Money Saving Tips : Maximizing Credit Cards

Last weeks post talks about some money saving tips that you can do. Here are more tips. This time it's about Credit Cards and Rewards Cards.

• Get a rewards card. There are many reward cards that pay out in cash or points that can be redeemed for travel or products. Many of these cards don't have an annual fee. I recently traveled to my college reunion for free using points earned from a credit card. My favorite rewards card is American Express Gold Card. It does have an annual fee, although follow this link (American Express) to apply and the first year fee is waived. You can also check out my review of several travel reward credit cards

• Don't pay interest on credit cards. This is obvious, but I soon as you fail to pay off the credit card in full, the high interest payments start to eat away at your monthly budget. If the temptation to spend more than you can pay on a credit card is to great, get rid of the credit card (and ignore the previous tip!).
  

• Take advantage of 0% credit card offers. I've saved thousands of dollars using 0% balance transfer credit cards. Again, as long as the cards won't cause you to spend more, they can offer substantial savings. Make sure, however, that you keep an eye on the balance transfer fee, which can wipe out your savings.

Source : Smart Spending Credit Cards

Money Saving Tips

One of the best ways to bust debt is to save. For the next posts, UK Debt Busters will be sharing some tips on how to save money painlessly.

• Combine your cable, internet and telephone service. Companies now offer combined services that not only cost less, but offer the convenience of a single bill.

• Slow down your internet service. I went to the slower internet service option with my cable company and saved $15 per month. And I haven't noticed a difference when surfing the Net.

• Send away for and follow up on rebates. After you buy a product with a rebate, send in the form that day. Then mark your calendar to remind yourself to follow up with the rebate company if the check hasn't show up.

• Buy a refurbished Mac: I've written about this before because it is a great way to buy not only computers, but iPods and iPhones as well.

• Convert to a gas water heater. They are more efficient and will save you money in the long run.

• Request a reduction in the interest rate for your home equity line of credit. I did and my mortgage company agreed to reduce the rate by more than 0.50%. And if you are looking for a home equity loan, LendingTree Home Equity Loans is a great place to check out available options.

• Refinance you mortgage. If you can reduce your interest rate by one percent or more, it is often beneficial to refinance. This is particularly true for those with high rates due to less than stellar credit scores. If your score has improved, you may qualify for a better rate. I would start by asking your current mortgage lender about lower rates. Here's a refinance calculator to help you determine if refinancing is right for you.

• Get rid of Private Mortgage Insurance. If your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI.

More of this until the next posts.

This guide is from DoughRoller' Smart Spending articles.