My Credit Cards Paid Me Last Year

by Andy Hough on January 23, 2008

Last year for the first time ever my credit cards made me money instead of costing me money. I received a $150 bonus for signing up for a Sony card and then another $25 bonus for charging $100 on it. I also cashed out $20 cash back from my Discover card. I earned an additional $13 cash back from Discover and $60 cash back from Chase that I haven’t yet cashed out.

I also engaged in some credit card arbitrage. This was roughly a break even endeavor since I decided to end it early and use the money to pay off debt. If you consider the savings on paying off the debt than I came out slightly ahead.

I paid a total of $1 in credit card interest for the year. This was due to forgetting about the 0% interest rate on my Chase Freedom card ending.

The reason I made my money from my credit cards last year is that I was disciplined in using them. I didn’t charge anything on them but purchases I would have made anyway that I knew I could completely pay off before interest accrued. Credit cards can be a good tool if you are disciplined in using them.

{ 1 comment… read it below or add one }

1 Aaron Wakling January 23, 2008 at 7:14 pm

I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

Aaron Wakling

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