More than 190 million Americans have credit cards, and it’s safe to say many of these cards aren’t maximized to their fullest potential. Whether you have a card to earn cash back, travel rewards, or are using one to
However, the core tenet of maximizing your credit card is to spend within your means, and pay off the balance in full each month to avoid paying credit card interest.
For this example, we’ll focus on the amount owed and amount of credit used portion. Let’s say your credit card has a credit limit of $5,000 and your regular balance is around $2,000. That means you’re using 40% of your credit allotted, which can be detrimental to your score. It’s recommended to avoid using over 30% of your allotted credit line..
As more Americans have become cautious of travel hiccups and health-related issues, the travel insurance industry has seen a large spike in customers.
However, by switching your main credit card to one that better complements your largest spending category, you can drastically make a difference in the amount of rewards you earn.
In fact, many card issuers will divide up your spending based on category for you to show you where you regularly spend. From there, you may be able to replace one card for another to increase the amount of rewards your earn.
