Using Credit Cards To Make Money??? OHHH YEAAA!!!
OK, so, judging by the title, I’m sure that you can tell what I am going to talk about here. However, for those of you who don’t follow my articles, I like to explain them before I write the whole thing. So, with that said, I have come across quite a few articles about making money using credit cards. Knowing the state of the economy right now, I decided to do a little more research. In doing so, I found a couple ways that using credit cards to make money can actually be achieved.
Making Money With Balance Transfer Credit Cards
The first option that you have to make money using credit cards is through balance transfer cards. Balance transfer cards are specialty credit cards that allow consumers to transfer the funds to pay off another balance. Generally, these cards offer 0% interest rates for anywhere between 6 and 12 months. With most balance transfer credit cards, the available credit can only be used to pay off other credit card balances. However, with some of the offers, you will find that you are able to transfer funds to a standard bank account like a checking or savings account.
Because balance transfer credit cards offer 0% interest, by transferring the available credit to a savings account that pays you interest, you will come out ahead. However, when doing so, it is important to make sure that the balance transfer credit card you choose does not have a transfer fee because this could eat up all of your profits. The key here is comparing balance transfer credit cards to make sure that you get 0% for the longest period of time without having to pay a balance transfer fee or an annual fee for the credit card.
Making Money With Cash Back Credit Cards
Another option that you have to make money using credit cards is to use cash back credit cards. Cash back credit cards work just like any standard credit card. However, they do have one little special perk. Cash back credit cards allow you to earn points with each purchase that can later be redeemed for cash. These points are how you can make money. The key here is using your cash back credit card for standard purchases. However, you want to pay the balance off at the end of each month to ensure that your interest and finance charges do not take up all of the cash that you have earned.
When using cash back credit cards to make money, it is in your best interest to pay close attention to the grace period offered by the cash back credit card and the annual fees that they will charge. The grace period is the amount of time you have from date of purchase before the interest charges will start being applied to your new balance. Annual fees are annual charges that will be applied to the account each year for the privileged of using it. It is in your best interest to use a cash back credit card with no annual fee and at least a 14 day grace period.
Pingback from Money saving international credit card balance transfers Money saving « Debt Consolidation Credit Cards
Time December 21, 2011 at 12:03 am
[...] Another option that you have to make money using credit cards is to use cash back credit cards. Cash back credit cards work just like any standard credit card. However, they do have one little special perk. Cash back credit cards allow you to earn points with each purchase that can later be redeemed for cash. These points are how you can make money. The key here is using your cash back credit card for standard purchases. However, you want to pay the balance off at the end of each month to ensure that your interest and finance charges do not take up all of the cash that you have earned.Source: jemcreditcards.com [...]