We seem to think of credit cards just as tools for spending money and not making money. But have you ever thought about making money with credit cards?…
You probably never thought about it, since like most of us, you don’t think there is a way to do that either. However, there is a way to actually use your credit cards to earn some money instead of spending it. The trick is to use the same type of tactics credit card companies use to profit off of you and I, to profit off of them and their offers.
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We all know credit card providers are actually notorious when it comes to tempting us to get new cards. They use lots of truly smart tricks, one of which is the zero interest on purchases. Basically, they offer you an introductory 0% interest rate for using your card for a set amount of time (usually 30-60 days, and in some cases 3-4 months or more.
Now, despite the fact that it does sound wonderful initially, people rather quickly realize that when the actual promotional period expires they start getting slammed with an increased rate that is high as sky!
Sadly, for people who have a balance on their credit card, this huge interest rate translates to having to pay an awful lot of additional money on the interest.
Needless to say, the simplest way to protect yourself from those outrages interest fees is to always pay your balance at the end of the month. The only draw back then is that you will be forced to pull money out of your bank account, and doing so usually just results in breaking even on your finances.
Now, let’s suppose it’s possible to have the better of the two worlds. What if there was a way you would use your credit card without needing to drain your bank account by the end of the month, and in addition not need to shell out loads of cash on interest rates?…
Believe it or not, it is possible to do exactly that, using a simple yet very effective plane which gives you the convenience of using credit cards, yet creates revenue for you rather than creating debt.
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This particular strategy is certainly not for just anyone. If you are not good with credit card spending, you may want to stay away from this. However, if you are one of those people who are able to spend smartly and save properly, this is a method for you. If you are one of those people, then you can make a decent amount of profit without doing anything much work. All you have to do is your regular spending and a few simple things. Here is how;
1: Find A Zero Interest Rate Credit Card
The very first step to earning fast money using credit cards requires you to look for those no interest promotional credit card offers. It is important to get a credit card that gives you a zero interest duration of at least a few months. The lengthier that time frame goes on the better for you, as you can make more money.
Provided you can find a card with zero interest rate for a few months which is also one that doesn’t have any annual fees, then you are in for a great treat. You will need to submit an application and get approved for this card, therefore having a relatively favorable credit history is critical.
2: Use Your New Card For All Your Shopping
Upon having acquired the credit card the next step requires you to put it to use as much as you possibly can. Think of is if using this credit card for shopping is saving you money.
It is best to transition your entire spending to this new credit card as opposed to utilizing cash or even check. Meaning, when you go out to buy groceries, see a movie, or simply gas up your vehicle, make sure you use your new zero interest credit card.
3: Pay The Minimum Every Month
At the conclusion of every month pay just the bare minimum due. You need to pay your monthly bill by the due date each and every month in order for you to not be deprived of that 0% interest offer.
4: Put The Rest Of The Money Into A High Yield Savings Account
This is actually where you are going to make money from a credit card. After you paid your bare minimum monthly payment, and covered any additional essential expenditures, go ahead and take the rest of the money (that is left on your credit card), and place it in a high yield savings account.
As time passes, the funds which you put into this particular account will maximize considerably more than what you actually need in order to pay back your credit card bill.
Considering the fact that that credit card comes with zero interest, it will set you back not even a cent to rotate your balance, nevertheless, you are going to be generating big bucks with your savings account.
5: Pay The Card Off And Collect your Profit!
In the end, when it’s time for your zero interest promotional offer to reach its expiration date, just simply pay it off using the principle funds you have sitting in your savings account.
Whats left in that savings account is pure profit that is yours to enjoy! This is going to give you a net gain of the entire interest you accumulated. I mean it just can’t get any easier than that!
That’s it, a simple and smart way to beat the credit card companies at their own game, and get free money by simply doing your shopping on a credit card with a introductory zero interest offer that lasts a few months.
Please do keep in mind that you have to maintain a somewhat decent (read good) credit score, if you want to be able to qualify for those zero interest credit cards, and use this trick to make more money using such credit cards.