How to use credit card rewards to beat inflation this spring - 3

Never pay interest on a credit card. Last but not least, you should be aware that the best approach to combat inflation is to avoid paying the increased interest rates that are currently levied on everything.

This covers interest rates on credit cards and other loan types as well. If possible, try to steer clear of borrowing money, and if you must, pay more than the required minimum on any loans you have.

For the time being, you should only use credit cards to earn rewards if you have the self-control and financial means to pay your credit card debt in full each month.

It doesn't make sense to try to earn an average of 1% to 3% back in rewards while paying interest each month, considering that the average credit card interest rate is currently hovering around 20.05 percent.

Furthermore be aware that if you transfer your credit card debt to a new balance transfer credit card, you can stop paying exorbitant interest rates for up to 21 months if you currently have credit card debt.

Although there will be an upfront balance transfer fee, depending on how much debt you have and the current interest rate, you might be able to save hundreds or even thousands of dollars in interest payments.

The conclusion Gaining ground has become more challenging as a result of rising costs, but a credit card can be an effective instrument for obtaining discounts or freebies. Please keep in mind that paying credit card interest will nearly always negate the advantages of using a credit card.
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