Some say don’t use them. Some say you will only go into debt and never get free. Others say use them with caution. Here’s what I say.
Credit cards can be beneficial. As long as you pay off the balance on the card every month without fail, you will never pay interest.
Many cards have point systems. I use a Chase Freedom UNLIMITED card that pays me 1.5 points for every dollar spent. I’ve already cashed in close to a thousand dollars over the past 2 years.
That’s free money, friends. Additionally, today I don’t pay credit card interest. Never, ever.
There was a time when I paid interest, and lots of it. There was a time when I was so upside down, so in debt to credit cards, that I thought I’d never be free. Ever. Someone had to die to get me clear of that debt. Such an awful way to clear things up, and that inheritance money could have been put to better use if I’d never gotten so upside down to start with.
This post isn’t about how to get out of debt. It’s about credit cards, and their value. Yes, I know, they can get you in trouble real fast, especially if you’re using them to make basic life payments, and you just make minimum payments on the outstanding balance each month.
But for those who can control their wild spending, and who have the means, a good credit card can actually make you money. I simply run all of my expenses through the credit card. That is, all the stuff I’d normally pay cash for.
The points really add up fast. And the cash rewards just keep coming. This is how I use cards, and Chase likes me a lot. Because they make their cut off the merchants who I’m paying with my card. It’s a win-win situation.
Sure, I could be burned again, if I ever decide not to pay off the card every month. But then, I’d have to be somewhat brain afflicted in a bad way. I may currently be afflicted, but I believe it’s in a good way.
I am not suggesting you follow my lead. I am only sharing what works for me. If you choose follow my lead, that is your prerogative.