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Credit Card Rewards Definition: Pros and Cons

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My definition of credit card rewards: they can be pretty awesome. When you use your cards to buy big-ticket items or for everyday purchases, you can rack up a hefty amount of reward points and tap into other perks as well.

Though, there’s a right way and a wrong way to use credit card rewards. If you’re not careful, it could end up costing you more in the end.

That got me thinking: Are credit card rewards good, or is there a downside?

There are plenty of people in this world who think credit cards are pure evil. Most of the time, it’s people who got themselves into a heap of debt using credit cards who feel this way.

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How to Redeem Chase Ultimate Rewards the Easy Way

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I’m a Chase credit card guy, there’s no hiding it. The Chase Sapphire Reserve is one of the best premium credit cards out there right now, and I love to redeem Chase Ultimate Rewards points for free flights and hotels.

Just this past month I got a free flight from Chicago to Phoenix, a hotel for 5 nights in Arizona, and two flights back to Chicago for 74,534 points. Here’s how it broke out:

  • 35,540 points – 5 nights and 6 days in a 3 star hotel in Arizona
  • 9,887 points – 1 American one-way flight to Arizona from Chicago
  • 29,107 points – 2 American one-way flights to Chicago from Arizona

Now, some of you Chase Ultimate Rewards connoisseurs may be scoffing at me for not booking a first-class flight to Singapore – which is without a doubt the best value for your points. Some might even say the above point redemptions I made weren’t a good deal because I didn’t efficiently transfer points to the right travel partner!

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Advantages of Credit Cards and Why You Need One

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When used responsibly, the advantages of credit cards are nearly endless. In fact, credit cards are actually one of my favorite personal finance topics to talk about because of all the great benefits they offer.

Credit cards are one of those things that get a bad reputation because of the horror stories you hear about consumers racking up insurmountable amounts of credit card debt. Don’t get me wrong, those horror stories are real and scary, but it’s also fairly easy to avoid getting caught in a bad situation.

When you use a credit card the right way, you can take advantage of all the perks and rewards that they offer.

Using it the right way really just means paying it back on time and in full every month. You’ll hear me say that a few times, because, well, it’s just that important.

Before diving in, we’ll level set on what defines a credit card. If you’re already an expert, go ahead and skip to the next section.

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The Powerful Benefits of a Good Credit Score

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There are a few finance tips that matter much more than others when it comes to helping you live a stress-free life. Starting to invest in index funds early, using the right credit card, and attaining a good credit score are three of those tips. Today, we’re focusing on the benefits of attaining a good credit score.

People with strong credit ratings get access to better financial opportunities throughout their lifetime. For example, they can access low-interest loans and high-rewards credit cards more easily. These perks have the ability to save thousands of dollars (if not more) over your lifetime.

In general, a good credit score comes in handy whenever you are looking to borrow money. And borrowing money is not always a bad idea. Actually, in some cases, it can be a very good idea.

Though, you should always use borrowed money carefully. Borrowing for short-term wants is usually unwise, while borrowing for a mortgage or car loan is typically necessary.

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Is The Apple Card Worth It?

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The Apple Card came out back in August of this year, and ever since then, I’ve been wondering to myself, “is it worth it?”

Apple is one of the most innovative companies in the world. Obviously, the bar was set pretty high.

From music to cell phones to computers, there is no shortage of industries that Apple has been able to disrupt. So are credit cards the next horizon for Apple to enter, innovate in, and totally change the game?

The short answer: no.

Unfortunately, it seems like the Apple Card came up short in a lot of categories and as a result, is not worth it. We’ve got the details below.

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