Escaping credit card debt and finding the best cards

I graduated college in 1999, went to work, and started investing in the stock market. As the market went down I kept thinking wow I bought Sun Microsystems for $70/share and now their down to (insert sickeningly low number here) I need to buy more stock. I invested so much money in stocks that I ran up some credit card debt. What saved me was 0% introductory interest rates. Apply for a new card, get the low balance transfer rate, repeat. It’s the same advice I found in this article on paying back credit cards. It’s not ideal, but it’s better than paying 19% a year.

Luckily I’ve recovered from my investing stupidity and am now a responsible adult. However, I still purchase as much as I can on credit. I just make sure I can pay it back immediately. The same Credit cards & loans site that published the article I linked to above has lists of reward cards. To me it just doesn’t make sense to pay cash when you pay the same price for credit and get rewards.

I have a friend who used an auto rewards card for years and when he cashed in got $5,000 more off a new car. Had he used cash, he would basically have spent an extra 5 grand. On the page I’m linking to they have Subaru and various gas reward cards.

They also have my personal favorite, travel rewards cards. In Korea I use a card that gets me miles with Korean Air and I’ve taken several domestic flights with these miles, saving me a few hundred bucks. In America, I use a card that gets me points towards cruises (free or upgraded cabins).

This site also has a section on loans, tools like mortgage calculators, and more good articles. I think it’s worth checking out.

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