Credit cards can be an ally
June 12, 2008
When you use your credit cards properly, they can be an ally rather than a foe in building your wealth. I have three credit cards and all are paid in full each month. Here are a few reasons why:
1. When you pay in full your credit card balance every month, you get to take a 30 to 45 day “loan” at zero percent interest.
2. Using cash-back credit card with three percent rebate, I have rebates amounting to $235 over a 10-month period. That’s a discount over my bill and on-top of the discount given by the store where I purchase my items. I usually use this card for my groceries and personal restaurant bills.
3. Using a special credit card with five percent rebate for gasoline purchases, I am able to get discounts for my fuel expenses. In addition, this particular card gives me frequent flyer miles which I can claim for free travel tickets in the future.
4. Using a credit card with reward points, I am able to get free entertainment or event tickets, appliances or furniture that I choose from their catalogue. I usually use this card for group purchases or for group dining out, wherein my friends pay me in cash and I pay the merchant using my card. In this way, I am able to build up my reward points.
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