Can you make money with a credit card? Yes, it is possible to make money by having a credit card.
In this article, we will walk you through ways you can use to make money with a credit card.
1. Referral And Signup Bonus
Credit issuers give bonuses to new credit card subscribers. Bonuses vary from one lender to another. If you get the Blue Cash Preferred Card from American Express, for example, you can receive an intro offer of $250.
When you get a new credit card, look for the one that meets your goal but also comes with a huge signup bonus.
Learn in detail how you can choose your first credit card.
If you don’t need another credit card, you can still make money from your friends when they apply for credit cards.
You can earn a commission when you refer someone for credit cards. The person you referred must be approved for you to receive the bonus. The bonus provided by the lender is sometimes split in half between you and the person you referred for the card.
Furthermore, the referral bonus can change over time. For this reason, you will need to work with your lender to see if you are qualified for referral bonuses and how much you will be receiving.
2. Make money from cashback credit cards
Credit card companies do offer a lot of incentives to user for taking certain cards.
If you want a credit card for shopping, your lender will pay you to shop.
That is you will get money back in a form of cashback on certain purchases. The following are the most common purchases that receive cash backs.
- Grocery shopping
- Gas
- Restaurants
- Retail shopping
- Earn money for getting a good GPA. This one is for students. For example, the DISCOVER IT® STUDENT CASHBACK CREDIT CARD can earn you a $20 statement credit when your GPA is at least 3.0 at the end of the year.
3. Credit Card Discounts
Certain credit cards come with discounts. I am talking about store credit cards. Although these credit cards are not the best you can have, stores will give you discounts by having their credit cards.
In other words, you will be saving money when you buy their products using their credit cards.
For example, Lowe’s Store Card can save you 20% off (up to $100). After this discount, you can save 5% off every day and the card comes with special financing.
4. Earn money through miles points
For those who travel a lot, there is a way you can save a ton of money on your airline tickets and related expenses.
Travel credit cards will compensate you for traveling. Instead of giving you cashback like regular credit cards, the issuer will give you travel points a.k.a mile points.
The points you earn will vary from one lender to another and the type of card you have. In addition, terms and conditions regarding these points will be different.
You can redeem your points through airline tickets purchases. Some credit card issuers may allow you to redeem your points as regular cashback. However, they will have more value only by using them for travel-related purposes, according to ValuePenguin.
5. Get paid for shopping online
Apparently there are online stores that pay you when you shop online. The competition pushed companies on the edge to a level where they are willing to pay people for shop online. By doing so, they make sure that they are dominating both in-store and online.
Other companies found a way to make money by bringing customers to other businesses.
A good example of these companies is Ibotta. This company partners with thousands of stores that range from clothing, groceries, electronics, etc. When you shop your favorite products through Ibotta, you receive cashback rewards.
