What you need to do to make money with your credit cards

According to data from the Colombian Superintendency of Finance, In 2023, 13.5 million adults, corresponding to 35.3% of the population, had at least one credit product in force. This figure decreased by 0.9 percentage points (pp compared to the previous year)which means that in 2023, about 135,000 fewer adults had loans compared to 2022.

The decrease may be due to the misgivings and fear that some citizens have regarding the use of credit figures, including credit cards. However, Good use leaves profits and eliminates negative numbers in the purchase history.

These are some of the techniques and programs to receive rewards for using your credit card. Some are in cash.

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‘Cashback’

It is an English term that can be translated as ‘money back’. By using your credit card for your everyday purchases, you can accumulate cash back that can be deposited into your bank account. Usually, The cashback you receive will be equal to a percentage of your purchase. The percentage is set by the bank or supplier.

Points and miles

Miles

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Some cards offer points or miles that can be redeemed for travel, products or even cash. The important thing is to check if your card has agreements with airlines or businesses and take advantage of the accumulated points. This will be reflected as savings in the future.

Welcome bonuses

Some products offer bonuses significant if you spend a certain amount of money or limit on your card in the first few months after opening the account.

Low interest balance transfers

Some credit products allow transfer balances from other cards with high interest rates to a low or even 0% promotional rate. This can reduce the interest cost on your debts and save you money in the long run.

Referral Programs

Some banking entities offer rewards for referring friends or family who apply and are approved for a credit card. The important thing is to ask your bank or provider if they have this type of program and how you can access it. You can accumulate miles, points or cash.

Credit cards.

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Another recommendation is to keep an eye out for discounts and different credit cards offered by banks. Many times, the new features are loaded with bonuses, surprises and welcome prizes.

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