Credit card secrets that could save you money

Credit card secrets that could save you money

By Karen Stiles. CREATED Oct 13, 2012

MILWAUKEE - Could using a credit card actually save you money? It might if you know which one to use and when.

It is no secret that carrying a balance on a credit card could cost you big dollars, but there are a few secrets on you can save or maybe even make a few dollars by using your credit card.

Here is how you can do it:

- Shop around for cards that offer cash back rewards for everything from gas to every day purchases.

Some cards offer as much as five percent cash back on select purchases.

In some cases, you might earn more by using your credit card than if you kept the funds in your checking account.

- Watch for specials from department stores, or card issuers that offer discounts if you use your credit card on select purchases.

If you are concerned about having to pay a bill later, make a payment immediately following the purchase to the card issuer.

- Check out programs like upromise.Com that provides additional cash rewards for college.

If you use a credit card that has been registered with this program, you can earn additional cash rewards that can be used to help pay for your child's education costs.

- To maximize savings, be sure to pay all balances in full and on time.

If you carry a balance or pay late, you could wipe out any savings by incurring high interest charges or late payment penalties.