Tips To Make Money Off Of Your Credit Card

Sun Jan 24, 2010, 3:21 am | 12 Comments

Credit card companies have been blamed a lot about the consumers’ misery that they have encountered over the years. Some of it has obviously some merit to it, but in many cases, the consumers have to be blamed as well for misusing their so easily available credit.

However, there are consumers who take advantage of the grace period and some are obsessed with trying to actually make money off of the plastic in their wallets. If you pay off your balance in full each month and are careful not to incur any late or other fees, chances are you participate in a rewards program. The way consumers determine which credit card to use is racking up the highest possible number of points, miles or cash back.

Here we will not talk about how the credit-card companies make money off of these consumers who don’t incur interest charges and no late fees. We will talk only about such consumers who can make some money from using their card cards.

For each card, please read the fine prints. The promotion for the following types of cards to make money off of is going on.

American Express

• Starting in 2010, you can use your Membership Rewards points to pay or offset part of your federal, state and local income tax bills. Redemption start at 200 points.

Discover

• Starting in March, with every purchase through the end of the year, cardholders are entered in Discover’s Everyday Giveaway sweepstakes for a chance to win $25 to $500 in cash.
• Through Feb. 28, get $40 off your next hotel stay when you use your Discover card and book through Hotels.com. Code DISCOVER11.
• Each quarter, Discover card members earn additional 5% cash back on purchases in a specific category. The bonus category for the first quarter of 2010 is travel and includes spending with airlines, car-rental companies, hotels and cruises.

Citigroup

• Citi has a daily deal offer where card members can earn at least 15 Thank You rewards points per dollar spent on items bought through ThankYou.com shopping portal. New items are added at 1 p.m. each day and the offers are valid for 24 hours.

JP Morgan Chase

• During the first quarter of 2010, Chase Freedom card members can earn 3% back on dining, education, utilities and child-care expenses. Register on chase.com

Bank of America

• Every first weekend of the month this year, Bank of America card members get free admission to more than 100 museums nationwide. Show a picture ID and your BofA card at the door. The next eligible weekend is Feb. 6 – 7.

In a Nutshell
Once again, please read the fine prints for each card. In cases like these, there is sometimes a catch. So be careful and don’t get into something you could lose money instead of making it off of your credit cards.

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