If you’re like most people, you have at least one credit card. Credit cards can be a great way to build your credit history and earn rewards, but they can also be a bit of a hassle. In this blog post, we will discuss 14 credit card hacks that will help make using your credit cards easier and more rewarding!
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Table of Contents
1. Pay Off The Full Balance Each Month
By paying off the balance in full each month, you avoid interest charges and keep your credit score high. If you can’t pay the balance in full, make sure you at least pay the minimum due on time. Another reason why this credit card hack works is that it keeps your spending in check.
How To Do: Simply make sure that you have the money available in your account to pay off the full balance of your credit card each month. This hack works best if you have a set budget for your monthly expenses.
Another way to make this hack work is to set up automatic payments from your checking account to your credit card. This way, you’ll never have to worry about forgetting to make a payment!
If you find that you’re struggling to pay off your balance in full each month, try cutting back on your expenses. Make a budget and see where you can cut back, even by a little bit.
2. Look For the Best Cashback Credit Cards
There are a number of great cash-back credit cards on the market that offer rewards for everyday purchases. This hack can really add up over time, especially if you use your card for big purchases like gas or groceries.
How To Find: If you’re interested in finding a cash-back credit card, there are a few things you’ll want to look for. First, check to see if the card has an annual fee. While some cards do have annual fees, many of the best cash-back cards do not.
Next, you’ll want to compare the cash-back rates of different cards. Some cards offer higher rates for specific categories like gas or groceries, while others offer a flat rate for all purchases.
Once you’ve found a few cards that look promising, take a closer look at the terms and conditions. Some cards have restrictions on how and where you can earn cash back, so be sure to read the fine print before applying.
3. Use Credit Cards to Build Your Credit History
If you have no credit history or are trying to rebuild your credit, using a credit card can be a great way to do it. Just make sure you use the card responsibly by paying off your balance in full each month and keeping your credit utilization low.
Tips for Building Credit History with a Credit Card:
- Use your credit card for small purchases that you can easily pay off each month.
- Keep your credit utilization low by using only a small portion of your credit limit.
- Make sure you pay your bill on time each month.
4. Raise Your Credit Limit
By raising your credit limit, you lower the risk of going over the 30% credit utilization ratio. For example, if your limit was $1000, you can only use up to $300 if you want to improve your credit score. However, if you were to raise your limit to $2000, you could use up to $600 without harming your credit score.
How to Apply For a Credit Card Limit Increase: If you have a good history with the credit card company, you can usually request a credit limit increase by calling customer service.
Some credit card companies will automatically increase your credit limit after you’ve used the card responsibly for a certain period of time. If you’re not sure whether or not you qualify for a credit limit increase, you can always check your credit score to see where you stand. Just make sure it’s a soft inquiry and not a hard check.
5. Use a Credit Card That Offers Rewards
There are many credit cards that offer rewards programs, such as cash back or points that can be redeemed for travel. Choose a card that offers rewards that fit your spending habits. This is a clever credit card hack because it allows you to enjoy your lifestyle to the fullest, without having to pay extra for these benefits.
Best Rewards Include:
- Cashback
- Airline miles
- Hotel points
- Gasoline savings
- Store discounts
6. Get a Credit Card With a 0% Intro APR Period
If you are planning on making a large purchase, look for a credit card that offers a 0% intro APR period. This will allow you to finance your purchase interest-free for a certain period of time. Just be sure to pay off your balance before the intro period expires, or you will be charged interest retroactively.
How To Find A 0% Intro APR Credit Card: You can use a credit card comparison site to find 0% intro APR credit cards. Just be sure to read the terms and conditions carefully before you apply, as some cards have restrictions on how the intro period can be used.
7. Take Advantage of Sign-Up Bonuses
Many credit cards offer sign-up bonuses to new cardholders. These bonuses can be in the form of cashback, points, or miles, and can be worth hundreds of dollars. Some credit card companies will offer up to a few hundred dollars just for signing up and meeting a minimum spend requirement.
Where To Find: You can find sign-up bonuses by searching for credit cards online. Just be sure to read the terms and conditions carefully before you apply because some cards have restrictions on how the sign-up bonus can be used.
8. Buy Gift Cards to Hit Minimum Spending Requirements
If you don’t need them immediately, you can use them later for when you actually need gifts, or just to do your regular shopping. Many stores offer gift cards that can be used by a variety of merchants.
Just make sure you don’t buy gift cards that you won’t use, or you’ll be wasting money. This can also be a helpful strategy to save you money when gift-giving seasons come around.
Where To Find: You can find gift cards at most major retailers, such as Walmart, Target, and grocery stores.
9. Use Multiple Credit Cards to Maximize Your Rewards
Different cards offer rewards for different things. By using multiple cards, you can always be sure to get the best rewards for all of your purchases. For example, you could use one card for groceries, another for gas, and another for travel.
How To Do It: You can use a credit card comparison site to find cards that offer the best rewards for the purchases you make most often. Just be sure to read the terms and conditions carefully before you apply, as some cards have restrictions on how the rewards can be used.
10. Credit Card Rebalance
If you have a credit card with a high-interest rate, you may want to consider a credit card balance transfer. This is a great way to save money on interest and pay down your debt faster.
To do a balance transfer, you will need to find a credit card with a lower interest rate and transfer your balance. Be sure to read the terms and conditions carefully before you apply for a balance transfer, as some cards have restrictions on how the intro period can be used.
For Example: If you have a credit card with an interest rate of 20%, and you transfer your balance to a card with an interest rate of 15%, you will save money on interest.
Let’s say you have a credit card that charges 20% APR and you are $1000 in debt. If you paid $100 per month. You’d pay a total of $1,116.14 in interest payments.
However, if you had a 15% APR instead of a 20% interest rate, then it would only cost you $799.69 total for interest payments.
11. Prioritize Everyday Earnings
It might be tempting to lean into those travel miles, but you might get more long-term value from rewards for more mundane things that you buy more frequently.
For Example: If you get 2% cashback on all purchases, then it might make more sense to use your card for everyday expenses instead of saving up your points for a big purchase. This will help you build your credit score and earn rewards faster.
By prioritizing everyday earnings, you can build your credit score and earn rewards faster. This can be more valuable than using your points for a big purchase.
12. Seek Out Promotional Offers
This hack is to take advantage of promotional offers from credit card companies. Most credit card companies offer 0% APR for a set period of time, usually 12-18 months.
This means that you will not be charged any interest on your balance if you pay it off within the promotional period. This is a great way to save money on interest and pay down your debt faster.
Just be sure to read the terms and conditions carefully before you apply for a promotional offer, as some cards have restrictions on how the intro period can be used.
13. Pay Attention to Spending Caps
Many of the rewards you can earn have limits. Read the fine print and use multiple cards to earn maximum points.
For example, some cards give you 5% cashback on groceries but only up to $1,500 per month. After that, you’ll earn 1% cashback. So if you spend $2,000 on groceries in a month, you’ll only earn 5% cashback on the first $1,500 and 1% on the remaining $500.
Another example is a card that gives you 3% cashback on all travel expenses but only up to $10,000 per year. So if you spend $12,000 on travel in a year, you’ll only earn 3% cashback on the first $10,000 and 1% on the remaining $2,000.
To maximize your rewards, it’s important to understand spending caps and how they work. That way, you can use multiple cards to earn the most points possible.
14. Stack Rewards with Rebate Websites
There are a few rebate websites out there that will give you cashback for using their site to make purchases. If you stack this with a rewards credit card, you can earn some serious cashback on your everyday purchases!
To get started, simply find a rebate website that offers cashback on your favorite stores and sign up for an account. Then, use the website to make your purchases as you would normally.
Whenever you earn cashback from the rebate website, be sure to redeem it and put the money towards your credit card bill. This will help you to quickly rack up rewards!
Top 14 Credit Card Hacks (Conclusion)
These top credit card hacks can help you make the most of your credit cards and improve your financial situation. By following these credit card hacks, you can save money, get out of debt faster, and improve your credit score.
