Want a checking account with 5% APR and 1.5% Cashback?
This looks even better than ING’s Electric Orange!
In looking for a good rewards solution to reduce my dependance on American Excess, I have found a steller program that offers AWESOME rewards!
Here’s how it works. Your direct deposit comes into your normal checking account (in my case, at my local credit untion.) Then, if you’re like me, after paying yourself first, paying all your bills and putting the alloted amount to your credit card, you have a bit left over for spending.
Here’s where the fun starts.
- Transfer all your remaining money to your Paypal account.
- Use your Paypal debit card instead of your checking debit card. This will earn you 1.5% cash back automatically!
- Any money that is sitting in there is earning 5.05% APR until you use it.
In this way, I don’t use credit cards at all! And if I get even better at it, all of those reocurring bills I have charging to my credit card can be moved onto the Paypal debit as well. Presto!
Obviously, this cannot work until I get a job and start getting in income again. Still though, I think I am on the right track.
