Top 10 Credit Card Hacks to save you 67% of your fees

The Wealth Whisperer Wave is celebrating a decade of smarter spending and we've curated an indispensable list of credit card hacks designed to maximize your financial benefits. Whether you're a working mom, a retiree, a young professional, or a student, these tips aim to resonate deeply by showing real savings and the profound impact of wise credit card use.

Check Your Eligibility First

Before you even think about applying for a new credit card, make it a point to check your eligibility. Many credit card applications result in a hard inquiry on your credit report, which can ding your credit score if you're not accepted.

Avoid unnecessary credit inquiries that can lower your credit score.

Using eligibility checkers on comparison sites can give you a percentage likelihood of approval before you officially apply, preserving your credit score from unnecessary hard pulls.

A hard inquiry might reduce your credit score by five points. However, using eligibility calculators on sites like Experian or Credit Karma can prevent these dips.

Who benefitted from using eligibility calculators?

Bob, who was eyeing a premium travel card. Instead of directly applying, he used an online tool that showed only a 20% approval chance based on his profile. He opted for a different card with a 75% likelihood, applied, and was approved, avoiding a needless hit to his credit score.

John checked his score on a comparison site and discovered he only had a 30% chance of approval for a Chase card, so he opted for a Capital One card where his approval odds were 75%, securing a line of credit without harming his credit score.

Leverage Cashback Sites

Enhance the value of any credit card application by using cashback sites. These platforms offer you additional rewards for applications you were going to make anyway.

Maximize initial sign-up incentives through cashback portals with sites like Quidco and TopCashback who partner with major card issuers to offer you cashback on successful applications—sometimes in the hundreds of dollars.

Who leverages on cashback sites ?

Sarah, for instance, used a cashback site link to apply for her new credit card and received an extra $150 back on top of the card's own $200 welcome bonus, effectively earning $350 just for signing up through a smarter channel.

Jennifer earned an additional $100 cashback by applying for her Barclaycard through a cashback site, on top of the card’s own $200 sign-up bonus.

On average, users can earn up to an additional $50 to $100 cashback by applying through sites like Quidco or TopCashback.

Multiple Welcome Offers

Smartly timing your credit card applications can allow you to take advantage of multiple welcome bonuses over time, a strategy particularly effective for those who can manage several lines of credit responsibly.

Strategically apply to maximize welcome bonuses across various cards because Credit card issuers often have policies about eligibility periods for welcome offers. Understanding these rules can allow you to reapply for cards and receive welcome bonuses more than once.

Look at how Mark and Dave made $$ just cycling through their card.

Mark cancelled his rewards card after earning a substantial welcome bonus and waited the required 24 months before reapplying. By reapplying, he received the welcome offer again, doubling his benefits from the same card issuer.

Dave cycled through three cards in 18 months, netting $1,200 in bonuses by carefully following each card’s eligibility period.

Welcome offers can range from $150 to $500 in value. By spacing applications appropriately, one can earn $1,000+ in a year just from sign-up bonuses.

Add Supplementary Cards

Adding family members as authorized users on your account can accelerate reward accumulation without increasing your spending.

Increase rewards accumulation without additional spending. Supplementary cards often come with full earning potential, meaning purchases made by authorized users earn rewards at the same rate as the primary cardholder.

Emily and Lisa added their family members and their reward earning skyrocket without them spending extra

Emily added her partner as an authorized user, and their combined everyday spending helped them quickly reach the spending threshold for a major bonus, essentially earning free travel points on routine purchases like groceries and gas.

Lisa added her husband as a supplementary user, and their combined spending helped her reach the $4,000 spend threshold for a bonus 50,000 airline miles, enough for two round-trip tickets.

Adding a family member can increase reward earnings by 25-50%, depending on spending habits.

The Section 75 £1 Rule

This little-known credit card feature can provide powerful consumer protection with minimal spending.

Section 75 protects your purchases over £100 and up to £30,000, but you only need to charge a part of the purchase (as little as £1) on your credit card to qualify for protection.

Wise Emily and Tom, both of whom did not lose money when the retailer went bankrupt

After paying £1 on her credit card towards a new laptop and the rest in cash, Emily was able to claim back the full price of £1,200 when the retailer went bankrupt.

Tom bought a new kitchen appliance costing £800 and paid just £1 with his credit card. When the company failed to deliver, he was able to claim the entire amount through his credit card company under Section 75, ensuring he didn’t lose out financially.

This law protects purchases of £100 to £30,000, but only £1 needs to be on the card to trigger protection.

Stack Your Rewards

Maximizing the value of every purchase by stacking discounts, cashback offers, and credit card rewards can significantly amplify your earnings. Combine different reward strategies for maximum return.

Triple the reward on the same purchase or average a 5% cashback?

Jennifer frequently shops at a particular retailer and uses a combination of her loyalty card, a cashback app, and her rewards credit card, effectively tripling her rewards on the same purchase.

Michael uses his reward credit card in conjunction with a retailer loyalty program and cashback apps, averaging an effective cashback rate of 5% on his purchases.

Engage multiple reward strategies simultaneously, such as linking your credit card with loyalty programs and using cashback portals for online purchases.

Effective stacking can enhance typical credit card rewards by 2-3%.

Get Stoozing

This savvy financial maneuver involves using 0% interest credit card offers to free up cash that can be invested elsewhere for a profit.

Stoozing is ideal when you can secure a 0% introductory rate on purchases or balance transfers and have the discipline to invest this free money in high-return savings accounts. You basically use 0% money transfer cards to earn interest on borrowed money.

Netting profits without any risk

Kevin took advantage of a 0% interest offer on a new credit card, transferred $5,000 to his high-yield savings account earning 5% interest over the year, and paid off the balance before the interest-free period ended, netting a clean profit minus any transfer fees.

Jenna transferred $5,000 to a high-yield account at 5% interest over 12 months, earning $250 minus a $150 transfer fee, netting $100 profit without risk.

With interest rates around 5% in high-yield savings accounts, and typical transfer fees at 3%, the net gain can be 2% free money.

Set Up Payment Pots

Creating dedicated bank accounts or "pots" to manage your credit card payments can help ensure you never miss a payment and always have funds allocated for your spending. Manage spending and repayments efficiently through dedicated banking features. Properly managed funds can prevent average late fees of $30 and interest charges.

Modern digital banks like Monzo and Starling offer features that allow you to segment your money into pots for different purposes, one of which can be to cover your credit card bills.

Lucy sets aside a portion of her paycheck into a dedicated pot that automatically clears her credit card balance each month. This ensures she never incurs interest or late fees and always maintains a healthy credit score.

Using a dedicated pot, Tom ensures he always has enough to cover his monthly bill in full, avoiding about $360 yearly in potential interest and fees.

Use banks like Starling or Monzo to create pots for managing your credit card bills. It’s like giving every dollar a job and keeping those jobs well organized.

Negotiate Before Cancelling

Before you cancel a credit card, especially one with a fee, call the issuer to see if they can offer you a retention bonus or fee waiver.

Credit card companies often have unpublished offers available for customers who call to cancel their cards. These can include waiving the annual fee for a year or offering bonus points to stay. Leverage potential cancellations for better terms or rewards.

Do not pay annual fees and even get reward points.

When Mike called to cancel his travel card due to its high annual fee, the customer service agent offered to waive the fee for one year, effectively keeping the card and its benefits cost-free for another year.

By calling to cancel, Jenny was offered a waiver of her $95 annual fee and an additional 10,000 reward points to retain her card.

Retention offers can range from bonus points to fee waivers, typically worth $50 to $500 annually.

Preserve Your Oldest Credit Line

Maintaining your oldest credit card can have significant benefits for your credit history, impacting your credit score positively.

The length of your credit history contributes significantly to your credit score. Older credit accounts add to your credit depth, making you more attractive to lenders.

Anna considered closing her oldest credit card, which she no longer used. Realizing it would shorten her credit history and potentially lower her credit score, she opted to keep it open and use it occasionally to ensure it remained active.

Conclusion 

Unlock Your Financial Powerhouse with These Essential Credit Card Hacks! 🚀 Don't just spend—spend smart and watch your savings soar. These strategies aren't just tips; they're your financial game changers. Avoid fees, amplify rewards, and secure your economic freedom. Why settle for ordinary when your credit cards can unlock extraordinary financial opportunities? Act now, transform your credit savvy into substantial gains, and take control of your financial destiny!

🚀 Limited Time Offer: Subscribe Now and Get Your Free Investment Guide Plus Exclusive Market Insights! 🚀

Are you ready to supercharge your financial growth? 🌟

Subscribe to our newsletter today and not only will you receive our FREE exclusive guide, "2024 Ultimate 10 Secrets of Stock Market Checklist," you'll also get thrice-weekly updates on top-performing stocks, critical economic trends, and real-time gold and silver prices.

All this delivered straight to your inbox in an easy-to-read forma