Credit Card Rewards and Benefits

How to Save Money with Your Credit Card
Credit cards are great for convenience, allowing the card holder to use the convenience of plastic with a twenty day grace period before payments must be made on purchases made in that period.

Though so many people face credit card debt, there are many ways that you can save money by using a credit card. Use these ways to use credit and start saving:

Take Advantage of Cash Back Rewards. Many rewards credit cards come with the opportunity to earn cash back rewards for the amount that you use the credit card. The price of a large ticket item can be offset by using rewards points, or the monthly cash back rewards can be applied to the balance of the credit card.

Pay for Purchases within the Grace Period. The majority of credit cards offer a twenty day grace period, some with a grace period of up to twenty eight days. Timing the credit card purchases correctly gives you twenty-eight days before interest payments start to accumulate on the credit card. When is the best time to purchase items on your credit card? Right after you receive your monthly statement. This way, you have three to four weeks to repay the credit card for the purchase.

Switch to a No Annual fee Credit Card. There are many rewards cards available that come without the costs of an annual fee. You can switch to a rewards card with cash back, points, or even other membership benefits without an annual fee. This could save cardholders up to one-hundred dollars per year.

Pay the Entire Balance Each Month. Paying off the monthly balance could save your hundreds, even thousands of dollars in interest costs. Paying off the balance could also help you to budget, as you can see exactly how much is being spent on the credit card on a monthly basis.

Don't spend more than you can afford. With the holiday season approaching, a credit card may seem like free funds to purchase all the gifts and extras that come with the season. Overspending can lead to a holiday hangover, and you don't want to be the credit card holder repaying holiday purchases into the summer months.

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