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Credit Cards
How I Made $500 Off My Credit Cards This Year
Advertiser Disclosure December 18, 2015 by Kali Geldis Comments 0 Comments
credit_card_rewards
I’ve never considered myself a credit card rewards master. I don’t do any of the “hacks” that can avail you earn more rewards. I don’t apply for a bunch of incipient credit cards every year to game the designation-up bonus system. And I don’t strategize and analyze every purchase to ascertain I’m getting the most cash back possible.
But this year, I made proximate to $500 in pristine profit from my rewards credit cards ($497.70, to be exact.) Here’s how I did it.
1. I Kept It Simple
I have three credit cards that I relish to utilize. I don’t peregrinate that often, so peregrinate rewards credit cards, while understandably alluring for some and quite subsidiary for many, aren’t ideal for me. They often have an annual fee that is often recouped if you utilize just one of their many perks (like checking your bags for free), but I don’t peregrinate often enough to make them pay off.
In fact, all of my credit cards have no annual fee, so when I verbally express I made $497.70 off my credit card rewards this year, I sincerely betoken it. I’ve had my ocular perceiver on an incipient credit card that has an annual fee, but I’m crunching the numbers on my spending to visually perceive if its rewards would outweigh the ones I’m earning already.
Affirmative! There's a Credit Card for Every Caliber of Credit
Affirmative! There's a Credit Card for Every Caliber of Credit
Earn rewards, transfer balances, get the best terms
Find Your Card Now
The other way I kept it simple was the way in which I redeemed my rewards. I relish getting cash back, directly deposited into my bank account. It may not earn me the most rewards — sometimes you can get a little more value for your points by redeeming for gift cards, for example — but it gives me the liberation and flexibility I relish from having cash directly in my (digital) pocket.
2. I Paid Off My Balances in Full (Always!)
I have never carried a balance on my credit card. I got espoused this year (you can check out how I orchestrated my debt-free wedding here) and utilized my credit cards to make an abundance of payments that were immediately paid off in plenary. This availed me earn a lot more in rewards. For example, I paid for my all-inclusive honeymoon hotel utilizing my credit cards. That’s an extravagant purchase that would have been even more extravagant if I had carried the balance over multiple months. Instead, my husband and I preserved enough mazuma to pay off the charge as anon as it hit my credit card, earning us the rewards without having to pay interest charges.
3. I Charged Proximately Everything
A $5 Starbucks run, a doctor’s bill, a car rental, a wedding vendor … I charge proximately everything to my credit cards because I get 1% back on all purchases with all three of them and up to 5% cash back depending on which card I utilize and the item.
This is a tip I wouldn’t obligatorily recommend for everyone. I never charged more than I could afford, but I’ll caution you that this may not be the most facile strategy for everyone since their credit inhibitions are different. If you overspend on your credit cards, you could ding your credit score. I have a good credit score, which has sanctioned me to get limit increases on the credit cards I utilize the most. It withal lets me spend more on those cards without reaching a credit utilization over 30%. Experts recommend keeping your credit utilization under 30%, and ideally under 10%, to get the best credit score. (You can check your free credit report summary every month on Credit.com to optically discern your current credit utilization.)
4. I Kept an Ocular perceiver on my Verbal expressions
I check my financial accounts every day, no hyperbole. I am monitoring every transaction made on all of my credit cards and ascertaining I track my spending, balances and due dates. Obsessive? Maybe, but I like being on top of my finances.
I’m able to spot fraud immediately, I can optically discern if I was overcharged somewhere and contest the charge if need be, and I ken if I require to cut back my spending this month or if I can afford a minuscule splurge. The best part of checking my verbalizations, however, is visually examining that cash-back amount grow. It’s fun, and when I look back at the year and realize I’ve made $500 off my conventional spending, it makes me feel like a savvy cardholder.
My goal for 2016 is to perpetuate to make the most of my credit cards — $600 cash back in 2016 would be nice, but staying debt-free and maintaining my good credit score is my primary goal.
How I Made $500 Off My Credit Cards This Year
Advertiser Disclosure December 18, 2015 by Kali Geldis Comments 0 Comments
credit_card_rewards
I’ve never considered myself a credit card rewards master. I don’t do any of the “hacks” that can avail you earn more rewards. I don’t apply for a bunch of incipient credit cards every year to game the designation-up bonus system. And I don’t strategize and analyze every purchase to ascertain I’m getting the most cash back possible.
But this year, I made proximate to $500 in pristine profit from my rewards credit cards ($497.70, to be exact.) Here’s how I did it.
1. I Kept It Simple
I have three credit cards that I relish to utilize. I don’t peregrinate that often, so peregrinate rewards credit cards, while understandably alluring for some and quite subsidiary for many, aren’t ideal for me. They often have an annual fee that is often recouped if you utilize just one of their many perks (like checking your bags for free), but I don’t peregrinate often enough to make them pay off.
In fact, all of my credit cards have no annual fee, so when I verbally express I made $497.70 off my credit card rewards this year, I sincerely betoken it. I’ve had my ocular perceiver on an incipient credit card that has an annual fee, but I’m crunching the numbers on my spending to visually perceive if its rewards would outweigh the ones I’m earning already.
Affirmative! There's a Credit Card for Every Caliber of Credit
Affirmative! There's a Credit Card for Every Caliber of Credit
Earn rewards, transfer balances, get the best terms
Find Your Card Now
The other way I kept it simple was the way in which I redeemed my rewards. I relish getting cash back, directly deposited into my bank account. It may not earn me the most rewards — sometimes you can get a little more value for your points by redeeming for gift cards, for example — but it gives me the liberation and flexibility I relish from having cash directly in my (digital) pocket.
2. I Paid Off My Balances in Full (Always!)
I have never carried a balance on my credit card. I got espoused this year (you can check out how I orchestrated my debt-free wedding here) and utilized my credit cards to make an abundance of payments that were immediately paid off in plenary. This availed me earn a lot more in rewards. For example, I paid for my all-inclusive honeymoon hotel utilizing my credit cards. That’s an extravagant purchase that would have been even more extravagant if I had carried the balance over multiple months. Instead, my husband and I preserved enough mazuma to pay off the charge as anon as it hit my credit card, earning us the rewards without having to pay interest charges.
3. I Charged Proximately Everything
A $5 Starbucks run, a doctor’s bill, a car rental, a wedding vendor … I charge proximately everything to my credit cards because I get 1% back on all purchases with all three of them and up to 5% cash back depending on which card I utilize and the item.
This is a tip I wouldn’t obligatorily recommend for everyone. I never charged more than I could afford, but I’ll caution you that this may not be the most facile strategy for everyone since their credit inhibitions are different. If you overspend on your credit cards, you could ding your credit score. I have a good credit score, which has sanctioned me to get limit increases on the credit cards I utilize the most. It withal lets me spend more on those cards without reaching a credit utilization over 30%. Experts recommend keeping your credit utilization under 30%, and ideally under 10%, to get the best credit score. (You can check your free credit report summary every month on Credit.com to optically discern your current credit utilization.)
4. I Kept an Ocular perceiver on my Verbal expressions
I check my financial accounts every day, no hyperbole. I am monitoring every transaction made on all of my credit cards and ascertaining I track my spending, balances and due dates. Obsessive? Maybe, but I like being on top of my finances.
I’m able to spot fraud immediately, I can optically discern if I was overcharged somewhere and contest the charge if need be, and I ken if I require to cut back my spending this month or if I can afford a minuscule splurge. The best part of checking my verbalizations, however, is visually examining that cash-back amount grow. It’s fun, and when I look back at the year and realize I’ve made $500 off my conventional spending, it makes me feel like a savvy cardholder.
My goal for 2016 is to perpetuate to make the most of my credit cards — $600 cash back in 2016 would be nice, but staying debt-free and maintaining my good credit score is my primary goal.
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