Do you buy gas? Do you buy food? Do you buy clothing?
Then use your cash back credit card instead of paying cash or using your debit card.
Keep a small note book in your purse or pocket to keep track of the amount
you spend at each store ,put that amount aside, then pay the amount owed in
full at the end of the month or whenever the amount is due. You will earn cash back
which can become quiet a bit in a years time. This way you never have any interest to pay.
It also helps with your credit score. It's like getting paid to purchase items you would buy anyway.
Give it a try and see how you too can make money using your credit card.

Sounds like good advice! How much money do you get monthly thanks to it?

if someone had a rewards card and used it to purchase their own merchandise using alert pay could they just pay themselves back 1% with the rewards card and draw interest from the card. or just stand outside a gas station and fill up peoples car with gas for them using your rewards card and just get cash from them and put it back in the bank the next day and draw 5% interest on something you never really bought? like full service ...lol

This post has been edited by stacy532: Apr 27 2011, 09:58 PM

I agree with everything you said. The most important part is paying in FULL at the end of the month. Otherwise you are paying interest to the credit card companies which is pretty much you paying for the reward points yourself. kind of defeats the purchase.

Reward points, cash back, etc are all just gimmicks employed by the CC companies to make you spend more so they can collect more interest.

There are two straight to move toward making money from your credit card. One of which is the conspicuous “Use your credit card for the whole thing; yield off the balance every month; assemble money back” method. That works well, but I manage not spend sufficient to actually take benefit of that method; credit card are generally under $100 for an whole year, contemplating that we get back about 1% on credit card purchases. The other procedure is to proper amount of money on-hand for the buy, but makes the buy through a no-interest credit card offer.

This post has been edited by creditguard: Sep 11 2011, 09:48 PM

It's a good idea.

I don't have a cash back credit card but I get air miles. I use the card for as much as I can and set aside the cash to pay off the balance. Works like a charm. Of course you are limited in rewards to what you actually spend every month.

You do need strength of character for this to work though. Not everyone is capable of treating their credit card usage like a bookkeeping exercise.

That is very true. Most credit cardholders are either too busy or not knowledgeable enough on how to maximize the use of credit cards. You can get something from cash back credit card, although you have to be careful not to miss any payment and always pay off the balance in full each month or pay so much on interests. It is very common that credit cards with more features carry higher interests than regular credit cards.