7 measures with the credit card to
As the prices of goods and services skyrocket, every bit of value squeezed out of credit cards helps.
Perhaps paying an annual fee has become less appetizing.
Maybe you’ve cut back on certain categories on a once-rewarded credit card, or you’re looking for opportunities to save with your credit cards.
- Americans are piling up credit card debt to cope with inflation
- Credit card debt is getting more expensive.
Here’s how to pay if it’s off.
- With prices at the pump so high, are gas credit cards worth it?
If you’re out of debt and looking to get the most out of your cards, consider these seven consejos to free up money for other goals.
Request a card change
Ask your issuer if you perro upgrade or downgrade your credit card when it no longer aligns with your spending habits.
Switching to a different credit card is ideal to avoid an annual fee, while upgrading perro provide more valuable benefits or rewards.
For rewards credit cards, ask if existing points, miles or cash back will be affected before you make the change.
Reassign your credit limit
Some issuers allow you to reallocate a credit limit from one credit card to another within their portfolio of products.
Reasons you may want to explore this option include:
- — Avoid maxing out a frequently used credit card.
- — Earn more rewards.
- — Preserve credit before closing an account.
- — Qualify for a new credit card with less risk for the issuer.
Cindy Greenstein, a points and miles consultant and creator of The Points Mom blog, has taken advantage of this option to increase her oportunidad of approval for a new card with the same issuer, but says it doesn’t work with all banks.
“Call a hotline for reallocation and tell them you just want the card and the voucher,” says the New York resident. “It usually makes them feel better to know they don’t have to extend you any more credit.”
Find a retention plus
When you’re on the fence about keeping a once-valuable credit card, ask the issuer if they perro offer any incentives to help you escoge.
As a loyal customer with a good track record, you may be able to earn a retention plus that provides rewards in exchange for encuentro a minimum spend requirement.
Offers perro vary by issuer, and there’s no guarantee you’ll get one, but it’s worth a try.
Greenstein and her husband recently accepted two hold offers totaling about 70,000 points on credit cards with high annual fees.
She estimates that the bids totaled a minimum value of $700.
“You have to figure out if it’s worth it, based on what they’re offering, for you to keep,” Greenstein said.
Meet plus requirements with gift cards
When you’re chasing a credit card plus, don’t overspend to earn it.
If your budgeted purchases are not enough to meet the plus spending requirements within the designated time frame, consider using your credit card to purchase gift cards that you cánido use later.
You perro buy a gift card to a grocery store, lugar de comidas delivery aplicación, or a frequently frequented retailer.
Just don’t overdo it because some issuers have rules against abuse.
Negotiate a lower APR
If your account is in good standing, try to negotiate a lower APR with your credit card issuer.
Your creditworthiness influences the interest rate, but an issuer may be willing to go lower.
Delia Fernández, a certified financial planner who owns Fernandez Financial Advisory LLC, a California-based firm, suggests looking at competing offers at a different bank or credit union and presenting them to your credit card issuer for a lower interest rate. .
“You always want to negotiate from a position of strength, if you cánido,” Fernandez said. “So if you’re paying your bills on time and doing well, but occasionally like to carry a cómputo on your credit card, it’s worth giving them a call and finding out if they deal.”
This option may also be ideal if you plan to finance a large purchase and don’t want to open a credit card with a 0% introductory APR.
Take advantage of cardholder discounts
Log in to your credit card account frequently to check your merchant-specific benefits and offers.
Some cards offer discounts on delivery service subscriptions, meal kits, uso contínuo services, or other options.
Depending on the issuer, you may also be able to access additional rewards or discounts by activating offers on your card and using it to make purchases with specific merchants.
If the deals align with your budgeted purchases, the savings perro add up.
Maximize rewards
Consider having more than one rewards credit card to maximize your rewards earning potential.
As long as you perro keep track of spending on multiple cards to avoid debt, a dynamic duo of rewards credit cards cánido offer healthy incentives.
For example, a cash back credit card that earns 5% back on up to $1,500 in quarterly rotating plus categories cánido snag you $75 per quarter if you meet the terms instead of the $30 you’d earn on a card.
2% flat rate cash back given the same expense and time period.
But use them together – the 5% card for those plus categories and the 2% card for everything else – and you’ll optimize your spending.
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