Use Household Bills to Earn More on Rewards Credit Cards
When was the last time you paid your rent with a credit card? Many people hear a question like that and think it's crazy. Why would you put your rent payment on a credit card? To rack up more debt that will get out of hand? No. If you know what you are doing, and make wise decisions when using your credit cards, you have an opportunity to make a little money back, or at least some fun perks, for paying bills that you were going to pay anyway.
If you think about it, the average household pays at least $2,000 in monthly overhead bills. This includes the rent, power bill, water and sewer bill, phone bill and for that ever-popular cable plan. Tack on car insurance, cell phones and all the other monthly bills we have, it may even get up to $2,500 a month. That's a lot of money being paid out. Now, if you could find a way to get a little of it back, wouldn't you? This is where your credit cards come in.
Some of the best rewards credit cards out there allow you to earn one point for every dollar you spend with the card. In the case of a typical family's bills, that could be $2,000 - $2,5000 a month. That's a lot of points. If you are using some of the best cash back rewards credit cards that means you could be earning $20 - $25 a month, just for paying your bills.
Is there a catch? Sure there is. The credit card companies make money when you leave money on the card from month to month. Their profit is the interest you pay. So, how do you avoid losing the money you have made by using the card to interest? Pay it off every month. This is the part of the equation that a lot of people overlook.
If you were going to pay the bills monthly before, why would stop doing that now and leave the balance on your credit cards? Use the money you were going to use to pay the bills to pay the balance on the credit card before the month is up and you won't have to worry about interest charges.
What Does Your Card Offer?
If your current credit cards don't offer great rewards programs that you will be able to take advantage of this way, it may be time to look for a new credit card. There are plenty of them on the market and some of the best rewards credit cards will even give you large bonuses for signing up, putting you well on your way to getting rewarded for paying your bills.
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