How can I get my credit cards to pay ME?
Pretty much everyone has paid the credit card interest more than they would have liked to at some time (and some for way too long!).
But, what if you could leverage your credit card to pay you?
It is actually very simple:
1. Get your credit score up to the minimum level for a rewards credit card. Most require a 670, but there are a few starting at 580.
2. Apply for the card that has the reward you value the most and considers your credit score.
There are cards for hotels, cars, airfare, cash back, you name it!
What is your favorite? Cash back offers the most flexibility, but many vendor-specific cards offer members only bonuses.
Many rewards cards do not have annual fees, but some do. Run the numbers to see if the rewards are worth the annual fee. For example, my Marriott card charges $95 annually, but gives me a free one night stay worth up to 35,000 points. The value of the room far exceeds the annual fee. And, I automatically receive Silver Elite member status which gives me even more rewards, bonus points, and special perks like late check out and premium rooms (when available).
3. Use the rewards card to purchase items you would be buying or paying for anyway, then pay the balance every payday.
This is the trick.
Think of your credit card as a debit card. Make payments every pay day to pay off the balance.
DO NOT carry a balance or the interest will more than wipe out your rewards. Interest will make that “free” hotel night very expensive!
Most credit card companies will now tell you your credit score on demand- check your credit card company’s website to see if they offer it. If you do not have a credit card there are free options- just google “free credit score”.
And in the USA you can request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228. Check your credit report annually and dispute any incorrect information.
When we went to France last year, our airfare and hotel rooms (except l’hotel Joke, right down the road from the Moulin Rouge) were free thanks to rewards points, including our top floor luxury suite overlooking the Port de Monaco. 🥰