‘What’s the point of good credit if you aren’t going to use it…’: I have been able to make large purchases without dipping into savings. How can you leverage 0% APR credit cards like a pro?

Hi Money Minder,

So, I’m all about getting that free money flow! I’ve been rocking those 0% APR credit cards since high school and now that I’m in my 30s, I’m still at it. I’ve been opening 2-3 cards a year, especially when I have big expenses coming up. It helps me build credit, save money, and get those sweet cash back and bonus rewards without dipping into my savings.

It’s funny how when I tell my friends and fam about this, their minds are blown like it’s some new secret. Am I just crazy smart or what?

My credit score is pretty solid, ranging from 760-800+. And you know what? Getting new cards hasn’t really affected it that much, despite what people worry about.

Like, what’s the point of having good credit if you’re not gonna take advantage of it, am I right?

Cheers,

Response from THE MONEY MINDER:

Hello There,

You have definitely found a strategic way to leverage credit cards to your advantage, and it’s great to hear that you have been able to maintain a solid credit score while reaping the benefits of 0% APR and cash back rewards. Your approach of using credit cards for large purchases without dipping into your savings is indeed a smart move that many people may not have considered.

Maintaining a credit score between 760-800+ is excellent and shows that you are handling your credit responsibly. The frequency of credit checks for new cards should not significantly impact your credit score, especially if you are making timely payments and managing your credit accounts effectively.

It’s true that having good credit is valuable, and utilizing it wisely can open up opportunities for better financial options in the future. However, it’s essential to continue monitoring your spending and ensure that you are not accumulating debt that you cannot pay off once the promotional 0% APR period ends. Being diligent in managing your credit cards and staying on top of payments will help you continue to benefit from these financial tools without falling into debt traps.

Remember to always weigh the benefits of using credit cards against the potential risks and make informed decisions based on your financial goals and capabilities. Keep up the good work in maintaining a strong credit profile while utilizing credit cards to your advantage.

Farewell from THE MONEY MINDER.