|
Using credit cards is a very convenient and flexible way to enjoy spending, and with a range of credit cards on the market offering an array of rewards - such as cash back, discounts, points, and air miles - you can enjoy a range of savings whenever you spend on your reward credit card.
However, to truly benefit from your reward credit card and actually enjoy making money through credit card spending there are a few simple things to remember.
Firstly, you should remember that the interest rates charged on credit cards can be very high, and therefore any interest that you have to pay on your balance will far outweigh any rewards that you may also earn by spending on your reward credit card.
The only way that you will truly benefit from the rewards offered on your credit card is to pay off your balance in full each month, thus avoiding any interest charges yet still benefiting from the rewards offered just for using the reward credit card to pay for purchases.
If you are already paying interest - switch your balance first and save money
It may be that you already have an outstanding balance on your credit card, on which you are paying out in interest charges. If this is the case, then you should first start saving yourself money by switching to a 0% balance transfer credit card, which will give you the time to repay your balance without battling against hefty interest charges.
If you have a very large balance to transfer, and at the end of the introductory period offered on the new credit card, you still have an outstanding balance, you can always transfer it again onto a different 0% balance transfer credit card, thus buying yourself even more time to pay off the balance.
And, if you do not want to keep credit card hopping, you can always choose a lifetime balance transfer deal instead, which will offer a low rate of interest until you have repaid the balance in full.
Choose from a range of rewards and start making money from your credit card
With the wide range of reward credit cards available today, you can select from a choice of rewards, and providing you are using your credit card regularly and repaying the balance in full each month, it won't cost you anything to earn these rewards.
You can select from reward credit cards that offer a percentage of cash back on all your purchases, air miles for frequent travellers, loyalty points towards shopping and travel savings, and more.
How to earn the most rewards
Firstly, remember to always avoid using your reward credit card for cash transactions, as this will not earn you any rewards and you will incur charges for using your credit card in this way.
Remember that balance transfers will also not earn you any rewards, so if you need to transfer a balance it's best to get a second card designed especially for the purpose.
To earn the most rewards you can use your reward credit card to pay for all your everyday purchases such as groceries or petrol, that you would be buying anyway, and for all other purchases too.
Then simply repay the balance when your statement comes through. You will be surprised at just how quickly you can accrue rewards points and cash back when you use your reward credit card regularly.
Find a credit card that offers excellent rewards for you
In most cases the points that you receive on a points based rewards credit card for spending on it can work out to very little, and this means it will take longer to accrue any sort of worthwhile points. However, there are some reward credit cards on the market that offer rewards at higher levels and these could help you to accrue your points far more quickly.
Amongst the cards offering schemes that enable you to accrue your points more quickly are the GM Card, the British Airways flyer miles credit card, American Express Platinum credit card and the Citi Shell credit card.
Comparing the different rewards based credit cards in order to find the one that best suits you couldn't be easier - you can quickly determine which credit cards offer the best deals in terms of schemes and rewards.
Show me all credit cards offering...
Cash back - the simplest and sometimes most generous reward
Retail rewards - the shoppers best choice - and anyone wanting a new car!
Air miles - for frequent travellers with a specific airline
Travel rewards - for frequent travellers and holiday makers using a range of travel operators
 Credit card guide
Credit card features archive
| 
