6 Ways To Use Your Credit Cards To Make & Save Money
Back when I was knee-deep in credit card debt I viewed credit cards as pure evil. The debt created a massive amount of stress for me in my everyday life and the battle to get out of the red was long and hard.
After what seemed like years of making payments, my balance was finally paid off!
It was time to cut up my credit cards and quit credit cards altogether… or was it?
Once my last balance was paid off, I finally realized that credit cards can be your friend – and not only that, you can actually use them to make money.
Below are some strategies to help you use credit cards to make and save money:
1. Pay For Everything With Credit
I know debt sucks. But credit cards are not debt – they are interest-free loans (if you use them right).
I pay everything with my credit card – even my utility bills.
The end result? I get tons of reward points. Expenses of $1,000 per month at 2% rewards is an easy $20 per month.
2. Find An Awesome Rewards Card
You can make money by using a credit card with a great rewards program.
There are plenty of credit cards to choose from. The best rewards credit card will be one that is best aligned with your typical expenses.
For example, if you fly a lot you’ll want to choose a travel rewards credit card to rack up those frequent flyer miles.
If you waste a bunch of gas money (who doesn’t), then you’ll want a credit card that has high rewards on gas purchases.
For large families look for a credit card that has extra rewards for grocery store purchases.
3. Take Advantage of Additional Perks
Your credit cards have perks that you’re not likely aware of.
For example, many cards will offer free concierge services and free insurance on rental cars when you travel, and in some cases, your credit card will double the manufacturer’s standard warranty on items you purchase.
4. Use Balance Transfers Smartly
If you already have a credit card balance and are paying interest every month – you’re doing it wrong.
I don’t pay interest. Even when I had debt, I still didn’t pay interest.
You are wasting money paying these ridiculous interest fees.
Instead, get a balance transfer credit card and enjoy 0% interest for 12-18 months.
Use that time to tackle your debt and never pay a dime in interest.
5. Take Advantage of Teaser Offers
Credit card sign-up bonuses are extremely common.
Many credit cards have sweet bonuses if you cross certain spending thresholds.
This is no excuse to overspend. It is, however, an excuse to switch your auto-pay bills to that card to reach their milestones.
6. Think of credit cards as a money-making tool
When you use your credit card for purchases, there is one simple rule to keep in mind: If you can’t afford to pay it off by the end of the month, then you can’t afford it at all.
Don’t let the credit card companies take advantage of you.
Turn the tables and use them to help you save and make money instead.