There are so many different credit cards on the market that offer different types of rewards. To help you decide which cards are the best you, here are seven Wallet Savvy steps that everyone should follow in order to ensure that the bottom line is always maximized.
1. Select a Primary Card
Wallet Savvy will help you identify one or several cards that maximize the rewards for you based on your identified needs. It is very important that you select and use one primary card all the time. As you can guess, using multiple reward programs at once dilutes the rewards and makes it much more difficult to see the benefits add up.
2. Charge Everything to Your Card
Whatever you buy – make sure to pay with your primary credit card. Even when you go out to buy coffee and a donut, make sure you charge it to the card. There so many benefits of charging your items to the card: you get one monthly statement with a detailed breakdown of spending, you get extended warranties (based on your card) and other hidden benefits. And of course, you accumulate your rewards much faster and get to enjoy them much sooner.
Additional Wallet Savvy Tip: keep your cash in a savings account throughout the month until the monthly credit card statement is due.
3. Add your Partner to your Account
If you have a partner, make sure you work together to accumulate the rewards faster. Getting one monthly bill is convenient and useful. It is easy to see areas where you may want to adjust budgeting or even acknowledge how much you spend and where. And, of course, for every dollar you spend together you get to put your rewards to good use faster.
4. Reoccurring Bill Payments
An average household has over $500 in bills on a monthly basis – electricity, cable, cell phone, property taxes, gas and many more. How many of us pay these reoccurring bills using our credit card? The reality is that many of us do not even know that you can add your bills to your credit card and collect rewards for every dollar you spend. In fact, you also benefit from interest free grace period and extend your paying cycle by an average of 21 days, interest free. Depending on your card, you can collect many more points for free, just by adding your monthly bills to your card!
5. Always Pay in Full
Rewards and benefits are not worth much if you do not pay your monthly bill in full. As such, it is important to buy less than you need and budget in advance. However, you can earn free trips, appliances, gift cards and much more with your monthly necessities. Make sure you always pay your bill in full every month and avoid the high interest fees and charges.
6. Redeem Wisely
Credit cards offer massive catalogues of items that you can redeem your points for. There are certain items within the catalogue that have a much better redemption rate than others. Make sure you do not waste your points on items that are cheaper to buy in stores. Generally speaking, gift cards have one of the highest redemption rates, along with electronics.
7. Check Wallet Savvy for Updates
Wallet Savvy is committed to keeping you updated regarding the credit card industry. We constantly seek the latest news and update our software regularly. Check for the newest trends and tips to make sure you are ahead with rewards and benefits.
Use Wallet Savvy to help you identify cards that will make you richer!