You need to total all of your bills for a month, including all groceries.
When you've done this, clear a credit card and have it changed to one that either gives you cash back or points to use for purchases or airline flights, whichever you want more.
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Keep track of all your utilities you can tie to the card and all of your monthly purchases, just like you would use a check-book.
At the end of the month, pay off all but $15 (to fool the computers into believing you have a continuing active card and it's used every month). Earn max return.
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If I might add, pay it OFF every month or DON'T use it!
VAMANOS9/7/2010 2:16:00 PM
You don't need to leave a balance on the card to make the computers think it's active. As long as you make purchases every month, you can pay it off in full and it is still considered active. Did this with American Express for years.
BOHOBONFIRE8/26/2010 11:27:00 PM
I have not thought to do this with my monthly bills, but I do all my grocery spending and such on my card. That is actually a great idea! And... to be sure we are keep really close tabs on our card, we actually pay it off weekly. It keeps the balance from being alarmingly high, and we are VERY in touch with how much we are spending and how much we owe.
PAG28094/2/2010 1:02:00 PM
Make sure that you use a card that doesn't have an annual fee for this, or you'll have to rack up a lot of rewards to really make any money!
LINDAC7144/1/2010 7:27:00 AM
I have one that pays my mortgage. It's great!
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Reducing credit card debt
I have about $40,000 in credit card debt, yet I was still using my credit cards. I know- not very smart. This week, I decided to get smart. I shredded all of my credit cards! It felt great and now I know that I am literally unable to add to my credit card debt! I will continue to pay my bills on time and try to pay more than the minimum due. 410
I always find SOMETHING I think is cute, but remind myself, "Do I really need it, or would I rather spend money on more important things?" (like paying down my credit card debt or saving for kids college education)
Also, I have a list of things I buy that I really can't resist, and look at every so often to think to myself "I could of spent that towards paying off my credit card".
I also don't use credit cards anymore. If I can't pay for it with cash, then I can't afford it!
When credit card debts are paid, don't shred your cards
You need a good credit score to get the best rates on insurance (auto/home) & be eligible for loans and cash-back credit cards. You also need credit cards for car rentals, airline tickets, motel reservations, roadside emergencies. So keep 2 or 3 credit cards that pay cash back (usually 1%, sometimes more). Use them several times a month for small purchases (never more than 10% of your limit) & pay them off every month... (Click title for more info.)
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Even if you have paid off your cards in full, make sure you still have credit cards for the benefits listed. A loan for a medical emergency or co-signing a college loan for a child may necessitate a high credit score. (Source: Sept-Oct 2010 AARP Magazine.)
SparkPeople member AQUAGIRL08 struggled with chronic pain unitl she decided to take control of her health through diet and exercise. She offers her best advice anyone dealing with pain.
