How a Credit Card Can Help You Save Money – The Savings Corner presented by Coosa Valley Credit Union

Credit cards: we’ve all been there. From racking up fees to asking for the wrong ones, credit cards can have a huge impact on your credit and overall financial health. It doesn’t have to be that way, though. If you use credit cards strategically and do a little research, you can actually save quite a bit of money in the long run. Yes, you read that right – credit cards save you money!

We’ve put together some useful tips and information to help you get the most out of your credit cards. Keep reading to become a credit card master!

Balance transfer

Do you have a track record that makes you lose sleep at night? A balance transfer might be right for you. A balance transfer allows you to transfer debt from one credit card account to another. You might be thinking… Why the hell should I open another map? ! Well, if your balance is a victim of high interest, transferring the debt to a credit card with 0% APR (or zero interest for a certain duration) can save you a lot of money.

Here are some key things to keep in mind:

  • The lower your APR and the longer the promotional period, the more likely you are to pay off your balance without interest.
  • Make sure you can clear your balance before the end of the promotional period. If you can’t, and the post-promotional interest rate is higher than your interest rate with your current card, the balance transfer may not be worth it.
  • Once you have transferred your balance, do not make any purchases with the new credit card. Even though purchases have their own promotional rate, increasing your overall balance makes it more difficult to redeem.

Cash back

Who wouldn’t want to be rewarded for spending money… with MORE money! ? With cash back credit cards, you basically can. A cash back credit card offers cash rewards for your spending. When you use this card to make a purchase, you’ll earn cash credit for a percentage of the purchase.

Depending on the card you choose, your spending can earn you rewards in different ways:

  • Lump sums reward you the same percentage with every purchase
  • Fixed category rewards your spending in certain categories like travel, groceries or fuel
  • Rotating categories offer extra-generous rewards in rolling categories

It’s important to do your research and select the cards that offer you the most, whether in terms of overall cash back or the number of ways to earn cash back!

Save more with CVCU

Ready to rock the credit card game? At Coosa Valley Credit Union, we have some really great products and offers right now! For more information on Coosa Valley Credit Union cards and offers, visit: https://www.mycvcu.org/credit-card.

Now get out there and make those credit cards work for YOU!


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