When it comes to thinking about ways to make money and improve your financial situation, the last thing you probably think about is using your credit card, but the fact of the matter is, you can often use your credit cards to your advantage in the quest to improve your wealth.
Here are a few ways to do just that:
Transfer your balances
One of the best ways to use your credit cards to save you money is to compare credit card deals to find one that offers 0% interest. You can then transfer existing balances to that card and stop paying interest for a set period of time, allowing you to save often significant sums of money.
Use a cashback credit card
If you use a cashback credit card to buy/ pay for the things you would be paying for anyway, such as bills or groceries, then you can effectively earn money by claiming the cashback. This will work very effectively as long as you pay the balance off in full at the end of each month in order to avoid interest costs.
Make use of the discount mall
Many credit cards companies operate a discount mall which is basically a group of retailers they have partnered with to give their customers a better deal. By using it to buy stuff online, you can save a lot of money over the course of the year. So, before you buy anything, log on to your credit provider’s website and see if you can find it on their discount mall portal.
Search for sign up bonuses
Many credit card companies will offer you sign-up bonuses for choosing them ad your credit card provider. That’s why it makes sense to search out these companies, take advantage of their offers, and make yourself a little money into the bargain.
Start a side-hustle with 0%
Many of us would like to start a side-hustle to boost our earning potential, but we cannot afford the startup costs. If you can find a card offering 0% on purchases, it could be viable to use some of those funds to buy the materials you need to launch that business, Prtovidin you pay everything back within the 0% time-frame, it will be totally interest-free, which means you could start your new venture for considerably less than you might have thought.
Collect Air Miles
Many credit cards also offer Air Miles as a sort of bonus for loyal customers. If you fly a lot or you’re planning to do some traveling, spending as much money on your credit card as you can (while paying the balance off in full each month) will help you to get lots of free or low-cost flights, upgrades to first-class and…well you get the idea, that will mean more money kept in your pocket at the end of the day.
As you see, your credit card can really help you to improve your finances, but only if you use it sensibly and avoid paying interest. It is so important that you remember that if you want to take advatage of any of these ideas.