How to Easily Make 14% Return on Your Money
According to Index Credit Cards, below are the average interest rates for credit cards:
- Consumer credit cards: 14.17%
- Non-reward consumer credit cards: 12.80%
- Reward credit cards: 14.76%
- Student credit cards: 14.15%
- Business credit cards (non-reward): 11.77%
- Business reward credit cards: 12.84%
Many of us aren’t happy with what banks are currently paying us in our savings account. However, if you carry a credit card balance you will get a nice return on your money if you simply pay off the credit card balance 100%. Think about it; your bank is paying you 0.05% interest on your savings account, but you pay your credit card company 14% interest. What’s wrong with that picture?
If you have investments in stocks, bonds, mutual funds, etc. and still have a credit card balance, unless your investments are paying you more than the interest charged by your credit card, you need to liquidate your investments and pay off the credit card balance ASAP, thus getting you 14% return on your money!
Other Interesting Posts
|
Join |
|
& get new posts delivered to your in-box! | ||||||
|
||||||||
