Make your credit cards serve you
Put that plastic to work!
Greetings Prosperous Souls,
It’s tempting to be anti-debt when you’re discussing finances. Dave Ramsey is a hero, and he’s notorious for flipping out his wallet and boasting, “See?! No credit cards!”
It’s a strategy that works for many who have serious debt. I’ve been there myself. At one time, I physically chopped up my cards because I was unable to control my spending.
Thankfully, I’ve matured somewhat and learned a new strategy that I’m sure most of you are aware of: making your credit cards work for you.
My history with credit
Once upon a time, I was a young man with no credit. The best my bank could offer was a single card with zero benefits. They gave me a $1,000 limit, which eventually increased to $6,500.
The problem was the more I used my card (and didn’t pay it off), the more my interest grew, and it became a colossal behemoth.
Fast forward to 2024 and that zero rewards card is gone. I see no use for it now, being that it offers me nothing. Today, I view credit cards as a business opportunity. What will they do for me? How can I use them to maximize my own wealth?
Building my rewards
Thanks to an unexpected surplus in January (checks in the mail!), I was able to pay off a sizable medical bill. I used my new card, which gives me 1.5% cash back on every transaction. I immediately paid off my account the next day to avoid interest.
Imagine how overjoyed I was when I woke up this morning and realized my rewards had grown to a decent amount.
That’s free money, baby!
I transferred this cash directly into my checking, and was blessed to see it more than cover a coffee date with my wife.
Now, please note that to take advantage of credit cards, you need to pay your charges promptly. If you gain $30 in rewards only to get kneecapped by interest charges of $50, that’s a negative net result.
You want positive growth, so pay off your card’s charges as quickly as possible.
And that’s it!
If this strategy sounds feasible, do some research. Check with your bank, and see what options are available. Depending on your score, you might get some incredible offers.
Taking advantage of my credit cards,
Cory De Silva
About: Cory De Silva is an American poet, singer/songwriter, screenwriter, actor, and filmmaker. He has released two studio albums, acted in three films, and published a small book of poetry. He’s a graduate of CSU Long Beach, and lives in Northern California with his wife, Colleen, and their son, Bryght.
I'm old enough to recall life when there was no such thing as credit cards. We simply saved up and paid cash or did business with companies that would give a little time to pay off emergency or necessary purchases. That was good living. With the advent of credit cards and my necessary travel in my job I did get a credit card with a gas company to buy gas for auto in 1976. Now I still carry only one credit card for emergencies and necessary purchasing, period. It is paid at close of statement. Personally, when credit became a popular habit, I watched landfills around our country mushroom horrendously with what I considered unnecessary items unnecessarily purchased in the first place! I still prefer to save up to get what I need with cash. My last big necessary item was my truck in 2013 which I saved up for while the seller waited and I paid cash for it. And I do thank our Father God Lord Yeshua Christ Holy Spirit for all provision. Amen.