Why Do The Wealthy Use Credit Cards?

Why do the Wealthy Use Credit Cards?

…there are things that the wealthy pretty much all do and one of them is use credit cards…

…however, you have to know how to use credit cards the way they do to benefit…

…read this post to the end to learn more about how to use Credit Cards like the rich and wealthy do…

Pay Off Your Balance In Full Every Month

…wealthy people use credit cards and they pay off their full balance every month…

…that way they don’t incur interest charges…

…this is important since it ends up acting like a checking account except that if you don’t agree with any transaction, you can dispute it and get your money back!

Use Credit Cards With Rewards and Miles Programs

…the wealthy use credit cards for regular purchases because they get rewards points and miles…

…these add up and become gift cards, airline tickets, car rentals, cruises…

…and if you spend a lot, you definitely earn a lot of benefits…

Check All Of Your Charges Every Month

…the wealthy make sure that all of the charges each month are theirs…

…if they are not, they dispute the charges and get their money back…

…this is way better than a checking account, as it allows you protection in your spending…

Use the Insurance and Travel Protection Benefits of The Credit Card

…most cards have added insurances built in…

…you need to get a card that has the kind of insurance that you like…

…for instance, if you rent a car with the credit card, oftentimes the card has auto rental insurance built in…

…so you don’t have to insure the car with the car rental agency…

…they also oftentimes have lost baggage insurance, and other great protections…

…the wealthy will use these benefits when the need them…

Use The Concierge Services

…some credit cards come with travel benefits such as concierge services…

…you get to call a number and they will help plan your vacation, get you tickets to events, and help you find great restaurants…

…it depends on the type of card you have…

…usually, this perk comes with cards that have higher spend…

Use Cards That Waive Foreign Transaction Fees When Traveling Overseas

…another reason the wealth use credit cards is that the higher end ones will waive the foreign transaction fees when they travel to other countries…

…these charges can really add up so they love having these fees waived…

…if they spend a lot of money on their cards, they usually have this feature built in…

Improve Their Credit Score

…responsible use of credit creates higher credit scores…

…higher credit scores lead to lower rates on other loans like mortgages and other loans…

…it can also open the door for better credit cards with better perks!

Conclusion

The wealthy are good at controlling their spending so it’s easy for them to pay off their balance in full every month…

…their credit card then becomes a way of protecting their money…

…in addition, they earn additional rewards, insurance, services and other perks…

…the banks love their spending because they are making them money with the processing fees, and will gladly waive their late fees if they ever do pay late…

…it’s worth mastering our credit card use and always pay our balances in full…

…and get the rewards of using credit cards…

P.S.

I love writing about financial freedom and it gives me great joy when I help someone get closer to their financial freedom!

…is there something that you love, that you would love to teach others?

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