Save Money Using Your Credit Card Instead Of Cash (???)
Members Were Sparked
That title goes against generally-accepted wisdom ---but hear me out. Say you need to shell out a large amount of money (say $10,000 for example) & you want to pay cash so there will be no credit card bills or finance charges. Instead charge it to your cash-back credit card. WIth 1% cash back, you'll get $100 back. In addition, your $10,000 can earn interest for an extra month until the credit card bill arrives. Interest rates are low now, but even at 1% you will...... (click title for more info.)
...earn about $8 in a month. If you pay the credit card bill in full, you'll save or get back $108. If you spend only $1000, you'll still save about $10.80. It adds up over time. You MUST pay the bill in full each month to benefit, otherwise finance charges will wipe away your savings & more.
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I save every $5 and $1 I bring into the house. I try to pay only in cash because cash is so much harder to spend than using a debit card or credit card. I have a savings account that I put a certain amount of money into every month and treat it like it was credit card/bill. I purchase use whenever possible. For three months I have beeing doing really well.
I've always used my credit cards like debit cards. If I don't have the money, I don't charge it. Credit cards have other benefits such as cash back and extra protection, but they don't have to be used to rack up debt. Doing this has kept me free of credit card debt.
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