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business Wednesday 8 June 2022
Millennial Money: Curb inflation with 5 credit card perks

In this March 5, 2012, file photo, consumer credit cards are posed in North Andover, Mass. Associated Press

By MELISSA LAMBARENA of costs. It allows you to trans- ing cardholders. falls short on rewards for family cell phone plan —
NerdWallet fer high-interest debt from frequent spending cat- the savings from his credit
As prices on goods and another issuer and pay it 2. BUY NOW, PAY LATER OP- egories like gas, dining out card's cell phone protec-
services continue to rise off at a lower interest rate TIONS or groceries, consider one tion benefit add up. If he
because of inflation, scal- — ideally at a 0% APR for a Some major issuers have that better aligns with your were paying his cell phone
ing back expenses isn't the period of time."There is go- built-in "buy now, pay lat- spending. provider for protection,
only way to free up cash to ing to be a (balance trans- er" options on their credit it could cost $14 or more
cover essentials. fer) fee, so you have to cards that let you pay off 4. MERCHANT-SPECIFIC DIS- per device monthly. Cell
Credit cards can feature shop around a lot of times," eligible purchases in install- COUNTS phone repairs could also
valuable perks for new ap- says Melissa Cox, a certi- ments for a fixed fee or in- Some major credit card be pricey. When his sister
plicants, whether your goal fied financial planner and terest rate. issuers offer discounts or dropped her phone and
is to pay off debt or save on advisor at Fetterman In- The predictability of these rebates when you use a broke it, he filed a claim us-
costs. Even if you already vestments, a Dallas-based types of payments can credit card to shop with ing the benefit on his card,
have a card, you may be financial planning firm. make it easier to budget specific merchants in cat- paid the deductible and
sitting on targeted offers, Aim for a fee of 3% of the for them, and such plans egories like everyday pur- got reimbursed.
rewards or benefits that transferred balance or could save you money if chases, gifts and travel. "They just gave me a state-
could make a difference. lower. Compare that fee their fee or interest rate is These one-time offers may ment credit for the estimat-
Here are some ways to with the cost of long-term cheaper than your card's be found in your account ed cost of the phone," says
maximize value from a interest payments on your normal APR. The plans don't or email, and you normally Florida, who's also a con-
credit card. current card to determine require a credit check, and have to "activate" them or tent creator of the YouTube
which option saves more you can generally still earn add them to your card. channel Thrifty Tony. "It was
1. INTRODUCTORY OFFERS money. If the balance rewards on purchases if the You'll snag more value if like over $500 that they re-
If you've got good credit (a transfer makes sense, make card offers them. the eligible credit card also imbursed us for."
FICO score of 690 or higher) a plan for it. earns rewards on the pur- The claims process is a bit
and a big expense com- "If you know that the trans- 3. REWARDS ON PURCHASES chase. clunky, according to Flori-
ing up, consider financing it fer is going to be six months A credit card that offers a da, but he says it's still worth
with a credit card that of- before the interest starts rewards rate of 2% back 5. BENEFITS it since you're not paying
fers a 0% intro annual per- kicking in, you want to have on all purchases — or 3% or Money-saving benefits like extra money for this ben-
centage rate on purchases a plan to get as much of more back in specific cat- cell phone insurance may efit.
and a sign-up bonus. As that debt paid off in that six egories — can help lessen be sitting in your wallet. You If your card lacks this perk,
long as you pay off the bal- months," Cox says. the pain of rising prices. can get coverage for dam- it may have others. For in-
ance, you'll save on inter- You can typically find pro- For instance, let's say you aged or stolen devices up stance, you might have
est charges and potentially motional periods for bal- spend $500 a month at the to a maximum amount price protection, which re-
recoup some of the cost of ance transfers that run supermarket. A credit card when you use cards with funds the difference in price
the purchase with that bo- under two years. And you that earns 5% back on gro- this benefit to pay the of an item found advertised
nus. may not need to apply for ceries could net you $25 monthly bill. There's typical- at a lower price elsewhere.
If you have good credit a new credit card to get back in rewards each bill- ly a small deductible, and To find out which benefits
but want to pay off exist- such a deal; some card is- ing cycle. Over the course terms usually apply. your credit card offers,
ing debt, a balance trans- suers provide targeted bal- of a year, that adds up. For Tony Florida — the pri- contact the issuer or log in
fer credit card may lower ance transfer offers to exist- If your current credit card mary account holder of his to your account.q