away with $300 you earned by going shopping. If you don't quite spend $1,500 each quarter, that's okay! You could still end up with $150, $200 extra. If you want to make the cash back you earn worth even more, you can! The cool thing about Chase is that they let you link your "Ultimate Rewards Points" if you have multiple cards with them, like the Freedom and the Sapphire Preferred. So, you can get the Chase Sapphire Preferred and make that $300 you earned with the Freedom even more lucrative when spending that money on travel.  Unfortunately, the CSP has an annual fee of $95. Personally, I think it's worth it. You may not. 

Related:
-Will Credit Card Churning Hurt My Credit Score?
-American Express Launches Loyalty Program Plenti
-Three Ways to Invest Your Hard Earned Money


Word of caution

No doubt about it, there are a lot of pluses to having credit cards. But it's not worth going into credit card debt to earn this $300. If you don't usually spend (or don't have the funds to spend) $1,500 at Amazon.com and other retailers, then don't. Having that extra $500, or $1,000 in your bank account for your rent or mortgage is more important than trying to get the most out of your rewards credit card. 

Bottom line

Having said that, this is an easy way to get some extra cash by doing what everyone does: buying things. Not only that, but having a no fee annual fee credit card in your wallet long term is great for your credit score. 

Do you do anything like this to earn extra cash?

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