CREDIT cards are not the first thing that comes to mind when looking at ways to make money.
Callum mentions the controversial credit card.
But if you know how to use them to your advantage, they can be a useful tool for building wealth.
Credit cards can be used to build credit score, which in turn can help you buy a house or rent a car.
Your credit score is essentially a determination of how well you manage your debt.
If you make your payments on time and keep your credit utilization ratio around 30%, you are likely to maintain a good credit score.
This can help you get a lower interest rate when it’s time to buy that house or car, which can save you money and make your investments more profitable in the long run.
Rewards and cashback
When considering which credit card to apply for, you should consider the rewards and benefits each card offers.
As Callum notes, many cards offer cash-back rewards, and by putting your usual spending on a credit card instead of a debit card, you can make a profit.
However, he notes that you shouldn’t spend more on these cards thinking you’re making a profit.
It’s important not to overspend and make your monthly payments on time, so as not to damage your credit score.
Business cash flow
Callum says having a business credit card can also improve cash flow.
Using a card with a cashback rewards system can provide an opportunity to reinvest cash back into your business, increasing your profits.
It also provides additional income and cash flow, in addition to building your business credit.
We explain how you can earn money from online shopping.
We also explain how you can increase your credit score before the end of the year.
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https://www.the-sun.com/money/4238681/make-money-credit-cards-how/ How I make money from credit cards