Get More Out of Your Credit Card
Credit cards can be a valuable tool for financing purchases, with the added benefit of helping you build credit and possibly earn rewards. Getting the most out of your credit card starts with choosing the right one and using it – responsibly – for all purchases. Knowing the ins and outs of your credit card can help you capitalize on all its benefits. We’re here with tips to help you get more out your credit cards.
Choose the Right Card
No credit card is one-size-fits-all, meaning an outstanding product for one person could be a less than ideal option for another. It may be in your best interest to choose a credit card with a rewards or loyalty program. To select and apply for the best rewards credit card for your financial situation, you need to start by identifying your spending habits. Different credit cards reward different types of spending, so you should clearly understand what you spend your money on to maximize your earnings. For example, if you are a frequent traveler, you may want to select a credit card that rewards card holders with extra points or cash back for travel expenses. If you spend a lot on groceries and gas, you should choose a card with higher earning potential in those categories. With our Visa® Platinum Rewards credit card, you can earn one Scorecard® Rewards point for every dollar you spend. You can use your points to redeem items such as travel points, merchandise, or cash back. Whatever your situation, make sure to pick the card that best fits you.
Take Advantage of Your Card's Perks
In addition to earning rewards like points, miles or cash back, most rewards credit cards also come with many other perks. Travel credit cards can include perks such as airport lounge access, credits for hotel stays, and insurance for lost or delayed luggage. Other credit cards may come with perks related to shopping and entertainment, including extended warranties on items purchased with your card and discounts and special offers for shopping with certain retailers. Credit cards may also come with additional features like fraud and purchase protection. With our credit cards, we offer zero liability for unauthorized purchases, assistance from our Falcon Fraud Prevention Services to notify you of potential fraud, and access to our Robins Financial Cards app that allows you to lock/unlock your credit card in the event that it gets stolen or lost. While many cardholders are understandably focused on the earnings potential of rewards credit cards, it’s definitely worth taking other related perks and benefits into consideration when choosing a card. These benefits can often save you money on things you already plan to buy.
Avoid a High Balance
Putting your purchases on your credit card can help to maximize your rewards, but the earning potential of a rewards credit card is typically negated if you carry a revolving balance from month to month. This is because cards with a revolving balance accumulate interest, which you’ll end up paying off in addition to your existing purchases. Over time, using a credit card to spend above your means can result in a mountain of debt that is difficult to climb out from under. While people understandably turn to credit cards when times are tight, we recommend paying off your entire balance each month whenever possible. If you avoid carrying a high balance, you can better take advantage of credit card rewards and benefits without paying unnecessary interest.
Credit cards can be a great tool to earn rewards on purchases if you use them responsibly and don’t borrow more than you can afford. While the world of reward credit cards can seem intimidating, knowing how to maximize credit card rewards in different ways can help you get more out of your credit card spending. If you’re interested in opening a rewards credit card, you can or make an appointment to visit one of your local branches, and one of our member service representatives will be happy to assist you in the process and answer any questions you may have.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.