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Are you debt-free? Through wise investing, and careful follow-up, you may use credit cards to make you money!

There are a few cases in which you can earn money through using credit cards, but you must do your homework first and keep a careful eye on your accounts. Here are a few ideas to consider.

Cash-in on your credit limit
Believe it or not, for some smart investors, cashing in on your credit limit can be a smart financial move. Here’s how:

1) When you transfer balances, some credit card companies will give you a check for your credit limit amount. Deposit that money into a savings account with:
• No monthly fees
• No minimum balance
• No wire transfer fees
• Free online bill pay

2) This type of savings account will help you earn extra interest on your money.

3) If the credit card company doesn’t send you a check, transfer the money to another credit card. Then have that credit card company send you a check for your credit balance.

4) Save some money from the transfer and set it aside for minimum monthly payments. Sign-up online for automatic payments to decrease late or missed payments, and make sure to write down when the 0% APR expires to ensure you pay the full balance before it ends.

5) Be sure to keep enough in the savings account to pay off the entire balance of the credit card! Never use the account to pay other bills and then watch as the dividends add up!



:: TIP - Need help understanding what these “numbers” really mean? Perhaps you can find a quote that better explains the concept, i.e. The Numbers - If borrowing $10,000, you will make approximately $500 a year at 5% interest.]]



Sign-up for free trial programs
Many credit card companies offer free 30-day trial periods for credit protection programs. If you apply, credit card companies will send you a check ranging from $2.50 to a $50 savings bond. If you cancel your membership within the free trial period, you can keep the introductory check. (Arrange a phone or email alert 25 days after the deposit to remind yourself to cancel the program.)

Proceed cautiously when using credit cards to make money
While it is possible to receive free money through your credit limit and free trial programs, you have to be disciplined to make each step correctly. Using Good Credit Cents can help you apply online for the best credit card offers that lend themselves to this unique credit card benefit.
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