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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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How Rich People Use Credit Cards Differently

[April 3rd, 2016]

The rich are different from you and me, said F. Scott Fitzgerald. That may or may not be true, but one thing does tend to be true—the rich use credit cards differently than you and me. Lucky for us, we can learn from them.

Here are some ways rich people use their credit cards differently than other, less wealthy folks. Read and learn:

• They pay their cards off in full each month. Wealthy people don’t like to pay interest. Why would they? And really, why would anyone? But rich people got rich by being careful with their money, and not wasting it. When you buy more than you can afford using your credit card and end up not being able to pay it off each month, you’ll pay interest. This is money you didn’t need to spend. It makes your purchases more expensive, if you really think about it. So think hard before you put down your plastic at the register. If you won’t be able to pay your credit card bill in full at the end of the month, don’t do it.

• They’re not afraid of charge cards. Don’t know the difference between a charge card and a credit card? A charge card is a card you have to pay off each month in full. American Express has a line of charge cards that typically cater to the very rich—you have to have a great credit score to qualify for one, and they often charge a steep annual fee. Rich people use them because they’re used to paying their debt in full each month anyway (see above), and don’t have a problem paying annual fees (see below).

• They pay annual fees. Credit cards with annual fees may sound like a waste of money, but in fact, some of the best credit cards on the market charge annual fees. Rich people are willing to pay those fees when they know they’re getting something worthwhile in return. Concierge service, purchase protection, free hotel stays and frequent flyer miles—those are just a few of the things that can make an annual fee worth paying. So next time you’re looking for a new credit card, don’t discount one simply because it charges an annual fee.

• They pay attention to rewards. Related to the above point, rich people carefully consider the credit cards they apply for and read the fine print. They look for the best rewards; ones they will actually use, and that have high value. Whether it’s hotel rewards, cash back, airline rewards, or perks like VIP treatment and airport lounge access, they get the rewards they want from their credit cards.

• They use their rewards. You’d be surprised how many people earn credit card rewards and never use them. Rich people don’t let those rewards go to waste. Take a page from their book and use all the rewards your card offers. Use points to get gift cards, cash back as a statement credit, exchange points for miles, look for price-matching guarantees and purchase protection, and don’t let a rewards-earning opportunity pass you by.

Once you learn how to use your credit card like a rich person, you’re on your way to becoming one yourself. Then you can find out if they really are different from you and me.

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