You should be getting rewarded for your purchases. If a company is offering to pay you to spend money, that beats not getting paid to spend money. Am I right? Think of it like a side job, except you don't actually work. You just get paid. In fact, just reading this article can put $50 in your pocket. I want to prove to you the value of credit card rewards and I want to show you how to maximize them...
1. Get Several CardsYou should be looking for as many great rewards cards as possible. You don't need 100 credit cards, but you should have several. Credit cards offer different rewards for different purchases. Some offer more points for restaurant purchase, while others offer more points for purchasing gasoline. Get the most out of each purchase by choosing the right card each time.
2. Look for OpportunitiesMore cards means more opportunities, but you have to be watching for them I received an email earlier today that offered me $100 for making $1,000 in purchases over the next 3 months. You know which card I'll be using for all my purchases until I reach $1,000? You guessed it. That's 10% cashback! Watch for special offers like this through email, text alerts and even snail mail.
3. Take Advantage of Your CreditIf your credit score is low, you may be limited on the amount of cards you can apply for, but if it's excellent, make sure you're getting the cards that require an excellent rating. You're cheating yourself if you're not applying for the best card you can get based on your credit. Cards that require a higher credit rating usually offer better rewards, which means MORE CASH BACK! Related: How to Improve Your Credit Score (No Matter What it is Now)
4. Shop AroundThere is a card that fits your spending habits. Trust me. With the thousands of credit cards out there, you should take the time to get the cards that are best for you. You don't want to apply for a random Chase Visa card, only to find out that there was a better Chase Visa you could have applied for. If you had only done some research. Tool: Try Credit Card Insider to find the cards that fit your life.
Finally, Here's Your $50Just to prove the value of credit card rewards, I'll recommend one of my favorite cards right now: Introducing: The Discover It card. I like the way this card works and it's the best Discover card I have found. You get 5% cashback on select purchases. What are these select purchases? It changes every quarter, so you will want to be on the lookout for your favorite places to shop. Right now (during the last quarter of 2014), you get 5% cashback on select online shopping and department stores, including Amazon and Walmart. That beats my Amazon Visa card! Remember that random $100 cashback offer I mentioned above? Yeah, that was this card too. Best of all, if you sign up right here, and you are approved, you will get $50 as soon as you make you first purchase within the first 3 months of having the card. This also only works for people who are not existing Discover members, which is why I chose a card that you are least likely to have, rather than a Visa or a Mastercard. That's easy money. And once you get the card, it only gets better with the cashback.
Final Words and WarningsThere are some great credit cards out there that can earn you some serious cash, airline miles or travel rewards. You just have to find them. Always remember to only buy what you need. Don't make purchases you wouldn't have made, just to get the cashback. Important: Making a late payment can eliminate your rewards with most cards. So be sure to always pay on time. Why not just setup automatic payments? Let's recap:
- Maximize your rewards by having several cards
- Always watch for opportunities to earn more rewards
- Get the best cards your credit rating can get for you
- Use this tool to find the cards that fit your lifestyle
- Finally, go get your $50 and start earning up to 5% cashback