Best Credit Cards to Carry for The Most Money or Miles Back!
What Kind of Card to Get
Credit cards can be used against you or for you. I prefer for you. My husband and I have basically 4 credit cards and each one works for us.
When using credit cards it is better to think of them like a checking account rather than as a form of borrowing money. Too many Americans are finding themselves in severe debt as they see credit cards as another way to purchase what they want. The biggest disaster of this kind of thinking is the amount of interest a person ends up paying over the course of paying off any credit card debts. In reality you will find yourself paying considerably more for an item once you consider how much interest you paid on each item. For this reason it is better at times not to use a credit card at all. than
If you are not in the habit of paying off your entire credit card bill you could be doing considerable amount of harm to your personal wealth and financial status.
As our family has used credit cards we pay each one off at all times. In this way we are using the card as a means of accruing points and cash rather than debt.
I like the American Express Blue cash Back. It usually gives us enough money back at Christmas time to pay for our gifts ! Around $300 to $400 !!! We pay off our complete balance every month and use it for % back at grocery stores, drugstores and gas stations.
The second card we on is Discover Cash back Rewards. It gives us up to 5% back in 3 to 4 alternating categories every three to 4 times a year. In October we will be able to use it for Restaurants, movie theaters. air travel and hotels.
We use Costco American Express. It is the only credit card you can use at Costco that actually rears you for using the card in Costco and also pays another 3% for restaurants all year . The rest is a flat rate.
Most credit cards offer significant discounts at their websites for specific stores. Once you log into the website you can get as much as 10% back on clothing, electronics, etc.
I like to use Discover card reward points for gift cards because I can triple my points that way and use the gift card at the store I trade the points in for. For instance. I may have $20 cash back from Discover but I can purchase an Eddie Bauer gift card for the $20 and the face value of the gift card may be as much as $25 to $40 dollars. That is quite a return on your money depending on what you are purchasing.
As long as you pay off all your cards in full you gain quite a bonus of income at the end of the year.
You can set most of your cards up for auto pay at your bank so you don't forget to pay.
Experts say it is best for your credit score not to cancel any old cards but keep them and use them at least a few times a year to keep them current. Macy's has the advantage of sending you regular discount coupons that really help with wedding gifts and clothing.
It is a good idea to read all the fine print that comes in on your cards to make sure they have not added any large fees or changed any payment policies. This is why auto draft is such a good way to keep your card balance at 0. If you are the kind of person that can't visualized your card as actual money you are spending you may be better off not using a card at all.
Credit cards like American Express can also work as a form of insurance company. They guarantee your purchases for up to several months and often will back you up for theft or breakage. There a pros and cons and it is best to make the decision to use a credit card with a lot of thought and research and to know yourself and your spending habits.
Finally you may need a visa or master card because many companies will not accept American Express or Discover.
In researching these I found the best to be Chase Cash Back Rewards. It pays 1% across the board with alternating categories paying 5%.
You would be amazed how quickly your saving will add up.
How to Increase your Profits even More
Another way to improve your profits from your cash back or miles credit card is to go to the card's website. At the site you will be directed to areas where you can purchase gift cards worth more than the cash back you have earned. You may also find that you can visit specific stores and earn as much as 20% more back. This is truly a way to grow profits from money spent using your credit card.
I can't stress enough to be sure to pay back your card on time and in full or all your profits may be lost.
Credit Card Rewards and Points
Thanks for reading . Please rate my Hub below. Join today and start having fun to!!
- Understand Your Consumer Credit Cards Rights
Before using your credit card, there are things about credit cards that you should understand and learn: how credit cards work, all about monthly payments, the position of banks in respect of credit cards, high interest debt vs. cards with a small ba
- Should You Give Your Kids a Credit Card?
You may think that giving your kids a credit card is a bad idea, but if it is handled correctly, a credit card can teach kids a valuable lesson in money management. According to Nellie Mae, students carry an average of $2,173 in credit card debt by..
- How to Find the Best Credit Cards
If you are looking for a new credit card, you should choose the best credit card which meets your needs. It is not an easy task. However you should know common facts to find the best credit card for you.
- How to find the best credit card
There are a huge variety of credit cards on the market and this page is a guide to choosing the best one. Before you proceed, you need to be clear in your mind why you need a credit card. It's perfectly possible to live without one at all (debit...
- How to Choose the Best Credit Card For You
There are hundreds of credit card offers available to you as a consumer. How do you determine which credit card is best for you? The most important thing is to learn about the different types of credit cards there are and what their pros and cons...
- Credit Card – Best Credit Cards
This article is full of information about credit cards. The history of the consumer that the lender evaluates is discussed. The different types of credit cards are explained.
- The Best Credit Cards to Save you Money
How to use your credit cards for your best interest
- The Truth About Credit Card Processing and Interchan...
Learn what merchants and businesses need to know about accepting credit or debit cards and the costs involved with processing, including the meaning of
- Credit Cards For College Students With No Job | Cred...
Insights on How and Where to Find the Best Credit Cards for College Students with No Job | Credit history. College Student? Get a Credit Card Today!
More by this Author
The best stocks to invest in in todays economy are dividend stocks. Offered in this article are some good ideas on investments in the middle of a recession of anytime. Tope Dividend Stocks ,funds
New top websites and blogs.
A description of cockapoo with their characteristics and how to care for them pictures.