People generally believes that if they have credit card in their pocket their tendency to spend more increases. Contrary to general opinion credit card is not just a piece of plastic, it can be useful to save a significant amount of money. Many credit card companies rewards customer with cash back, reward points, and other goodies. Moreover, local shopping markets as well as online shopping websites offers customers a hefty discount if they buy something with credit card.
As a credit card user it is vital that you know the pros and cons of using this piece of plastic. Here are some unbelievably awesome money gaining credit card hacks.
6 Unbelievably Awesome Money Gaining Credit Card Hacks
Late Fees Waiver
Due to the stiff competition among credit card companies, they are always eager to attract more and more customers. Swiping a credit card is easy but when you forget to pay the amount given as credit, hefty late fees are being charged on consumers. But before paying late fees if you humbly request to credit card companies they are eager to waive off the late payment charges. It is obviously worth for card issuers to retain the customers by waiving off interest charges and late payment fees. After all, customer is everything, isn’t it?
Annual Fee Waiver
People generally prefers credit cards with no annual fees. It will save them from late annual fee charges if they forget to pay. Credit cards with certain annual fees comes with additional offers and facilities. Customers who use such cards can call to customer care and request for credit card annual fee waiver. You just have to mention that annual card fee is the reason that drove you for cancelling the card. They will transfer you to retention department whose primary focus is on retaining the customers. In most of the cases they surely do waive off charges. While in some cases, if your card issuer does not waive off annual fees, they will certainly reward you by some extra reward points or schemes to retain you as their precious customers.
Look out for bonus offers
When a credit card company analyse your spend they bestow upon you promotional offers in the form of cashback, reward points or miles. Sometimes they offer 5x or 10x reward points offer which multiplies the gain of normal reward points by 5 or 10 times. Before purchasing anything online or from the local shops you can place a call to card issuer if there are any bonus offers available or not. There are chances that they put some good offers on their selected credit card users based on their regular spending.
Redeem reward points
With every expenses you do through your credit cards you are rewarded with points. Every credit card issuer company has their own system of point accumulation. These points do expire after certain time interval. If you just put a small habit to check your reward points once a month it will save you from point expiration cycle. In the monthly statement, customers are shown how many points they have gained and how many are expiring. Before your points get expired make a good use of it by encashing it during your future shopping or buying movie tickets or by paying your credit card charges.
Sign up bonus
Credit card companies offer lucrative sign up bonus to customers if they spend trivial amount in the specified number of days. If you find any better offer you can ask card issuer to give you the benefit of same scheme. They will obviously consider it or they may compensate with better reward points.
Count the interest
If you pay for anything through credit card, you have to pay the same amount back to card issuer. Not a penny more not a penny less. Supposedly you bought products worth $1000 dollars from an electronic store with the help of your credit card. It means you have to pay back this $1000 back in approximately 50 days (This period is approximate, it may vary for your card issuer company). Without waiting for 50 days if you pay on the 31st day of current payment cycle then interest of that $1000 will be accumulated in your bank till your money is in your account. Let’s say interest rate is 4% then you gain the interest of $4 on your spend of $1000. So the thing you bought for $1000 will have an actual spend of $996. Benefit is relatively small for one time but if you count yearly, you will save approximately $100 or more. What do you think?
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