The wealthy use credit cards differently
Here is an excerpt of an interesting article that I found that I would like to share with you.
It seems like the wealthy wouldn’t have a need for credit cards since they can pay for everything with cash, right? Well, the wealthy didn’t get that way by leaving money on the table. They know that by using credit cards they can get big cash back for every purchase they make, up to 6%. But this strategy is not limited to the wealthy. All you have to do is use the right card for purchases that you’re going to make anyway. If you pay off your balance every month, you won’t be charged interest rates or late/penalty fees.
Those who want to maximize their earnings know to have a few “specialty” credit cards that give them the most cash back in different categories and to use those cards specifically in those categories, then have a general purpose card with a high base cash back rate they can use for everything else. For example, you can use a credit card that gives 6% cash back from supermarkets to do your grocery shopping, one that gives you 3% back on gas every time you fill your tank and one that gives you 2% on all purchases for everything else.
Read more by Jeff Hindenach at NextAdvisor.com
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