Can you save money by having a credit card?

For the most part, NO, you won't save money. You REALLY have to read and thoroughly understand the card agreement and the rewards program. These programs are designed to make money for the card issuer.

You already mention no annual fee. That's a good point. Annual fees just eat up any cash back rewards you earned.

But also, some cards give you a %age of cash back on the interest you paid, not a %age of the money you spend. If you pay your card off every month, you pay no interest, so you get no cash back. If you carried a balance, then you'd just be getting a tiny, tiny bit of your interest back.

Many purchases don't qualify for cash back rewards - cash advances, spending at casinos for gambling, balance transfers, utility bill payments, etc. Only when you buy "things" do you earn rewards. Some don't even give you rewards points for these big warehouse stores (like Sam's Club, Costco).

Some cards advertise a large reward (say 5%) but the small print may say on purchase over $40,000 in a year. Almost impossible for a personal card - it's geared more toward businesses.

One card won't give you the rundown on the rewards program unless you sign up and get the card.

If you're late with a payment regardless of whose fault it is, you lose your points earned for that month.

Rewards programs are designed to get card holders to spend more than they can afford, and it happens quite frequently.

Not all of the above are true, you just have to read and understand all of the paperwork.

If you buy anything from overseas then you'll have a fee added to the purchase, though. We found that out when we ordered some software online. It was an added transaction fee.

Given that you get so little back, it's not going to help you save much. The points don't really add up to that much. If you have under $200 in purchases you're looking at way less than $2 back, if that. But building credit is important. And having one for emergencies always helps.

Discover has one with a good cashback bonus program. You can always get 5% cashback on SOMETHING. They run different deals throughout the year. Sometimes your 5% will be on gas and hotels. Other times it might be restaurants and movies or it could be on groceries. What doesn't fall under the 5% offer, will earn up to 1% (after you meet a certain amount). They sometimes even have online specials where you can earn up to 20%. It IS cashback on what you SPEND. My daughter has their card and uses cashback bonuses on a regular basis, even though she pays in full each month (as you should).

She loves her Discover card and I can't recommend it highly enough. One of the best things is their wonderful 24/7 customer service. If you're interested in their card, you can use her referral link here: https://www.discovercard.com/cardmembersvcs/acqs/a... and you'll get $50 cashback bonus when you make your first purchase. Plus,as I said, you get cashback bonuses for everything that you purchase.

The link that comes up with show that it's for a student card. However; if you're not a full time college student, as soon as you list something other than that, it will change to a regular application. The benefits remain the same.

There's no annual fee and the APR (annual percentage rate) is fairly good. It ranges from 12.99 to 19.99%. But, it really doesn't matter how much the APR is if you pay your balance in full each month. As long as you pay in full, you'll never pay interest.

If you don't already have a savings account set up, I would do that before applying. Not only is it smart to have one (not just checking), but it's more likely to get you approved for a credit card.

If you use a credit card wisely, it can be a great tool. But, you can also ruin your credit, so whichever card you end up getting, just be certain to use it the right way. Use it for convenience (paying at the pump, making reservations online, etc.) and to build credit. Don't use it to buy something that you can't afford.

Use it at least once a month for something that you need to buy anyway (gas, food, etc.). Set that money aside immediately so that you have the full amount when the statement arrives.

Pay in full, but don't pay before the statement prints. If you pay before your cycle closes, then “zero” is going to be reported to the credit bureau as your usage, which won't help your credit score at all. Keep your utilization at, or below, 30% of your available credit to develop the best credit score. In other words, if you have a $500 limit on your card, you shouldn't have more than $150 in use when your cycle closes.

Just don't let temptation to get to you!! It's too easy to spend money that you don't have. Be smart, and a credit card can be a wonderful tool, both to help build credit and for convenience.

ADDITIONAL NOTE: Sometimes the Discover link that I gave doesn't open correctly in Firefox. If it doesn't say anything about the $50 bonus, then try opening in a different browser. The link that first opens should be for a student card. However; if a non-student wants to get this same deal, it will convert to regular as soon as you list something other than “student”. Just make sure that you're seeing the reference to getting your $50 bonus.

In theory one can save some money that way. The thing to keep in mind is that if you ever miss a payment or end up having to pay interest the card would cost money vs saving money because the interest charged is going to be a lot higher than the interest earned.

Also a lot of people who get rewards on cards tend to spend more money because they start trying to earn rewards and lose sight of the goal of trying to save money.

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