Today I'm going to show you how to save a ton of money when you're buying fishing gear. We're going to specifically look at the Shimano SLX DC, but this works on anything you're buying anywhere.
First tip, use a cashback credit card. You'll get the cashback after the purchase and you generally will save anywhere between 1 to up to 5%. My favorite spot to get those credit cards is NerdWallet. You can generally go their site and they'll have a link right at the home page where you can say you want to do cashback card. Click on cashback, and it gives you a list of the best cards. I signed up last month, and I have a Chase Freedom Unlimited card. It's great because of no annual fees and almost unlimited cashback on however much you spend.
I run a business where I'm making a lot of transactions through my credit card, so this is why I wanted this particular one. You can see it's 1.5%, but there are higher ones, like the Discover It Cash Back Card. Usually, you have to choose categories and you have to decide if where you want to shop is in one of their categories and they're willing to pay you the extra percentage rate. I didn't wanna go through all that hassle, so I went with the Unlimited Freedom but it's totally up to you.
A quick note, this does not work at all if you carry a balance on your credit card. I like to get a credit card, run the transaction through, get my discount and pay it off in full every month. If you're not able to do that, you probably don't want to go this route. As soon as you incur an interest rate finance charge on your credit card you will almost surely blow all savings out of the water. Save up your money, have enough money to buy whatever you want to do in cash, run it through the credit card, and then immediately pay that off. That's how you're going to prevent incurring those finance charges.
Go to NerdWallet and find one of them that makes sense for you that gets cashback (use Rakuten or CouponCabin to get cashback on every purchase). Rakuten and CouponCabin are browser plug-ins that go into Chrome (links are in the video description) when you'll get some cash if you sign up for using my affiliate link. We both get extra cash in the account so you can save even more if you've never signed up for these services before. Rakuten comes up 1% cashback and CouponCabin is right here. If I click that I can see coupons there, but there's no cashback, which is a little bit of a pain in the rear. So yes, maybe some coupons but no cashback at Wal-Mart. Rakuten will give me 1% cashback, so let's plug that in our spreadsheet for Wal-Mart.
Now let's take a look at Cabela's. Cabela's usually has pretty good deals, so I'm gonna click on the Rakuten button. Again, I've already installed the plug-in when you follow my link they'll run you through what's on the plug-in. So I'll get 3% cashback here on Rakuten and 5% cashback with CouponCabin. That's why it's good to have both of these, sometimes they'll be running a special. This one is 5.5% cashback at Cabela's, so we're going to put 5.5% in the spreadsheet. Let's take a look at Field & Stream. They are Rakuten is 3.5% and CouponCabin is 1.5%, so Rakuten wins here. You can see over at Cabela's, CouponCabin won, here Rakuten wins.
Number three, buy discount gift cards. Let's move to where I usually get my most bang for the buck, discount gift cards. So we've all received and given gift cards before, but you can buy gift cards online from people who don't want to use them and they'd just rather have the cash. There are two companies that I use almost religiously to buy these, and that's Card Cash and Raise.com. Raise has a really good phone app as well. Card Cash has a phone app, but I generally tend to buy them online. I'm looking at Wal-Mart, so I go to Wal-Mart on Card Cash. Let's look at value, and generally speaking, it looks like about 1.5% off. I'm going to need to buy the SLX DC at retail. So $189.99 plus whatever sales tax you have, which for me is 8.25%. Which you'll want to calculate this ahead of time because you're gonna pay full retail form the retailer.
They're not gonna know about all these discounts you're getting, and I'm gonna need $206 in gift cards. Make sure you do this calculation ahead of time, so we know what we're dealing with. I can get this $250 gift card at 1.5% off which means is I'm buying a $250 gift card for $246.25. Another important thing here to note is that it's an e-code. With Card Cash or Raise, these are going to get emailed to me immediately and I can use them in the store immediately or I can use them online. As you'll see on a couple of other things, there are physical cards and they're gonna get mailed to you which may take anywhere from two to six days transit time. If you're in a hurry, you're going to want to keep that into account. I usually buy over because if it's Wal-Mart or any of these places, you're going to shop at them often.?
Now interestingly, notice I get an additional 1% cashback from Rakuten or 2% cashback from Raise, so I can stack these up here. I'm getting about 1% off plus 2% cashback, so that's 3%. I need a minimum of $205, but you don't have to go this route. You can stack these all together, so I don't need a minimum of anything. Let's just say there's a minimum of $20, then I can buy multiple cards and their digital delivery as a receipt, so they're going to get emailed to me. I'm going to add them all up and do a little math here and figure it out. They're running about 1%, but I also get 2% cashback here, so I'm going to call that 3% for Wal-Mart going through Raise.
Cabela's is an e-code, and you can see this is where it really gets interesting. I can buy one card for $300, or two for $200, and that's 14%. Let's take a look at the percentage off. There are 250 cards at $25, so what I do here is probably buy nine of them to get to $225 and I'd save 16.91%. Over to my spreadsheets, Cabela's discount gift card, 16.1%. Another thing to keep in mind is that the market fluctuates on these things, so they'll have some times that they won't have any Cabela's or Academy gift cards. Sometimes they'll run a sale, which we'll get to towards the end.
Now you can see up here at the top that they're running a sale on restaurants with an extra 7% off, and they'll run sales for almost any reason. This past weekend was Valentine's Day and President's Day weekend so I got two different notifications that they were running sales on extra discounts for those cards. With Academy, we're dealing with physical cards and like I mentioned earlier, this is going to cause a bit of a delay, usually, three to six days to get it. Here's a 57 cent gift card, so let's sort by value. But a $1,500 gift card, that's pretty sweet.
Just to walk through this again, when I go buy my discount gift cards in order for this to work I need to use the cashback credit card that I'm going to get that 1.5% cashback on, or whatever percent cashback you'll receive. That's the card I'm going to use to buy the gift card. That's how it stacks on top of each other. I'm going to have to buy it online, and I'm going to have to get it shipped to my house. CouponCabin and others don't generally work if you buy it or pick up in the store. CouponCabin specifically doesn't allow you to pick up in-store. You have to get it shipped to you, and I don't know why, but that's the way it works. You need a little planning.
Here's the final tally when all the discounts get stacked on top of each other. The winner comes out to be Cabela's where my final price after I get all my cashback and save with my discount gift cards will be $142.87 plus whatever tax I'm going to pay on top of the $189.99. So remember, when we're buying this we're buying “full price” from the retailer. The retail sees the full price and I only get cashback from Rakuten or CouponCabin on the retail price, not on the sales tax or shipping on top of that. Keep that in mind, but basically I'll end up coming out of pocket $142.87 plus the sales tax on $189.99. Much cheaper by about $47, give or take a few pennies, which is a pretty fantastic deal on a brand new rod.
Alright, guys, just to wrap it up; cashback credit cards, Rakuten or CouponCabin for online discounts, and buy discount gift cards. Discount gift cards are where you generally get the biggest bang for your buck. Thanks for watching. There are some more videos for you to check out over there on the left-hand side. And if you don't mind hitting the subscribe button, it really helps the channel. If you have any questions just please leave them down in the comments, I'll be happy to answer them for you. All right, fish on!