Using credit cards to make your savings and not washing them away

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Using credit cards to make your savings and not washing them away

Using credit cards to make your savings and not washing them away

The content is accurate at the time of publication and is subject to change.

Credit cards have often been blamed for making people spend far more than what they intended to do. In fact, a lot of people end up paying the credit card bills for the expenses they unwittingly made, with the money that was supposed to be part of their savings. However, not all people see the credit card as a device to use up all their money even where there isn't a great need to spend. In fact, some credit card customers have gained a certain level of expertise at using credit card to make savings and getting the best deals in town.

Credit cards usually come with cash back offers and loyalty points

Some credit card holders are good at using credit cards to get the loyalty points and avail the cash back offers on the credit cards. Sometimes loyalty points can be redeemed for purchases at malls and super markets as well. Cash back offers too will help credit card customers to make some savings at grocery stores or gas stations. Saving a few hundred dollars a month on the discounts, cash back offers and loyalty points is a great benefit with the credit cards.

Interest free loan for more than a month

With loans hard to get and interest rates touching the skies, credit cards are often a great way of saving a lot of interest. Usually when a purchase is made at the beginning of a cycle, the credit card customers get a month and a little more in terms of grace period to make the payment. If the expenditure was big, e.g. for a flight trip across the world or a hotel stay, or a few appliances and furniture, customers save quite a lot on what could have been the interest on that amount for a month or so. Some people use this really well to make some extra savings.

Estimates of income and expenditure and controlling the flow of money

Credit card issuers generate monthly reports for your income and expenditure statement. This statement will help customers to find out where the money is flowing out, what the general categories of expenditure are and where money could be saved instead of wasting. In fact as per new reforms, credit card issuers also provide in the statement, the time it will take to pay off all the credit card debt if minimum monthly payments are made consistently.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!