Can you manage your credit card as skillfully as Las Vegas gamblers handle your cards? You can learn how here.
Credit cards are important financial instruments, but you can also see them as a kind of game.
We all know that people who use their cards irresponsibly accumulate overwhelming debt, but if you play this game correctly and manage to stay out of debt, you can give your cards enormous value. Here are six tricks that have worked for me.
You have good credit, but somehow your card request is rejected. You can sit down and wonder about the factors that may have contributed to your denial or you can take another opportunity to get your credit card. The fact is that their initial rejection was probably only because of some assumptions of the team regarding their solvency and were unable to consider other important factors. What people don’t realize is that you can call your bank, talk to someone and ask them to reconsider.
When you arrive at your bank, remind the representative of your excellent payment history. You can also offer to reduce your line of credit or close other accounts you have with them. Recently I was able to get approval for a card by closing another account I had with them that I was going to cancel anyway. Banks desperately want to do business and they are anxiously waiting for you to call and offer them a good reason to approve.
Have you ever applied for a credit card only to find out later that there was a better subscription bonus offer available? Just like the reconsideration method, you can contact your bank, inform them of the other offer and ask them to apply it to your account. It is as easy for your customer service representative as changing the “Promotion Code” field on your computer screen. While this can be done over the phone, many prefer to log in to their bank’s website and send a message. By doing this, you will have the Bank’s response in writing, so there will be no controversy about how many points or miles you should receive.
Threatening with a chargeback
I cannot tell you how many times I have met with many consumers who have participated in extended battles to get their money from unscrupulous merchants. They call, argue and even shout at the representatives of the merchants at a time that often results in a vain attempt to get a refund. If you paid with your credit card, you should only waste your time on a single call that should be directed to a supervisor. If that person is not willing to return your money, inform them that you intend to request a chargeback from the bank issuing your credit card.
Retailers live in fear that the increase in business commissions will result in a chargeback, and they often reconsider their position at the moment they hear that word. Otherwise, a quick call to your bank will result in a temporary credit that will become permanent once you provide the supporting documentation for your claim.
Double your registration bonus
Credit card gurus live on the incredible sign-up bonuses that come around every now or so. Have your spouse or partner apply for the same card. Or subscribe to the Business version of the card. While you are not tempted to spend more, there is little to lose and much to gain.
Maximize the account statement cycle
Those who pay their balances in full and on time are blessed to receive a free loan from their banks. This is the smartest way to use your credit cards, but you can even take this to the next level. Any charges made the day before you have your closing statement will be charged 20-25 days later. But if you do that same charge the day after your statement closes, then you have another 30 extra days to pay without incurring interest. This means that you can get an interest free period of up to 55 days!
When the cash is tight, many people know how to wait until shortly after their statements are closed to make purchases. What most people don’t understand is that with some banks, you can extend your payment cycle by moving your due date. You may not be allowed to do this over and over again, but it is a great way to get your closing period a few days in order to delay your due date.
Take advantage of gift cards
These days, the terms that many reward cards have contain all kinds of stratagems to make you spend more to receive more points, miles, or money back. Some only offer a welcome bonus after spending a specific amount, while others give special rewards for transactions in certain merchant categories. To take advantage of these promotions, the worst thing you can do is spend more money just to earn a reward.
Instead, you can use the gift card in creative ways. In order to reach the minimum spending threshold for a sign-up bonus, you can use your credit card to buy gift cards for frequently visited merchants, or even cash cards. Simply make the purchase before the deadline and use the gift cards later. You can also buy gift cards at grocery stores to maximize the expense bonus in these categories. For example, if we have a large card that offers extra points for groceries, buy gift cards at your grocery store to get bonus points for purchases at other stores.
You cannot expect to defeat a card beam in the street or defeat the house in a casino, but you can regularly win big with your credit cards. The key is that banks are intensely competing for their business, which will always be their ace in the hole.