How to make money with a credit card: 9 important rules

A credit card is more than just a piece of plastic in your wallet that you can use to pay for a product or service. They offer amazing opportunities to save money on purchases and earn rewards such as travel, cash back, gift cards and other goodies.

Фото: Depositphotos

But "all that glitters is not gold" and you must know how to play the game, reminds Go banking rates. Below are 9 rules from experts to help you save money and get the most out of your credit cards.

1. Use trade portals

On some websites you can see a breakdown of lucrative offers from stores, airlines - and not only in the case of purchases using a credit card.

“Every time you buy something, you should log in [using your credit card] to see if you're getting a good deal and how many points you can earn on your purchase,” said credit expert Holly Johnson. “For example, through the Chase Ultimate Rewards shopping portal, you can often earn an additional 5-20 points per dollar spent at certain retailers. These points can be converted into cash immediately if you wish.”

2. Be attentive to the categories of discounts

Some credit card incentive programs offer cash refund by category.

“Most people use one card for all their spending, which can cost them valuable points and miles,” said Eric Rosenberg, personal finance and travel expert. — Make sure you know which card to use to earn rewards on purchases such as groceries, gas, restaurants and travel. This will help you get the most bang for your buck. For example, put a note that says “gasoline” on a credit card that rewards you for purchasing fuel.

3. Pay attention to the timing

Your credit card has a regular monthly billing cycle specified in the statement. If you want to make a big purchase around October 10, for example, you should wait until October October 11, if possible. This way you can save money by getting an extra month to get a loan for an expensive product.

4. Do not refuse annual collection cards.

The use of credit cards is charged annually, or not charged for the first year, or not charged at all. As a rule, credit cards with the most generous programs, such as travel, are paid. However, sometimes it is more profitable to pay once a year and get all the benefits.

"Annual fees put a lot of people off some of the best cards," Rosenberg said. - If you do the math, you may find that you will get more profit than the annual fee for it. I once received $400 for registering a card that cost $85 a year to maintain.”

5. Call and cancel the annual card fee

On the other hand, you can save more money if you do not pay an annual fee for a credit card. Many cards are free if you have not taken advantage of the bonuses in full.

"Before you pay the annual fee to renew your credit card, call your manager and ask to cancel the payment," says credit card expert Jason Steele. “In this case, they can offer you a number of bonuses equivalent to the cost of the card so that you can continue to use it.”

6. Check credit card offers

Credit card transactions may be available for a limited time, so keep an eye on their relevance.

“Check all your American Express cards,” Johnson said. — If you find an offer and plan to take advantage of it, then add it to the card. Recently I scored $50 at the Sheraton Hotel where I was attending a work conference. Then I racked up $30 and $50 from constant shopping at the store. Offers change all the time, so you have to pay attention to that.”

7. In case of refusal of a credit card, ask for a review of the decision.

If you applied for a credit card, but were rejected, you may be given a second chance. Perhaps then your credit history was not good enough. Do not give up.

“If you are ever denied a credit card, call the manager and ask a representative to reconsider,” Steele said. “Often, representatives manually approve proposals that were automatically rejected.”

8. When buying gift cards, get a gift

Gift cards for friends and relatives or even for self-use are very popular now.

“With most loyalty programs, including Discover Chas, you can redeem gift card points for cash,” Johnson said. — If your goal is to save money, cash out at places like Walmart or Amazon, where you can order food or supplies for your home. By using gift cards, you can reduce your monthly expenses.”

9. Get a travel credit card

If you travel frequently, get a loyalty card for the company you most use to participate in their rewards programs.

Read also on ForumDaily:

Three features of life in the United States that infuriate immigrants

How to rent a house in the US: the most complete instructions and useful tips

Seven questions that will face everyone who decided to move to the United States

How to buy a used car in the USA and not get burned

Kazakhstanis, who won the green card, - about the migration police, American landlords and luck

Our US: Ukrainian about the first year of life in the country

The history of Muscovite, who moved to Los Angeles and became a producer

Personal experience: how much is life in New Jersey

Interesting, but expensive: Russian impressions of San Francisco

How to rent an apartment in New York: instructions for newcomers

10 life hacking for new immigrants in the US

“Can you not come to the USA? Do not come. Immigrant from Russia - about life in America

10 steps to take immediately after moving to the USA

What national traits should a Belarusian kill in himself if he moves to America?

How best to buy a car: on credit, leasing or cash

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.