7 inventive Ways to Make Money Using your Credit Card

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7 inventive ways to make money using your credit
card
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If you're one of these people carrying a high
balance on your card, you're probably racking up
interest charges. So, as your credit card issuer
is making money off the interest and fees you
have to pay, you're losing more and more of your
hard-earned cash.
But there's a smart way you can pay off your
credit card debt Make your credit card work for
you.
But when you use your credit cards strategically,
you can generate some cash for payments. Or, if
you're debt-free, you can use the extra funds to
pay for an upcoming trip or that flat-screen TV
you've always wanted.
Here are seven creative ways you can make money
with your credit cards.
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GET MONEY WITH CASH-BACK CREDIT CARDS
To make money using credit cards, get a card that
pays you to shop. This type of card is called a
cash-back credit card. Depending on the type of
card you get, you can earn 1 percent or even 5
percent in cash-back rewards for certain
purchases.
The more you use a cash-back credit card, the
more cash you can earn. Be careful, though. Pay
off your credit card balance in full every month
to avoid racking up credit card debt and paying
high interest charges. If you fall too deep into
debt, the cash-back rewards might not be worth it.
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EARN BONUS REWARDS POINTS
The best way to leverage credit cards for money,
in my experience, is to open a new card with a
large flight mileage bonus, and use the points
toward a free or heavily discounted flight
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INVEST YOUR CASH BACK
You can also put cash-back rewards to work for
you and invest the money - even if you earn less
than a few hundred dollars. Thanks to the power
of compounding interest, your cash-back rewards
will grow into a sizable nest egg over time.
As an added credit card benefit, some rewards
credit cards allow card owners to link their
cards to eligible investment accounts.
To maximize your investment earnings, look for
credit cards with no restrictive categories. The
more restrictions, the fewer opportunities to
cash in and invest your rewards.
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SELL YOUR REWARDS POINTS - BUT BE CAREFUL
Travel rewards credit cards are a godsend if
you're a frequent traveler. But what if you don't
travel often?
selling your points for money by booking tickets
for friends and family with points in exchange
for cash.
But, before you get too excited and start selling
your unwanted rewards for cash, know the risks.
Although some rewards programs allow members to
gift rewards or points to their family and
friends, selling these perks for cash might
violate the terms and conditions of some programs.
So before you sell, carefully read your credit
card rewards' terms and conditions thoroughly -
and make sure the process is not illegal in your
state.
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DO YOUR SHOPPING ONLINE
As a credit card benefit, some cards allow you to
earn cash back or points by shopping online. You
might need to log into your credit card account
in order to access these savings and take
advantage of the deals.
Whichever shopping portal you use, read the terms
and conditions and fully understand how the
program works.
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JOIN ACORNS AND LINK A CREDIT CARD
If you want to invest but don't know where to
begin, the Acorns app might be an excellent
starting point. This investing platform
automatically invests your spare change from
everyday purchases.
Simply sign up, and link your credit card or
debit card. For every purchase you make, Acorns
rounds up your purchases to the nearest dollar
and invests the difference, turning your spare
change into income.
Your funds are invested in a diversified
portfolio to lower your risk, and you can link as
many credit cards as you like. The amount you can
potentially earn through the app depends on how
often you use a linked credit card.
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GET CREATIVE WITH EXPIRED CREDIT CARDS
You can't make a purchase with an expired credit
card - but you can turn the card into art and
cash in.
Since the credit cards are cut into tiny pieces,
the chance of someone piecing the card together
and getting their hands on your card number is
unlikely. Still, it's safer to err on the side of
caution. Don't use too many pieces of the same
credit card for one piece of jewelry.
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Credit cards can get you into financial trouble
if you don't keep a close eye on spending. But if
you use them to your advantage, you can get free
cash from everyday purchases and use these
earnings to pay down debt.
FOR MORE INFORMATION VISIT US AT
www.pandacashback.com