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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Saturday, June 03, 2006

Credit Cards

Many people now have credit cards that give them airline miles to fly for free. There are a few problems with this:

  1. The airlines are in trouble and might go bankrupt: there you lose your miles
  2. It takes a while for frequent flyer miles to accrue
  3. Once you have accrued enough frequent flyer miles it is often difficult to find a flight and often they are not much desired flights (e.g. redeyes)
One way to get some more out of your credit card is to get one that offers cash back for purchases. Currently the card that my wife and I use gives you 1% of each dollar spent and 5% back for gas purchases. We charge almost all of our purchases and expenses and that 1% and 5% can add up. Plus, you see the rewards quickly (the month after the current bill you get the cash back). With rising gas prices and charging most everything we do save a significant amount of money over a year.


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