I am glad to say that I am a dead end credit card! In fact, some of you may already be credit card dead ends, and if so, I recommend you for a great job! Now, for those who don’t know what a credit card dead end is, before you start thinking that I’m hanging out, you can continue reading!
When I say that I am a dead end on a credit card, I do not mean that I avoid my credit card bills. In contrast, a credit card impasse is an internal term used by executives of credit card companies and applies to all credit card users who pay their bills on time every month; however, such clients do not pay interest and prevent the lender from making a profit! It's me! I love being a dead end credit card!
An alternative to being a credit card dead end is what credit card executives call a revolver. A revolver is a credit card user who constantly has a balance and monthly interest is regularly accrued from it. Credit card companies love revolvers because they essentially increase the bottom line for a credit card company and bring them good returns. In addition, from the perspective of an insider, the best customers not only carry the balance, but also delay their payments, which leads to additional fees and a higher interest rate.
Good, so I’ve been a ruthless credit card player for some time, but last year I went even further in improving my flawless ways. I not only seized on my hard-earned money, refusing to replenish the purses of credit card issuing companies, but also happily aligned my own wallet with their money worth $ 1402. Yes, that's right, they paid me $ 1,402 for using their cards ; continue reading to find out how!
Credit Card Refund
Firstly, I submitted an online application for a Cash Back credit card, and I was immediately approved. My new refund credit card arrived at my house next week, ready for use. This card gave me 0% per annum for 12 months and had no annual fee; With it, I made all my purchases of gas, as well as purchases of products and pharmacies, and received a 5% refund for gas purchases and 1% back for all other purchases. I have a family of four, and the purchase of gas included gas for my husband’s car. My average monthly purchases and cashbacks were as follows:
Monthly gas purchases $ 325 x .05 = $ 16.25
Grocery Store Monthly Bill $ 1200 x .01 = $ 12.00
Monthly pharmacy purchases $ 160 x 0.01 = 1.60
Credit card total refund $ 29.85 x 12 = $ 358.20
Rewards Airlines Credit Card
I also applied for an airline reward credit card and was again instantly approved online. Like a refund credit card, my new airline reward credit card arrived the following week, had an initial 0% down payment for 12 months and had no annual fee. This credit card earns 1 mile for frequent flyers for every $ 1 withdrawn.
Many of my various expenses, including major purchases and business expenses, were deducted from my new Airline Rewards credit card. As a result, qualified expenses averaged $ 2,250 a month, or $ 27,000 a year, earning 27,000 frequent flyer miles, which is more than enough for a Hawaiian airfare: $ 500!
0% APR intro for 12 months
Now here's the kicker. Since both credit cards had an initial annual income of 0% for 12 months, I paid only the minimum payments for each card and put the money in my purchases into a savings account, earning 2.5% (since then the rates have increased). Using averages for simplicity, I made 12 monthly deposits of $ 3,935 in a savings account, earning 2.5% of the monthly interest. By the end of the year I earned $ 544 as a percentage!
My total credit card income for the year
So, here is my total income from a refund credit card, airline reward card and interest received.
Refund 12 x 29.85 = 358 dollars
Free ticket $ 500
Savings Account Interest $ 544
Total Earned $ 1.402
Just to make sure that I am sticking to my ways, now that the initial 0% rate has expired, I have repaid my balance from the money that I put into my savings account during the year. To be a ruthless credit card player, you need perseverance, determination and discipline. I did it, and you can too!