I have often spent hours on the internet trying to find legitimate, no strings attached free money that doesn’t require signing up all of your friends for Amway presentations. As you would guess it’s like to trying to find anything good to watch on tv on Monday night.
Here are two ways I have found that you can make free money from your credit cards.
These only work if you have strong self-control (I could never do this) and pay the bill off each month or during the allotted time period.
Lots of cards offer cash back rewards. Discover card offers up to 5% cash back and they don’t have an annual fee. If you put everything you spent in a month on your card and paid it back before the cycle ended you would see a pretty penny at the end of the year.
Another way to make money from your credit cards is use the 0% apr checks you get in the mail. Typically the 0% apr is only good for 6 – 12 months. So double-check the time and make a note on your calendar. Write a check made out to you and make a deposit into an interest bearing account (CD or online savings account – don’t even think about throwing it into your bank savings account as .01% interest is not enough to do this). You need to make certain that there are no fees you have to pay when doing a balance transfer and that writing a check to yourself is considered a balance transfer (you don’t want to be dinged and be charged for a cash withdrawal).
Here’s a calculator that will give you idea of how much you can make. It’s not a great deal of money but it’s free money.