In our day and age, credit cards have become a great way to carry a high balance around while still being secure. However, if you carry these high balances, chances are, you have also probably racked up a substantial amount of interest charges. Yes, it is as bad as it sounds. Your credit card issuer is earning money off the interest, and your money is just going down the drain. You aren’t alone many people go through the same situation- in fact, the average amount owed on a credit card was $2000! However, instead of digging deep into your hard-earned money to pay off these debts, you can make your credit card pay it off for you! And ludicrous though it may sound, you can use your credit cards strategically to generate cash for these payments. Here are three best ways to earn money through your credit card online…
Method 1
You can sell your credit card points for money by booking tickets for friends and family in exchange for cash. This is especially handy if you are a frequent traveler and have racked up a considerable number of credit card points. You can get discounted tickets for friends and family, and get the money you need to pay off your debts! That’s a win-win! However, the one downside can be the fact that sometimes the rewards programs do not allow you to sell these ‘perks’, so to say, for cash and as such you should make sure to carefully read the terms of the credit card programs in detail.
Method 2
You can make money using a credit card that pays you to shop, called a ‘cash-back’ credit card. Through this, you can earn from 1 to 5 percent in cash-back rewards when purchasing certain things. All this adds up quickly, especially when you are using your card more frequently. Despite this, it can be very easy to fall into credit card debt if you do not carefully monitor your spending, so it is recommended that you pay off your credit card balance in full every month to avoid debt and high interest charges. The cash-back rewards will be meaningless if you just increase your debt!
Method 3
You can also use the cash-back rewards you receive to your benefit by investing the money. The power of compounding interest enables your cash-back rewards to grow quickly and substantially. Moreover, maximizing your investment earnings by using credit cards with no restrictive categories will give you more chances to cash in and invest your rewards.
In conclusion, though having a credit card can result in tedious debt and sometimes have you spending more money in paying them off than you previously planned to, your credit card can also facilitate ways by which you can earn money, which can then be used to pay off the debt.
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From selling the credit card points you earn to using a credit card that pays you for certain purchases, credit card debt is not something inevitable and should definitely no longer pose a problem for you!
