How to make money on a credit card

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Credit cards are issued not only by those who need cash to buy a third TV, but also by people who want to get additional income. Especially for Lifehacker, the service of choosing the services of banks and insurance companies "Sravn.ru" described a simple scheme with which you can earn extra up to 30,000 rubles a year.

How to prevent the bank from making money on your credit card

Banks make money on their credit card customers, on average, five times. The first time is when they issue a card and charge for its service from 1 to 3 thousand rubles per year. The second time - when a client withdraws cash from a credit card through an ATM, a commission of 300-500 rubles is charged. The third is when the borrower uses money for a long time and pays interest on the loan. The fourth is the monthly payment for SMS notifications about the movement of funds in the account. And the fifth time - if the cardholder misses the mandatory monthly payments and he is charged fines for this.

At the same time, the bank's client has two loopholes and one big bonus:

1. Use a bank loan for free during the grace period (55 days on average).

2. Minimize service costs: for example, find a card with a low service fee (in some cases it is free), as well as disable SMS-informing.

Bonus - use a credit card with cashback or a link to a loyalty program.

The bank's money can be used free of charge during the grace period, if you do not miss the monthly payment (5-10% of the amount owed).

Income scheme

A credit card is a daily spending tool. For example, to buy food, clothing, equipment, fuel for a car, various tickets and other things that can be paid by card.

To receive income, you will need to additionally issue a debit card with the option of calculating interest on the balance or deposit with the possibility of replenishment or partial withdrawal of funds without loss of interest. The profitability of good debit cards is 8-10% per annum. You can earn on deposits 10-12, 75% per annum.

Never withdraw cash from credit cards - there is a large commission for this.

Each time you receive a salary, you need to leave 3-5 thousand rubles, which are necessary for current spending in those places where cards are not accepted. The rest must be deposited in a debit card account or deposit. Current payments are made by credit card. At the end of the month, the credit on the card is repaid with funds from the next salary, from the card where the money brought income, or from the deposit account. If everything is done correctly, then for a year under this scheme you can earn from 1,236 to 20,928 rubles.

The card is not simple, but gold

Now let's consider the options when the credit card additionally brings income. Customers are offered a choice of cards with cashback accrual for purchases (1-2% of all payments and 5-10% in certain categories) and credit cards with accrual of points, which can be spent on air and train tickets, as well as on purchases in certain stores …

Suppose that a card has been issued with a cashback accrued in the amount of 1% of daily purchases, on which 50% of salary is spent. Then, even with a salary of 15,000 rubles, 900 rubles will be returned in a year. If you earn 100,000 rubles a month, the additional income will reach 6,000 rubles.

Thus, the total income from the use of two cards or a deposit will be from 2,136 to 32,928 rubles per year. This does not include the accumulated miles for the purchase of airline tickets or additional points that can be spent in certain stores.

Advice

1. You can find cards with free service, cashback, miles and other bonuses using the credit and debit card calculator. It is easy to find a profitable deposit using the deposit calculator.

2. Instead of SMS-informing, use Internet banking or mobile bank to control your account.

3. Never withdraw cash from a credit card - there is a large commission for this.

4. The higher the status of the card, the more profitability, cashback or interest on the balance on it. Weigh your benefits against the cost of the service. Look for such options when you need to pay a minimum amount for bank services.

5. Open a replenishing deposit with a high rate, so that the unused funds during the month can be transferred to the deposit with the highest yield. At the same time, do not place more than 1.4 million rubles in one bank - this amount is protected by the deposit insurance system.