I see everyone saying use cash however we do just the opposite. We use our M&T Bank rewards card for every purchase we can including groceries, dinners out, gas, tuition and vacations. We then subtract it from our checkbook as if we have used a debit card and then pay off that credit card at the end of each month. You don't pay interest as long as you pay by the due date and you earn points that you can trade in for gift cards etc. You do have to be disciplined to use this method!!
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We do this with our Discover card. Last year we earned $400 worth of restaurant gift cards FREE! But remember..Your credit card is a convenience, not a loan. Never charge something you can't pay cash for.
CHB918716/8/2012 8:48:00 PM
We do charge cards but pay them off in full when the bill comes in. The one we use most gives us points on our favorite cruise line and everytime we cruise we have plenty of credit points to use for paying gratuties, excursions, etc.
TAB2575/8/2012 11:50:00 PM
Credit card programs are great for vacations and merchandise. Again so long as you pay it off. No need to wait until the end of the month either. With bill pay options you can pay as you go. As soon as I use mine I will pay it right away through on line banking. If discipline is a concern for you find a community bank that is offering a rewards program on their debit card product.
LOOKENLASS4/24/2012 8:15:00 PM
I always pay off my card at the end of the month. That is a must. I have earned 1,000$ to spend on board my favorite cruise ship. This just happens to pay for all our onland tours. I've been doing this for 4 years. I love the payoff!
Related Secrets
Use your credit card like a debit card
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.
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
When you are using your credit card to purchase things that you want, which are not necessarily things that you need, don't spent beyond what you can afford to withdraw from your savings account. Then make sure you pay the complete credit card bill when its due.306
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