Cretid Cards – how to be smart when using them
Now that I have given you a little bit background information, let me try to explain some more about credit cards, and how to be smart and take advantage of the relationship between the credit card companies and the airlines.
The secret, which you have probably guessed already, is getting the most out of credit card rewards. Personally, I earn somewhere between 300-400.000 miles and points pr year on my credit cards. And I am really not spending that much, so this is something everyone can do!
Now, before you start applying for all kinds of credit cards, you have to make sure that you can and will settle your outstanding balance on each and every card every month in full! If you can not do that, then STOP! Then this is not for you. Credit card companies charge from 2.99% and upwards every month on your outstanding balance, so if you do not pay in full, there is no benefit in having the cards! You pay much more interest on your balance than what you earn from your spending!
Now, if you cannot afford the expensive cards that makes lots of miles for you and has the big sign-up bonuses, that is fine. There are plenty of cards out there that are free for life, and still gives you a decent amount of miles and points on your spending. Last time I checked there were something like 150 different credit cards available in Hong Kong, so there is always a few that suits your economy 🙂
150? I cannot possibly expect you to compare them all to find out which ones suits you, or apply for them all??? Nope, not at all. First of all, that is what this blog is here for, I will help you find the best deals and offers. And secondly, there are not that many credit cards here that offers miles and points, so if you have a few you are pretty much covered.