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Thursday, 05 February 2009 |
By Todd Holiday
 Using credit cards wisely is part of an overall financial plan that should include budgeting, savings/investment, debt management and insurance. In your economic life, money is fungible, meaning that all these areas are interconnected, and a dollar saved in one area can be spent in another. It all comes out of one pot, so to speak, so any time you reach into that pot for more than is budgeted, you will affect your entire financial plan.
That said, there are ways to save money on credit cards shopping around for interest rates, getting cards with no annual fee, paying your balance off monthly but there are also ways to make money with them. This is where rewards and/or points programs come into play. Remember, though, that credit card companies do not promote rewards programs out of kindness or on a whim. They do it because they can make money doing so. Therefore, you need to know how rewards programs work, and have the discipline to work them to your advantage, or they will just be another expense to you, regardless of the |
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Last Updated ( Thursday, 05 February 2009 )
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