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make money using credit cards
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Make Money Using Credit Cards

make money using credit cards Make Money Using Credit Cards as a new method of generating some cash. If you must pay bills and buy food anyway you might as well be paid back for it. Buying items with them can provide other benefits that you may not think of. If you think of them as a tool to further your financial goals instead of a way to get out of a jam you can actually profit from their use.

If you are tired of feeling like you are being taken advantage of by the banks you can turn it around and make money using credit cards instead.

This is not a way to obtain credit, this article assumes that you already have them and are able to use them in a financially mature manner. I will begin to outline what I do when I execute this plan. If you have any questions about how any of this would relate to your own individual case you should ask your accountant for personalized advice.

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Make Money Using Credit Cards

Make Money Using Credit Cards

This plan assumes several things. It is mainly for people who adhere to the list presented below. This is not a method to get out of debt or to eliminate a poor credit history. It is possible to actually make money using credit cards and not worry about minimum payments and interest charges. The list below describes what is needed to start.
  • Already Have Credit Cards
    You must already have a card in good standing with a very low balance that you can pay off on the next bill or a zero balance. Some people don't use them as an emergency fund they use them wisely for purchases that they can handle so for them this will not be a problem.

    In my opinion, although I try to get a low interest card for me it is more important to find one that has a high reimbursement percentage. The reason the interest rate is less important to me is because I know that I am going to pay off the bill each month so I will never be exposed to the interest charges.
  • Cash Back Credit Card
    For this plan to work you will need to have a credit card that pays you back with either cash that you can apply to your balance or a check that is sent to you. I choose the option to get paid back and apply it toward my balance, I feel I get it faster and I don't need to worry about the check getting lost or taking it to the bank. Cards can offer 1%, 1.5% and some offer 5% on rotating categories up to a predetermined limit. I use my highest paying card for this plan.
  • Not a License to Spend
    This plan assumes that you are going to buy the same things that you normally would only using a different form of payment. Just because you will be paid back doesn't mean you should go out and frivolously spend.
  • Pay Off The Bill Each Month
    In order for this to work you must pay off your bill in its entirety every month. If not the interest charges will cancel out your profit. The whole point is to be in control of what your doing almost thinking of it like an investment that makes money on funds that would otherwise have been paid out to put cash in someone else's pocket.
  • Borrow Money For Free
    I found that a side benefit is that I don't need to be as worried about making sure I have a lot funds in my bank account. I don't need to carry as high of a balance since I get a bill once a month I need to only have the cash in there when the bill is due. If finances are tight I have the whole month to build up my account to pay off that one bill. And at least with my card I can choose the billing date to one that is more favorable to when I get paid. So I am basically being paid to borrow their money. I need to say again you must pay the bill off completely each month and avoid the fees and interest.
  • Bills to Pay
    Check to make sure the biller won't charge you an extra fee for paying with a charge card. My electric company and real estate tax do this so I take care of these online through the bank. I do pay my cellphone, cable, car insurance, home owners insurance, gas, food and other things I buy in person in stores. Check your bills to see which will work for you.
  • Pitfalls
    This plan will fail if you don't pay your bill in full every month or you go crazy spending when you can't afford it. Even though you will get a percentage back you still have to pay for what you buy.
So now you know that it is possible to make money using credit cards. They don't have to be something that you dread but something that can used to turn a profit. These bills need to be paid no matter what payment method you use so you might as well get something in return.

New money tips are always added so check back often.

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