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To save money with credit cards, shop around for rewards credit cards with no fees. Trust me, they want your business; if you look around you'll find cards with no fees. Interest rates may be higher, but be smart: pay off everything in full every month and don't pay those ridiculously high interest fees. The most expensive things you'll buy (if you don't pay off the balance each month) are far more costly than your original bill. Bear in mind, credit card companies rely on you not being able to make full payments. That's how they earn their money.
Keep the habit of paying off the total bill each month and you'll not only earn rewards but also improve your credit rating.
Don't spend more than you can afford!
This is sound advice. The interest rate doesn't matter as long as you always pay in full monthly.
I recently received my credit card bill and was happy to see my cash back amount earned was $120.00, which I called and had them apply to my bill. We only use one credit card and charge everything we purchase in a month. We do not charge anything that we can not pay for when the bill comes due, that way we pay no interest, yet for using the credit card, we receive cash back. As long as you are careful what you charge and know you have the money to pay the credit card bill when due, you get free money while paying out no interest.
I also pay several of my bills by credit card automatically each month, this saves me a stamp and also adds to the cash back amount accumulating with each charge I make. I recently became aware that when anything changes on a credit card, such as a new expiration date, then you have to notify the appropriate billing departments of the changes. Otherwise, you may be hit with late fees when charges to the credit card are denied. This will happen even if the credit card number is the same and your credit is good. Some billing departments will let you know when a card expiration date is coming up and advise you to "resubscribe" to the auto payment. Some are happy to collect late fees.
Again, I stress this is only a good idea if you are budgeting and watching that you do not abuse the charging items you know you do not have the money to pay for when the bill is due, paying interest is not an option unless there is a dire emergency.
By Bobbie G. from Rockwall, TX
Go to bankrate.com to check which credit cards offer the best rewards. I use a Citibank Rewards Mastercard for all grocery, gas and small stand-alone drugstore purchases because it pays me 5 points for each dollar I spend. The only negative is to get the full 5% you have to wait until you have $100 or more in credit and they're good mainly to redeem for gift cards like Home Depot, Sears, etc. For other purchases I use my Citibank Dividend Card that pays 2% cash back for all utility payments and 1% for everything else. I use my Costco/American Express card whenever we eat out (it pays 3% cash back) and for airplane tickets, hotels and car rentals (it pays 2% cash back for travel). It can get a little confusing for my husband to use the correct card for the correct purchase so I don't make a big deal of it if he accidentally uses the wrong card once in a while.
I use my Citicard "Platinum Select Card" to buy gasoline. You save 5% of cost (about 15 cents/ gal.). It adds up!
By Alfred from Westport
Be careful with this. If you carry a balance at all, you end up paying interest, which will eliminate any savings you may get from a "cash-back" program.
This is how we turn the painful gas prices into a rewarding experience. If you don't already have a credit card that has rewards, research card companies that have great rewards.
When trying to tackle your credit card debt, be sure to call your credit card company and ask for a lower rate. Tell them that you are shopping for a better interest rate and wanted to see what they had to offer first. They will often try to work with you to retain you as a customer.
The scenario is familiar. At the check out counter of the local department store, the clerk asks if you would like to apply for the store's credit card. As a reward for signing, you receive an instant discount in the amount of 10% or even 15%. Do you sign on?
Looking for a way to earn money? Apply for a credit card with an introductory rate of 0% interest for 12 months when you use the credit card checks....
This guide contains credit card rewards tips. Make sure you get all available benefits from your credit account.
Ask a QuestionHere are the questions asked by community members. Read on to see the answers provided by the ThriftyFun community or ask a new question.
I'm thinking about closing a credit card account because the creditor does not want to lower my APR. I've had the card almost 2 year and pay on time faithfully. But if I cancel will the APR continually accumulate on the balance or would it be whatever is left at the time of cancellation? Also, the credit card is through my bank. Do you think they'll make me close out my checking accounts with them?
Tantanisha from Sanford, FL
Definitely talk to your credit card company. A friend of mine was able to persuade her own credit card company to giv her a 6-month moratorium on interest, essentially a promotional rate. Since my case with my own credit card company wasn't nearly as strong, I couldn't get the same deal. If you're in a position of strength, ask for a break, especially if you're cancelling the card anyway. Be aware, though, that unless you can qualify for a break, your card will continue to accrue interest until it's paid in full. Pay as much as you can, as quickly as you can, and cut up the thing when it's paid off - and don't forget to specify *in writing* that you want the account closed.
I know long time ago it was a good thing to CLOSE an credit card account but now they say it can hurt your credit report and credit score in the long run. You can go to www.clarkhoward.com website. He is a consumer guru from Atlanta Ga but you can pick him up on radio all over the country. He says to pay it off and every so often charge something on it to help your credit score. You could also say you got an offer from somewhere else and see if they will match it.
Try asking for a cut in the interest rate at different times-what does nt work at 4 pm sometimes works at 2 am-it s just getting the right person-persistance.
Be sure to read any terms and conditions or the fine print; my last credit card disclosure stated in the fine print that if I do not agree, they can close your account. I usually do call and ask nicely if there is a way of lowering my apr; and in most case they will if you are a good user.