The competition for your business continues to lead to all-time bests for credit card rewards and offers:
Bottom Line: Add this to your end of year financial checklists. Evaluating your credit cards and spending habits. It potentially could save you thousands next year...
The combination of the strongest economy in twelve years, lowest unemployment rates in 17 years and best wage growth in ten has produced low default rates on credit cards and rabid competition for your business among the credit card companies. All throughout the year record benefits were being offered up and shelled out. This has included multiple credit cards offering 2% cash back, record airline miles and previously unheard of 0% interest offers for extended periods of time. I want to pick up on that point.
The average household is carrying $16,000 in credit card balances right now. The average interest rate for credit cards is just over 15%. That's $2,400 of interest expense down the drain if you don't pay it off. Or you could opt not to pay any interest on that debt. There are currently at least ten (that's how many I found) offering introductory offers of 0% interest for 12 to 18 months (based on the card). That's an easy way for the average household to literally save thousands.
If you aren't carrying any credit card balances, what do your rewards programs look like? Even the best rewards of two years ago 1%-1.5% cash back, etc. don't stack up to the powerful offering of today - like the aforementioned 2% cash back offers. If you charge what you can and take advantage of rewards, like cash back, you can easily obtain hundreds of dollars in additional cash back for your existing habits. Add in the tax cuts which will save the average Floridian $1,780 next year and you're already set for a huge bump to your bottom line without even accounting for any raises or bonuses.
Here's a link for 0% offers: http://bit.ly/2BRMOsK
Here's a link for cash back offers: https://nerd.me/2jfxCwp