On Money – Credit Cards

There are many ways to make the most of your credit cards.  Here are my top 5 tips:

1.  Choose cards with rewards and no annual fee, unless the benefits, like frequent flyer        miles, are greater than the fee.

2.  Pay off the balance every month.

3.  Put information for each card in an envelope, and write the credit line and interest rate on  the outside of the envelope for easy reference.

4.  If you have to carry a balance, use the card with the lowest interest rate.

5.  Take advantage of cash advance offers.  When we purchased our last car, I did not want to take all of the money out of our retirement funds.  We got a credit card offer for a low interest rate for 6 months, which was half the interest of the used car loans at our bank.  It was also less than what our retirement funds were yielding.  I put the money in the checking account, purchased the car, and paid off the balance before the low rate reverted back to the usual rate, which is 15 percent!

Advertisements

About Betti

I love to meditate, read, sew, and crochet. Most of all, I love to share what I have learned in my time on the planet.
This entry was posted in Wealth and tagged , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s