It’s easy to spend plastic. Just a swipe of the card, and the item is yours. You on your merry way. I often loose track of what I’ve spent. The swipe is so fluid, like the bat if an eyelash. I tend to forget what I’ve done. We’ve literally frozen all our cards in an effort to avoid that fleeting spending.
If you are armed with plastic or are thinking of getting one, these tips will help you make the most of the credit card rewards programs.
1.) Take it slow! Don’t apply for a dozen cards within a short time frame. You may get some rewards for new cards, but it will affect your credit. Rather, apply for one card and then wait at least 6 months before applying for a new card.
2.) Say No To Annual Fees. Lots of cards are available without annual fees. Go for those! Make sure to read the fine print for hidden fees too.
3.) Go For Cash Back. Points often fluctuate in value. So go with cash back. Even with inflation 😉
4.) Keep Your Accounts Open. I’ve been tempted myself to close accounts that we have that we don’t use. But I learned that keeping an account open an in good standing is actually good for your credit. Lenders are more apt to cough up the goods if you have accounts showing your good stewardship.
5.) Match Rewards To Spending. If a lot of your budget is devoted to groceries, then get a card that offers double cash back on grocery purchases. Just make sure to pay it off each cycle so you are saving money rather than racking up interest.
What’s your favorite credit card rewards program?