I am delighted to say that I am a credit card deadbeat! In fact, some of you might already be credit card deadbeats too, if so, I commend you for your excellent work! Now, as for those who don’t know what a credit card deadbeat is, before you start thinking I have a screw loose, you may want to continue reading!
When I say that I am a credit card deadbeat, I don’t mean that I avoid my credit card bills˳ To the contrary, a credit card deadbeat is the insider term used by credit card company executives and refers to all of the credit card users who pay off their bill each month promptly; in doing so, such customers pay no interest and prevent the creditor from making any profit! That’s me! I love being a credit card deadbeat!
The alternative to being a credit card deadbeat is what credit card executives call a revolver˳ A revolver is a credit card user that constantly carries a balance and is charged regular, monthly interest on their charges˳ Credit card companies love revolvers because they, in essence, increase the bottom line for the credit card company and make them a nice profit˳ Further, from an insider perspective, the best customers not only carry a balance, but also make their payments late, triggering extra fees and a higher interest rate˳
Okay, so I’ve been a credit card deadbeat for awhile now, but last year I went even further in improved my deadbeat ways˳ Not only did I hang onto my hard earned cash by refusing to line the wallets of the credit card companies, but I also happily lined my own wallet with their money, to the tune of $1,402˳ Yes, that’s right, they paid me $1,402 to use their cards; continue reading to find out how!
Cash Back Credit Card
First, I applied online for a Cash Back Credit Card and I was instantly approved˳ My new cash back credit card arrived to my house the following week ready for me to use˳ This card offered me 0% APR for 12 months and carried no annual fee; With it, I made all of my gas purchases, as well as grocery and drugstore purchases and earned 5% back cash back on the gas purchases and 1% back on all other purchases˳ I have a family of four and the gas purchases included gas for my spouse’s car as well˳ My average monthly purchases and cash back earnings were as follows:
Monthly Gas Purchases $325 x ˳05 = $16˳25
Monthly Grocery Bill $1,200 x ˳01 =$12˳00
Monthly Drugstore Purchases $160 x ˳01 = 1˳60
Total Cash Back Earnings From Credit Card $ 29˳85 x 12 = $358˳20
Airline Rewards Credit Card
I also applied for an airline rewards credit card and again was instantly approved online˳ Like the cash back credit card, my new airline rewards credit card arrived the following week, came with a 0% introductory APR for 12 months and had no annual fee˳ This credit card earns 1 frequent flyer mile for every $1 charged˳
I charged many of my miscellaneous expenses, including major purchases and business expenses, on my new Airline Rewards Credit Card˳ As a result, the qualified expenses came to an average of $2,250 monthly or $27,000 for the year, earning 27,000 frequent flyer miles, more than enough for an airline ticket to Hawaii: a $500 value!
0% Introductory APR for 12 Months
Now here’s the kicker˳ Since both credit cards came with a 0% introductory APR for 12 months, I paid only the minimum payments on each card and placed the money for my purchases into a savings account earning 2˳5% (rates have gone up since)˳ Using averages for simplicity, I made 12 monthly deposits of $3,935 into a savings account earning 2˳5% interest compounded monthly˳ By the end of the year, I earned $544 in interest!
My Total Credit Card Earnings for the Year
So here is my total earnings from the cash back credit card, airline rewards card, and interest earned˳
Cash Back 12 x 29˳85 = $358
Free Airline Ticket $500
Savings Account Interest $544
Total Earned $1,402
Just to make sure I maintain my deadbeat ways, now that the 0% introductory rate has expired, I’ve paid off my balance from the money I deposited into my savings account during the year˳ To be a credit card deadbeat you need persistence, determination, and discipline˳ I did it, and so can you!
Source by https://ezinearticles˳com/?Im-a-Credit-Card-Deadbeat:-You-Can-Be-One-Too!&id=81004
