Credit Cards - 6 Ways to Use and Save

To me, credit cards are useful financial tools to employ for maximum savings. This is how I do it:

1. I keep only those cards that are free for life. For each free card, I keep I can save RM200 to RM300 on annual fees.

2, I use one of my cards for the payments of monthly insurance premiums and utility bills such as electricity and telephone. For the monthly amount charged to the card, I can collect valuable points. I redeem the point for useful household appliances like cooker, Thermos flask, oven, and vouchers to shop at Popular, my favourite book store.

3. I use my CIMB Petronas card to pump petrol and receive the 2% cash discount.

4, I use another card for all other purchases to get cash rebates.

5. Recently I used one of my cards to buy a PC in installments with zero percent interest. I spread the installments over 12 months. My cash flow is not affected. I don’t incur interest and on top of that, I collect valuable points.

6. This is very important. I use the cards only to take advantage of savings. I’ll not buy anything unnecessary with my cards. I pay my credit card bills promptly and fully. Otherwise, the interest charged will be more than my savings.