Many people all over the US have a soft corner for the cash rewards that credit cards have. One of the most significant reasons behind this is that cash rewards are simple to redeem and easy to understand. When compared to miles and points, the money can help you earn interest if they’re left unused. Plus, they’ve never been subject to the continuously altering terms and conditions of travel programs and card issuing authorities.
Some people use cash rewards credit cards for day to day expenses. This can be around $2500 monthly on average. Numerous cards offer 2 percent cash returns with every purchase you make in selected stores. If you can manage to earn cash back of $50 every month, it adds up to $600 in a year. You can keep this significant amount as savings or indulge in some more shopping.
Make Timely Payments
Getting rewards with each purchase can be tempting. But before you select cash rewards credit cards, ensure that you’re ready to pay the whole balance at the end of each month. If you use your card frequently, you shouldn’t neglect your responsibility to pay it off. Otherwise, the interests would add up making it difficult to pay off in one go. Also, the remaining balance with its chargeable interest would definitely negate the earnings from cash rewards.
Learn The Importance Of Opt-in Categories
There are some cards which offer extra cash back in specific categories. These categories change throughout the year. Note that you’d typically have to opt-in to receive this benefit. Even though your daily workload doesn’t offer scope to take care of these small issues, there are easier ways to keep track. You can set a calendar or email alert to remind you when you have to opt-in to reap these benefits.
Use Cash Rewards Credit Card Carefully
If cash reward cards gives you an extra bonus for some specific products or quarterly categories, spend them where they count. When you use cash rewards for the particular product for which it has the offer, that can boost the cash reserves considerably. Before you run to the shopping mall and start purchasing consumables haphazardly, make a list of all the things you need. See which cards offer cash rewards for which products. Make sure that the cards are used for specific products to get a bigger boost to your savings.
Refrain From Overspending
The general rule of thumb is to keep the credit card balance within 30 percent of the available credit limit. This hinders the habit of spending beyond what you can actually pay off. Not only that, it will boost your credit score. That can help you get loans in the future.
These tips should help you manage your credit card without facing too much issues.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.