I have 8 different credit cards and have never been in credit card debt or paid a cent in interest. I’ve actually made close to $3000 in opening bonuses, referral bonuses, and cash back bonuses. Using a credit card will help you build good credit and can actually make you money. You just have to never spend more money than you have. You must always pay off your card in full each month so you don’t pay any interest. If you are self-disciplined, credit cards can work in your favor.
I do the majority of my monthly spending on credit cards then I pay them as soon as the transaction post. Any cash back, statement credits, or rewards I receive go towards my sinking funds.
I have 5 cards and never use them… so I should start?
Those account bonuses are neat ways to award yourself.
While it is possible to use credit cards smartly to earn rewards and other bonuses, in addition to avoiding interest and late fees, it's also important to monitor your credit card spending to make sure you aren't spending too much more than you might otherwise do with cash.
Are secured credit card good to re-establish credit?
A few years ago, banks moved to tighten up their bonus programs for new credit cards. Some banks won't let you open a new card if you've opened more than a certain number in the last couple of years or you can still get the card but not the bonus. And I think some banks have closed accounts on people they felt were gaming the system. If you pursue this, educate yourself and proceed cautiously with so it doesn't come back to bite you. It won't pay to be too greedy.
I don't have any and don't want any.
Credit cards can cause more harm than good. But now looks like we headed to a cashless society. Nwo
Hi Alicia:
I think should use best rewards credit card, some cards offer great points by making purchase
@Brittny
Credit Cards can only cause harm to those who are not financially responsible. Unfortunately, credit card companies are hedging a bet that people who are getting credit cards will charge them up to a level they are unable to pay off each month.
However, those who only charge what they can afford to pay off each month benefit by receiving rewards while never paying a penny in interest or fees.
using less than 30% of your credit card helps build your credit
I also have been using credit cards to my benefit and have 7-8 of them. I pay a lot of my monthly bills on there and immediately pay off that card was the amount posts. I think everyone has to know their personality, strengths, weaknesses and discipline level
Fun, but more of an advanced technique.
Credit cards are not an option for me, I've been in debt with them 2x over the many years due to crisis emergencies. I have only two now. One that I pay off each moth, the other is a debit/credit bank card – not really what one would term a credit card. I know this makes ones credit file seem 'thin' but when still at the point of making ends meet and sparing only a little here and there to save up for emergency's, credit cards can be really tempting to put one self in debt if your not careful. One should always be financially stable for this to be an option maybe this might be an option – to have credit, one should have money stability to manage it.
For most on this site, credit cards signup bonuses are more of a risk than a means to save or savings. However, if you qualify and only use it for true necessities and have the cash to pay off your bill each and every month, a 2% cash back card like citi double cash or fidelity rewards could make sense.
All good suggestions and insight thanks
I feel like im getting a discount whenever I use cashback cards
Is it better to ask for an increased limit, or to get a new rewsards card?
Is it better to ask for an increased limit, or to get a new rewsards card?
I say a new card for the rewards and possibly a 0% interest for around 12-15 months. But it sounds like you're close to your cc limit, so I'd be cautious about either choice.
@Trasaun B.
I am fairly new to credit (just got my first [secured] credit card in late February 2020), but as far as I can tell, as long as you are financially disciplined, (heed cautions above from Maria D., Kenyata W., and Elena B.) and pay in full, I have found that a secured card helps to build credit.
I would assume the same goes for rebuilding credit (though it may take some more time due to more history).
I have four credit card and I have messed up by not being self disciplined when it came to spending.
this has some very interesting information I'm going to consider!
Chime has a great secured credit card for beginners.
