What is a Digital Wallet and How Do I Pay With One?

These days, more and more people are using digital wallets such as Google Pay and Apple Pay when making in-store purchases.

While credit cards negate the need of carrying wads of cash wherever you go, digital wallets do away with the need to carry around multiple credit cards in your pocket.

This is because you can link credit and debit cards to your mobile wallet. Once information about various cards has been fed into the app, you can use it to make any type of purchase that you like.

Using your digital wallet to get the most out of your rewards cards

Most digital wallets set up (or ask you to choose) a default card for making payments.

This is the card that is automatically chosen by the wallet whenever you want to purchase anything.

For certain apps, you must manually choose a card that will, by default, act as the payment card for various purchases.

Some apps automatically assign the last card that was used for payment as the default card.

This card - that is, the card that is used by default for making payments - is also known as the “top of the wallet” card.

To get the most out of your rewards cards, the first thing you need to do is understand their rewards patterns.

While some cards provide flat cashback on all purchases, others allow you to earn points and miles when you spend through them.

Other cards reward you more when you spend on certain categories, such as gas, groceries, and restaurants.

You must also understand whether the credit card you’ve signed up for is offering sign-up bonuses.

For example, your card may offer you 20,000 points if you spend $2,000 within three months of signing up.

Once you have the rewards of all your cards figured out, the next step is to determine which card should be made the default payment card.

If a card is offering a sign-up bonus if you earn a certain number of points within the first three months, then it makes sense to make that card as the default payment card – at least for the first three months after you’ve signed up for it.

As far as cards that reward you for spending on rotating categories are concerned, you should first figure out your spending patterns.

For example, if you find that you usually purchase gas and groceries over the weekend, you should figure out if there’s a card that rewards you specifically for spending on these categories.

Then, make that card your default card over weekends.

In case there are no spending patterns that you can identify, you might figure out which card provides the highest rewards overall, and then make that your default payment card.

Of course, if you are someone who has trouble keeping up with rewards points and their expiration dates, then it may make sense to make the default payment card the one that offers the highest cashback.

This way you don’t have to worry about redeeming your earned points before they expire.

To get the most out of your rewards card, figure out both your spending habits and your ability to manage various types of rewards.

Once you have an idea about these two things, you can choose the default payment card that will help you get the most rewards.

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