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How to Make Money With Credit Cards


It is possible to make money with credit cards. However, to accomplish this, you have to pay off your credit cards each month in order to net a profit. Credit card companies compete with each other in order to attract more customers to choose their credit cards. You can use this competition to your advantage. Here is how to make money with credit cards.


 
Step 1Pay off your credit cards. As long as you maintain a balance on your credit cards, you are not going to make money with your credit cards. The cost of paying credit card interest will outweigh any financial benefits you would otherwise incur if you do not pay off your credit cards. Once you pay off your balances, you are ready to start making money with your credit cards.




Step 2Explore your options. As long as you pay off your credit card each month, you do not need to worry about the interest rate on a credit card. This frees you up to focus solely on the benefits. Check with many places to find the best deals available, including your bank, solicitations through the mail, your favorite stores and online.



Step 3Decide what form of payment you are hoping to receive. Some credit cards offer cash back bonuses that come in the form of a check. However, those same credit cards will often offer you an even better deal (sometimes up to double the amount) if you instead select a gift certificate to a particular place rather than a check. If you frequently spend money at a particular place, then you might make more money by choosing the gift certificate instead of the cash.



Step 4Use different credit cards for different purchases. For example, some gas station credit cards will provide you with a cash back bonus of a percentage of the amount of money you spend at that particular gas station while using their credit card. (Some offer as high as 5% back in gasoline purchases.) However, purchases made elsewhere might not be very attractive. Use that credit card only at the gas station and a different credit card for your other purchases.



Step 5Read the fine print. A credit card might state that it pays a 2% cash back bonus, but there might be a cap on the 2%, such as paying 2% on the first $1,000 charged on the credit card annually but then dropping down to 0.5% cash back after that amount. Take advantage of the good deal but then switch to another credit card afterward to make more money.



Step 6Charge big ticket items if you can pay them off at the end of the month. For example, if you are buying a new car and plan to pay a $1000 down payment, ask if you can charge the down payment instead. That way, you get the cash back bonus but pay no more than you were going to otherwise.



Step 7Run as many monthly bills through your credit cards as you can. Many cable companies and utilities allow their customers to charge their services to credit cards. Set up as many accounts as possible to be paid through your credit card so you can make money through the cash back bonus. Just be sure to pay off the bill at the end of the month.