Released: July 29, 2007

Credit cards don’t have to ring up debt

Source: Humberto Cruz, Tribune Media Services (Free Registration)

Lack of financial discipline carries a stiff price. I’m reminded every time I open my wallet to use one of my two friends there. My friends are my two no-fee, cash-back-rewards credit cards, the only two cards I have or need.

By using the appropriate card for each purchase (each gives higher rewards with certain merchants, such as grocery stores or gas stations), I put hundreds of dollars back in my pocket each year, $247 so far in 2007.

Compared with buying things with cash or paying by check, I also earn extra interest on my money from the time of purchase until the bill comes due.

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