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We got the big bombshell two weeks ago. The one that every homeowner dreads. Our air conditioner went down, and it was time to replace the entire system.
As you can guess, we were not ready to pay for this multi-thousand dollar purchase. And we were desperate to find a way to make it a little more affordable.
That is when we decided to take out a new credit card to help pay for our big purchase.
Thanks to generous cashback bonus rewards, we we got a couple hundred dollars of our new A/C.
This is because a lot of credit card issuers are offering new cardholders cash incentives to signup and spend a couple of thousand dollars on their cards.
Usually you need to meet the spending threshold in three months from signup. Of course, we met it on the first day.
Another side bonus was that we were able to take out a new business credit card. Right now, business cards are offering better cash-back bonus deals for new cardholders. And, since I have a business as a freelancer, I was able to qualify. (Of course, the purchase is a personal expense, and I will not be deducting it on my taxes.)
And we are also taking advantage to the 12-month interest free financing period to help make paying the remaining balance a little more palatable.
One thing is for sure, however: we will be paying our balance in full before interest payments are due. Our plan is to pay the balance down to $0 in 12 equal monthly installments.
Sure, there is no such thing as a free lunch. But you can make lunch cheaper and more affordable. And, thanks to a new credit card, a great signup bonus offer, and 0% APR financing, we were able to save money a major purchase, and finance it for free!
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