Milan's Money Newsletter
Do you like free things? Like a round-trip flight or a free hotel stay? Did you know that this is easily achievable if you use your credit card right? You probably already have a ton of unused points and rewards that are going to waste!
In this edition of Hack Your Money, we delve into the wonders of how credit card points systems work, how you can cut down on banking fees, and how to give your credit score a big boost, fast. All this and more while we supercharge your money, one step at a time!
- Milan
IN THE STOCKS
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*Stock data as of closing on March 15th.
THE MONEY BREAKDOWN
“Credit Card Points Systems”
Credit cards are only useful if you unlock their full potential by making the most of their rewards. These reward systems operate on a simple premise: the more you spend, the more points you earn. Points can be redeemed for a variety of perks, from cashback and statement credits to travel rewards like flights and hotel stays. Some cards even offer bonus points for specific categories like dining, groceries, or travel purchases, allowing you to earn rewards faster.
To maximize the benefits of credit card points, strategic planning is key. Choose a card aligned with your spending habits and lifestyle to maximize your earning potential. Here are my favorite cards for the different aspects of my life:
- For travel, I use the Capital One Venture X Rewards Credit Card that gives you 5x miles per dollar on flights booked through Capital One Travel and 10x miles per dollar on hotels and rental cars booked through Capital One Travel
- For dining out, I use the American Express® Gold Card that gives you 4x Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S (terms apply)
- And for my online purchases, I use the Chase Sapphire Preferred® Card that gets you 3x on dining, select streaming services and online groceries
Then, leverage bonus point offers and promotions to supercharge your rewards. By paying attention to bonus categories, timing your purchases to coincide with special offers, and redeeming points wisely for high-value rewards, you can unlock a world of perks and savings. It's all about playing the points game wisely and reaping the rewards of your financial savvy.
MILAN’S TIP OF THE DAY
Mastering Your Banking Fees
Let's talk about taking charge of your banking game and slashing those pesky fees. First up, knowledge is power. Get familiar with your bank's fee schedule and stay vigilant. From overdraft fees to ATM charges, knowing what you might incur allows you to plan and avoid unnecessary expenses.
Next, embrace the digital age. Online and mobile banking can be your fee-fighting sidekicks. Set up alerts to notify you of low balances, avoid out-of-network ATMs, and opt for electronic statements to dodge paper statement fees. With a little proactive planning and savvy digital banking, you can keep those fees at bay and maximize your financial growth. It's all about staying informed, leveraging technology, and keeping more of your hard-earned cash where it belongs – in your pocket.
Above all else, our biggest banking tip is to open up a high yield savings account to hold your emergency fund. This is how you can make more money on your savings and start building your wealth. Visit milansingh.co/banks for our favorite accounts
OUR FAVORITE TOOLS
If you’re looking to apply for a loan of any sort, there’s a simple way you can save thousands of dollars in interest. Having a good credit score is key to making a good impression with your lender. A high score in the 800s will make lenders trust you more, give you a better deal on your loan, and save you tons of money.
Building your credit score from scratch is a lengthy process but there’s a way you can fix and improve your score in no time. The tool is called Smart Credit and it’s helped so many people I know improve their financial position easily. Learn all about it at milansingh.co/smartcredit
Disclaimer: Milan Singh is part of an affiliate network that includes sites like Bankrate.com for coverage of financial products, including credit cards. Milan Singh and these partner sites may receive a commission from card issuers. All recommendations and opinions are the author's own and the content hasn't been reviewed or endorsed by any other entity within this post. This relationship may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.