Save Money Using A Credit Card

Authored By: Joe Kenny

If you are a conscious and energetic saver, then you have most probably been told that credit cards are bad and evil things that you need to stay well away from! However, used the right way, a credit card can be a great way to save money! So, how can you save money by using a credit card?

Let the interest work for you

As we all know, credit card companies make a profit by charging their users interest. But, the interest that credit card companies charge is only charged if the credit card holder – you - doesn’t pay their credit card bill in full each time; deciding, instead, to pay in installments. Nonetheless, pay your credit card bill in full each time and not only are you not charged interest for using the credit card, but you can also get up to 2 months credit free interest.

This happens because the credit card company is normally required to give you 28 days after your statement date in order to pay your credit card bill. However, if you buy your product shortly after a credit card statement date, you can get nearly another month’s interest free credit while you are waiting for the credit card statement to arrive.

As a result, if you are a good and conscious saver, what you can do is open a savings account and every time you make a payment on your credit card, you transfer the money you would have spent on the purchase to the savings account. Then, on the credit card statement due date, you transfer the money from the savings account to pay the credit card bill. In the meantime, the interest that has accrued on that money while you were waiting for the credit card bill is all yours!

Using the loyalty bonus scheme

Aside from making sure you pay off your credit card bill in full each month, another way you can use a credit card to save you money is to apply for a credit card that has a loyalty bonus award scheme. Then, after you have reached the required number of loyalty bonus scheme points, you can use those points to purchase something you would otherwise have had to pay good money for.

So, now that you don’t have to pay good money for the product you just got from the loyalty bonus points, you can transfer the purchase price of the product to your savings account – and you’ve just saved yourself some more money!

Keep in mind, however, that to maximize your credit card savings potential, you really need to apply for a credit card that doesn’t charge you any annual membership fee or have any other additional hidden fees. Provided you have this in place, a credit card can be a really great way for you to save money

Joseph Kenny writes for the Loans Store and offer more information on personal loans and other loan topics available on site.
Visit today: www.ukpersonalloanstore.co.uk/

Article Source: http://www.FinanceNook.com
Your One-Stop Quality Finance Article Source

Home | Finance

Read Additional Related Articles from the Finance Category

Listed below are more articles related to the above article.

People interested in the above article "Save Money Using A Credit Card" are also interested in the related articles listed below:

Tracker Mortgages – Are They Worth The Gamble? - By : Joe Kenny
Financial Considerations For Retirement - By : Herb Lazarus
Booming Green Building Market Continues to Grow - By : Jeanette Joy Fisher
Why Set Up An Offshore Bank Account Like the Large Corporations and the Wealthy ? - By : Bill Pikup
Get Schooled in Electronic Check Recovery and Consolidation - By : William Hamilton
Open Source Goes Mainstream - By : Pete Arkwright
Equity Indexed Annuity is a Fixed Annuity Now Known as an Index Annuity - By : Jeff McLeod
On Banks - By : Geoff Gannon
Money Is In The Mind - By : CD Mohatta
Canadian Mortgage Rates - By : Carl Graeber

Read more related articles in Home | Finance

Return Home

FinanceNook.com Home

Featured Sites

Internet Marketing
Website marketing strategies and tips for promoting a business online

Small Business Marketing
How to get more customers or clients than you ever dreamed possible

Social Bookmarking

Bookmark on del.icio.us

Popular Articles

RSS Feeds

FinanceNook.com Home | Top of Page

United States of America . United Kingdom . Canada . Afghanistan . Albania . Algeria . American Samoa . Andorra . Angola . Anguilla . Antarctica . Antigua & Barbuda . Argentina . Armenia . Aruba . Australia . Austria . Azerbaijan . Bahamas . Bahrain . Bangladesh . Barbados . Belarus . Belgium . Belize . Benin . Bermuda . Bhutan . Bolivia . Bosnia-Herzegovina . Botswana . Brazil . British Virgin Islands . Brunei Darrusalam. Bulgaria . Burkina Faso . Burundi . Cambodia . Cameroon . Cape Verde . Cayman Islands . Central African Republic . Chad . Chile . China . Colombia . Comoros . Congo . Congo (Dem. Rep.) . Cook Islands . Costa Rica . Côte d'Ivoire . Croatia . Cuba . Cyprus . Czech Republic . Denmark . Djibouti . Dominica . Dominican Republic . East Timor . Ecuador . Egypt . El Salvador . Equatorial Guinea . Eritrea . Estonia . Ethiopia . Falkland Islands and Dependencies . Faroe Islands . Fiji . Finland . France . French Guiana . French Polynesia . Gabon . Gambia . Georgia . Germany . Ghana . Gibraltar . Greece . Greenland . Grenada . Guadeloupe . Guam . Guatemala . Guinea . Guinea Bissau . Guyana . Haiti . Honduras . Hong Kong . Hungary . Iceland . India . Indonesia . Iran . Iraq . Ireland . Isle Of Man . Israel . Italy . Ivory Coast . Jamaica . Japan . Jordan . Kazakhstan . Kenya . Kiribati . Korea (North) . Korea (South) . Kuwait . Kyrgyzstan . Laos . Latvia . Lebanon . Lesotho . Liberia . Libya . Liechtenstein . Lithuania . Luxembourg . Macau . Macedonia . Madagascar . Malawi . Malaysia . Maldives . Mali . Malta . Marshall Islands . Martinique . Mauritania . Mauritius . Mexico . Micronesia (Federated States) . Moldova . Monaco . Mongolia . Morocco . Mozambique . Myanmar (Burma) . Namibia . Nauru . Nepal . Netherlands . Netherlands Antilles . New Caledonia . New Zealand . Nicaragua . Niger . Nigeria . Niue . Norfolk Island . Northern Mariana Islands . Norway . Oman . Pakistan . Palau . Palestine . Panama . Papua New Guinea . Paraguay . Peru . Philippines . Poland . Portugal . Puerto Rico . Qatar . Reunion . Romania . Russia . Rwanda . Sahara . Saint Helena . Saint Kitts and Nevis . Saint Lucia . Saint Pierre & Miquelon . Saint Vincent & The Grenadines . Samoa . San Marino . São Tomé & Príncipe . Saudi Arabia . Senegal . Serbia . Seychelles . Sierra Leone . Singapore . Slovakia . Slovenia . Solomon Islands . Somalia . South Africa . Spain . Sri Lanka . Sudan . Suriname . Swaziland . Sweden . Switzerland . Syria . Taiwan . Tajikistan . Tanzania . Thailand . Togo . Tongo . Trinidad & Tobago . Tunisia . Turkey . Turkmenistan . Tuvalu . Uganda . Ukraine . United Arab Emirates . Uruguay . Uzbekistan . Vanuatu . Vatican City (Holy See) . Venezuela . Vietnam . Yemen . Zaire . Zambia . Zimbabwe

Template Design by Larry Lim | Powered by Article Dashboard