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Let the interest work for you

As we all know, credit card companies make a profit by charging their users interest. But, the interest that credit card companies charge is only charged if the credit card holder ? you - doesn't pay their credit card bill in full each time; deciding, instead, to pay in installments. Nonetheless, pay your credit card bill in full each time and not only are you not charged interest for using the credit card, but you can also get up to 2 months credit free interest.

This happens because the credit card company is normally required to give you 28 days after your statement date in order to pay your credit card bill. However, if you buy your product shortly after a credit card statement date, you can get nearly another month's interest free credit while you are waiting for the credit card statement to arrive.

As a result, if you are a good and conscious saver, what you can do is open a savings account and every time you make a payment on your credit card, you transfer the money you would have spent on the purchase to the savings account. Then, on the credit card statement due date, you transfer the money from the savings account to pay the credit card bill. In the meantime, the interest that has accrued on that money while you were waiting for the credit card bill is all yours!

Using the loyalty bonus scheme

Aside from making sure you pay off your credit card bill in full each month, another way you can use a credit card to save you money is to apply for a credit card that has a loyalty bonus award scheme. Then, after you have reached the required number of loyalty bonus scheme points, you can use those points to purchase something you would otherwise have had to pay good money for.

So, now that you don't have to pay good money for the product you just got from the loyalty bonus points, you can transfer the purchase price of the product to your savings account ? and you've just saved yourself some more money!

Keep in mind, however, that to maximize your credit card savings potential, you really need to apply for a credit card that doesn't charge you any annual membership fee or have any other additional hidden fees. Provided you have this in place, a credit card can be a really great way for you to save money

Send Money Using Credit Card

In fact, most of the people, when I congratulate them on their promotion saying, "Wow, you know I heard you just got a pay raise, so how are you saving your money?"

Do you know what they say? "I don't know where it went." And a lot of us, we don't know where that money goes. To a lot of us we think that, hey, if only my income were to increase, all my problems will disappear.

There is a theory; that, your expenses, if not controlled, always rise to your level of income. So the person who makes $5,000 will be broke, even if he gets a super pay raise and makes 20k a month, he will also be broke.

That's because he can't control his money. So track every single dollar you

spend and let me share with you a strategy on how I track every single dollar because it takes a lot of time and it's very tedious. You know what, I use credit cards.

A lot of people when they talk about credit cards they say that credit cards are evil that credit cards make you spend more money, thus it's no good.

But do you know? Credit cards can be a very powerful wealth creation tool. Credit cards are a double-edged sword. It can create more wealth for you or it can destroy your wealth.

Here are some pointers.

Always fully pay off your balance every month.

Never just pay your minimum balance, pay your full balance, because when you pay your full balance you do not pay a single cent on interest. And if you do that, number one, you get two months of interest free money.

How? That's because, when you buy something from a shop, when will they bill you? They only bill you one month later. And when they bill you one month later, you only have to pay one month after you get the bill.

So it gives you two months of interest free money, if you use the credit card to buy something.

Number two, by buying thing on your credit card, what happens? Your credit card is going to record every single transaction you made. So it helps to track where your money goes.

And the third thing is that by using your credit card again and again, you can collect all these bonus points which you can redeem for free gifts and saves you a lot of money.

So that's why credit cards can make you more money, track, control and help you save money.

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About Author

Both Joe Kenny & Adam Khoo are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Joe Kenny has sinced written about articles on various topics from Mortgage, Credit Cards and Life Insurance. Joseph Kenny writes for the and offer more information on. Joe Kenny's top article generates over 49500 views. to your Favourites.

Adam Khoo has sinced written about articles on various topics from Recreation and Sports, Web Development and Computers and The Internet. Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus CD '6 Ways To Achieve Anything In Life' at. Adam Khoo's top article generates over 90500 views. to your Favourites.

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