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6 Ways To Squeeze Free Money Out of Your Credit Card

6 Ways To Squeeze Free Money Out of Your Credit Card

It’s not every day your credit card company gives you money for free. But here are 6 bank beating strategies, and the landmines to avoid, that can help you milk your credit card for all it’s worth, on the bank’s dime.

1. 0% Balance Transfers

This strategy can save you thousands! A balance transfer is simply when you transfer high interest balances from one or more credit cards onto another credit card with a lower interest rate.

Banks are hungry for credit card balances, because they earn interest income from them. Many banks offer promotional interest rates of 0% for 12-36 months in the hopes that you’ll either miss a payment and your interest will get jacked to 19.99%, or you’ll keep your balance with them after the promotional period expires and they’ll jump your rates to 19.99% thereafter.

But if you follow the rules of the game, you really will pay 0% interest – a huge savings opportunity. For example, if you have $7,500 in credit card debt at 19.99% interest, a 0% balance transfer will save you more than $1,500 a year in interest costs alone!

Don’t be one of the fools their counting on, and you’ll be laughing your way to borrowing at 0% rates! Just make your payments on time, and find another balance transfer offer before the current one expires, and you’ll never pay interest on your credit cards again – a real bank beating strategy.

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2. 0% Interest Rates on New Purchases

If you know you’re going to make a purchase but you can’t afford to pay for it right away, let the banks front you the cash at 0%. Whether you’re buying a new sofa, dishwasher, floors or even a vacation there are tons of 0% financing offers in the marketplace. In some cases, you may even find offers where you’ll have no interest AND no payments for 12 months or more!

Just remember, the banks are betting on you missing a payment. In many cases if you do, you’ll not only have to pay interest for the payment period you missed, but for all previous payment periods in which you received 0% interest! Our recommendation is to always make your payments via pre-authorized debit, so you’ll never have to worry about missing a payment again.

Make your payments on time, and you’ll be laughing you’re way to free money.

3. Interest Free Grace Periods

Almost all credit cards offer some type of grace period, where you won’t have to pay any interest between the time you use your card and the time you have to pay back the credit card company. It can be a great tool to manage cash flow – especially for the self-employed and entrepreneurs.

In most cases credit card companies will give you a 21 day grace period from the time you receive your credit card statement. In some cases, you may get as long as 55 days (small business cards)!

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That means banks are giving you close to a month or more to pay your bills interest free!

But there’s a catch many people don’t know about. If you’re already carrying a balance, or if you’ve been late during the year, you’ll lose the privilege of your grace period, and you’ll start paying interest on new purchases the minute you make them.

4. Juicy Welcome Bonuses

Banks are competing hard for your business – especially if you have good credit and spend a fair bit on your credit card.

In fact they’re competing so hard, their willing to pay you to try their credit card, in some cases as much as a free round trip flight to Europe!

With credit card welcome bonuses as high as 100,000 miles, you can really milk the insatiable appetites and deep pockets of the banks. Think about it, just for signing-up for a credit card, you can fly from New York to L.A. absolutely free. Name another product that offers an incentive as big – you can’t.

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In fact, it’s such an effective strategy, you can apply, collect, and redeem on multiple different cards throughout the year. Just rinse, wash, repeat your way to free goodies and travel over, and over again on the bank’s dime.

5. Annual Fee Waivers

Despite offering hefty welcome bonuses, some banks will waive the first year annual fee as well – all in the hopes of removing every hurdle you may have to trying out their card. That’s a value of $120 to $150.

Think about it, you’ll get a free flight or hotel room for signing-up for the card, without having to make any commitment to the bank, at all. It’s house money.

Not only that, for an entire year you’ll get things like free lounge access, car rental and trip cancellation insurance, foreign exchange with no fees, and of course rewards on all of your credit card spend  absolutely free!

The bank is totally trying to buy your loyalty, so what of it? Be a free agent and take advantage of as many first year free credit card offers as you can – it will cost you nothing. Just make sure you have the credit to do it.

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6. Reward Stacking

Banks are willing to pay you to make purchases with their credit card. Whether, you’re getting cash back, air miles, or points, if you don’t carry a balance month to month, there is no excuse not to take advantage of free rewards.

On average, credit cards offer 1%-2% in rewards for each dollar you spend on your credit card. However, in some cases, you can hack your way to 5% cash back by combining different cash back categories from multiple cards in categories such as gas, grocery, restaurants, pharmacy and even with individual retailers such as Amazon. Why pay with cash or debit when the banks are willing to literally hand over money to you, just for your presumed loyalty?

Just make sure you don’t get in the habit of spending more, just to get rewards. Also, if you do carry a credit card balance from time to time, you’re far better off with a low interest rate credit card, than a rewards card – always.

So that’s it folks. The banks are beating at the door to get inside your wallet. They may have laid a few land mines in the fine print, but follow the right path and the prize is yours!

Featured photo credit: Credit-Cards / CC0 Public Domain via pixabay.com

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Marc Felgar

Marc Felgar is an aging, health & senior care expert focused on improving the lives of mature adults.

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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