5 ways to How to Boast your credit score with Credit Cards

Take advantage of opportunities that credit card companies offer by being informed on how they are in your favor. You can boost your credit score, pay no interest and collect bonuses from the credit card companies if you utilize these five options that are available to the consumer. Credit card companies are competing for your business which is why you see so many bonus offers to the consumer. Follow these steps that will allow you to save and receive thousands of dollars annually while boosting your credit score

Credit Card Churning

Credit Card Churning works like this: You find multiple credit cards that have bonus points, airline miles, or other perks.

You then use the minimum amount on the credit cards to collect these bonuses. You then stop using the credit cards or cancel them before paying any fees but still keep the airline miles or bonuses. Rinse and repeat. This way you can collect more bonus points or airline miles must faster without having to use 1 or 2 credit cards a lot slower. There are some people who get free flights, hotels, or cash doing this all the time.

With this process, it’s possible to game the credit card companies but you just have to be careful you’re not getting too over your head and make sure you read each credit card’s fine print.Churning may not be for you if you’re not organized or are planning on a credit goal any time soon like buying a house. You might rack up inquiries doing this so just think ahead of the pros and cons before trying.

Maximizing your Credit card statement date

Maximizing your statement date on your credit card. Many credit card users pay off their credit cards every month which avoids interest charges from the credit card companies. You can do this because credit card companies only collect interest after 30 days or after your next statement date.

For example, if your statement date is on the 12th of every month, and you postpone a major purchase until the 13th, you have one month to pay it back interest-free.

After the 12th of the following month is when the credit card companies “start making money” when they collect interest on the money you haven’t paid back yet. If you can be self-disciplined, you can take advantage of knowing when your statement dates are to maximize not paying interest on what you borrow.

Getting your Credit Card Bonuses Increased

This is called bumping up your bonus. If you have a certain credit card only to find out they have a better sign-up offer after already signed up for that credit card you can simply call your credit card company and ask them if they can bump you up to this bonus. Tell your credit card company you saw the better offer and you want to know if they can bump you to this or apply under the better offer code. Currently, this works about 50% of the time with our clients and the times we have tried it ourselves so it doesn’t hurt to ask.

Credit Card Retention Offers

Retention offers are offered to you by the credit card company to retain you as a customer. Lately, credit card companies are fighting over customers as new credit card companies are emerging, and they all want your business. Most credit card companies have procedures to try to prevent you from closing out your credit card to “retain” you as a customer. From a business point of view, it is cheaper for credit card companies ti give customers who want to cancel their credit cards a discount” or “bonus” than it is to market and sign up a new customer.

Credit card companies spend millions in advertising to get you as their customer. Therefore, if you tell your credit card company you are thinking about closing out your credit card, they’ll send you to a special department that tries to retain you. When you are transferred to them, simply ask them what retention offers they can offer you which will surprise you. Once again nothing hurt you to ask.

Waiving Fees

Get your credit card fees waived.

Going based on what we said earlier about the credit card companies being competitive, you may want to contact your credit card companies and simply ask what fees they can waive. Let them know you’re thinking about changing credit card companies because you don’t like the annual fee or if they can waive a late fee, annual fee, etc. Credit card companies make their money based on two things, interest, and fees. If you mitigate these two things, you are definitely on the right track to using your credit cards to your advantage and by saving money and boosting your credit.