Make Money By Spending Money

It may seem counterintuitive to acquire additional assets by spending them, but the old saying says just this thing: if you want to make money, you must spend it. There is additionally the analogy of assets and fertilizer. When stacked up in a pile, fertilizer does no good and has a nasty odor. Spread around, it helps things grow.

The same is true when it comes to making purchases with credit cards, especially if you can get approved for one that offers rewards. Now it is true that certain cards require a certain credit score in order to be approved, so you’ll be able to enjoy greater advantages if you have a greater credit score. Also, it’s possible to check your credit score online, and often for free.

Whether good or bad, you can increase your credit score; if gradually. Those who’ve made more questionable decisions will certainly have a more steeper climb, but generally you can build credit by making purchases, paying them off on time, and gradually advancing in such a way.

Once you’ve increased your personal credit score past about 600, all kinds of credit cards become available to you, and you are soon able to make some substantial purchases on credit. You’ll get rewards for your purchases, but you must beware to purchase within your means and pay your purchases off on time.

The lower your credit score, the higher the interest rate on purchases you’ve made on credit. Expenses can multiply very quickly through interest if you’re not careful, so don’t think of even the most advantageous credit card as license to purchase things indiscriminately.

Credit Limits Increase Over Time

As you make purchases and pay them off on time, you’ll find that your credit limit will likely increase as well, meaning you’ll be able to make more expensive purchases on credit. With all these things in mind, if you can find a location which consolidates available credit card options, you can choose that which best suits you.

Best.CreditCard offers a variety of online reviews pertaining to available credit cards in 2017; according to the site, you can find: “…all the information you need, like sign-up bonuses and awesome rewards.” Sometimes you can get things like 3% rewards at gas stations, or 6% rewards at supermarkets.

The thing is, even if you don’t have a credit card, you’re going to have to pay for things anyway. Take stock of your finances. You’ll likely find you pay more than a thousand dollars every month on things like food, gas, rent, smartphones, internet, NetFlix—you name it.

After you’ve tabulated your expenses, you’ll likely find you spend between $1,000 and $1,500 a month, on average. With many cards, if you spend $3,000 over three months, you’ll be able to obtain between $150 and $200 in rewards.

What this means is that over the course of a year, through rewards you can almost get a “free” month. Well, as far as utilities are concerned at least. But with certain rewards programs, you can even get “cash back” to be spent at your own discretion.

Charting Your Future

Take hold of your finances by keeping track of them, and living within your means as a way of increasing your credit score. Once you get to a certain point, if you purchase a card with requisite rewards, it’s like you get a slight break from regular expenses.

Consider the varying options available to you, and see which best fits your lifestyle. You’re likely to find something that can offer you rewards if handled rightly.