Credit Cards – Payback

Today I’m going to tell you how to get free money…you just give me $100 and then I tell you how to get 3 people to give you $100, you keep $90 and give me $10 and before you know we’ll all be rich, rich rich! Yeah!

Yeah – there’s a reason multi-level marketting has a bad reputation – maybe it’s because it’s just a shade above scam and it always leaves somebody holding the bag.

But credit cards have a bad rap too: mostly because there are crazies out there that max them out and pay astronomical interest on the bill they’ve racked up. But a credit card, if you use it right, is not only safe and sane, but it can actually make money.

No, I think you meant – “Spend money.” Credit cards don’t make money.

No, you actually can make money. First off, you have to use it as a convenience card, not as a credit card. You use it just exactly like you would a checking account – you keep a little register, you keep track of what you spend, and you resist the urge to buy, buy, buy. Just make your normal purchases with it and pay it off promptly every month – it’s simple.

But if you can’t control yourself – you just have to spend money whenever you get a piece of plastic in your hand – you definitely need plastic surgery. That means “get rid of a few credit cards.”

Second, you have to get a card that has some kind of reward for purchases – like cash, miles, points, whatever. Now, before you go signing up for every rewards card out there, realise that most of their offers are pretty close, and whether you choose points or miles or cash, it doesn’t really matter as long as you make sure of five things:

#1 Get one that has a benefit that you’ll use. It’s true that cash is the most universal, but sometimes miles or points can add up to bigger rewards quicker. Just make sure you can redeem them at a store or airline you actually use.

#2 Your card needs to pay at least 1% cash back or the equivalent – that’s the minimum. You can do a whole lot better than that, so we’ve included some links below that have several rewards cards that we think are a good choice.

#3 Make sure that the cash or rewards or whatever don’t expire – or if they do they expire in, like, 100 years or something.

#4 Make sure the card doesn’t have a really restrictive cap or limit on how much reward you can get in a given year. Two to three thousand dollars worth of rewards is pretty reasonable.

#5 And last, no fees. Your card should have absolutely no fees – annual or otherwise – because fees are evil…pure evil. If you have a card with a fee – think twice and recrunch the numbers. Then take that little vampire, chop it up, burn it, call in to cancel it and bury the ashes with a copy of a notice of account closure – it’s the only way to be sure it’ll never come back.

Aarghh…it’s bleeding my life away…

And don’t fall for 10% cash-back on accounts with running balances – they take 21% and give you 10% or less back – not a good idea.

Never buy something to get a specific reward – it’s just not worth it. And also, be very wary of department store, or store-branded, credit cards – like Home Depot, Target, Macies, JC Penny, Nord Strings – just be very careful.

It’s even okay to have more than one – just don’t go crazy or you might damage your credit rating – because in different circumstances a different card will pay you more cash back. I have one for general stuff, one for cosco, and one for gas.

Using a cash back credit card’s like taking a little extra discount off the price of everything you buy. It’s like getting free stuff, and unlike the typical pyramid scheme, you don’t have to sell out your friends, family and neighbours to put it to work for you.

I just need three people, any three people…any one of you. You can’t learn these secrets anywhere else, only here, only today, only right now. I will teach you my wealthy wealth secrets to make you and all of your friends wealthy beyond your wildest wealthy imaginations!

Transcribed by: Ian

Share the show:

Copy this code onto your site or blog: