Swipe and earn: How to take advantage of credit card rewards
Forbes: 41% of Americans use credit cards for everyday expenses
(InvestigateTV) — The Atlanta Federal Reserve reported that a little over half of consumers with a credit card use them only to make payments and pay off the balance in full every month, not as a way to borrow.
Cherry Dale, the vice president of financial education at Virginia Credit Union, said this type of credit card use can be of real value to consumers due to credit card rewards programs.
Dale said consumers should do their research when signing up for a credit card to make sure they choose a card with the right rewards for them.
“So, think through what things do you value,” she suggested. “Do you value travel? If you like to have that freedom, perhaps you really enjoy purchasing gifts for others. What are things or some perks financially that make you feel good, and you know you’re going to spend money on this year?”
Dale said it really comes down to three reward types: cash, points, or miles.
“So, when you’re looking at that you want to really look at what benefits you’re getting,” she advised. “And then also looking at the interest rates and the fees and even the maximum amounts you can borrow on those credit cards because all of those come into play on whether it’s truly worth it to get those reward points versus going into debt.”
Dale encouraged consumers to also factor in any annual fees. A $300 annual fee could easily erase any rewards earned.
Lastly, she said credit card bills must be included in monthly budgets so that balances do not creep up over time.
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