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- Managing Credit Cards & Payment Options
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
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