5 Tips To Make Your Credit Card Work For You
If you use credit cards, you know it could be one of the best financial tools available.
But on the other hand, if not used properly it could cause you a tremendous amount of pain and put you deep in debt.
So today I have 5 tips to help you make your credit card work for you.
Tip 1) The float.
If you put daily living expenses on your credit card you will have the 30-day billing cycle plus the grace period to keep your cash working for you in an interest bearing account.
Tip 2) Protection.
Most credit cards will automatically insure your purchases.
Tip 3) Automate bill paying.
Pay as many of your recurring bills with your credit card and write less checks each month.
Tip 4) Free perks.
Earn miles, hotel reward points or cash back without paying a dime in interest.
Tip 5) Track spending.
This is my personal favorite… Tracking your spouse’s spending on the monthly statements. I know some people that set up alerts to their cell phone every time their spouse makes a charge.
Remember, to benefit from these 5 tips you must commit to check your credit card spending each week.
And always pay the statement balance off in full each month before the grace period ends.