Credit Card Points? Meh

 

A wise man once said "nobody ever became rich because of credit card points or airline miles."


Before you make me walk over hot coals, remember it's financefriday, so let me explain.

When you know how to use credit wisely, then benefitting from points, cash back, or miles is great. Hey, why not?

But if you do, you're not the target demographic. Credit card companies gladly give you the benefits because they're dangling their bait for far bigger fish.

That's because a large percentage of the U.S. population with credit cards don't know how to use them wisely.

Basically, as a nation, we are in debt up to our eyeballs. How deep?

According to the Federal Reserve, in Q1 of 2024, credit card debt crossed $1.12 Trillion dollars. TRILLION.

Credit card companies know this. And so they prey on the vast majority of Americans who don't know how to utilize credit cards wisely.

They sucker you in with perks and points and miles and hope you'll take them up on it.

"Hey, you deserve a trip to Cancun. Just put it on this shiny new credit card. We'll give you 1% on everything you buy."

When you get back, you're more broke than when you left, with yet another maxed out credit card to your name.

Once you're done sorting through their fine print calculations, you'll end up getting a free gallon of milk for all your troubles.

Consumer debt is a prison.

There are financial advisors your colleagues, friends and family can point you to who've helped them.

Definitely check the reviews online first, and search by "most recent." Sometimes the bad companies pad those top reviews with fake good ratings.

Let the good advisors help get you out of that debt prison. You deserve to be free.

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