In many people’s minds, “credit cards” are synonymous with excessive spending, high interest rates, and mountains of debt. And that kind of usage is exactly what the credit card companies want. The more debt you’re in, the more interest you pay, which is better for their profit margins.

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However, by modifying the way you use credit cards, you can flip this around. With my system, your cards will work for you instead of against you.

Since I began making money with credit cards, I’ve saved thousands of dollars. I flew to Iceland for free, road-tripped the country, and stood under the northern lights (photo above). I flew to South Korea for free and backpacked around Asia. I went to New Zealand for a couple months and earned my flight back. This year, I’ll fly somewhere else and pay money for it (okay, just kidding, I’ll do that for free too). I earn these experiences every single day just by making ordinary purchases. It’s the ultimate passive income.

And the beauty of it all is that rewards like this are available to everyone. All you have to do is learn how to take advantage of them.

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HOW TO MAKE MONEY WITH CREDIT CARDS

Let’s go over how credit cards work, why they’re superior to debit cards and cash, and how to “life hack” the system to make money from credit cards and travel for free. At the end, I’ll give a quick overview of all the cards I currently use and why.

How Credit Cards Work: The Basics

First, let’s cover the actual function of credit cards. The most important thing to understand right off the bat is that a credit limit is not free money in itself, despite the common temptation to treat them that way. If you have a credit limit of $5,000, that doesn’t mean you should go out and spend $5,000 just because you can.

When you use a credit card, you are not personally paying the retailer directly. The credit card company is paying them. You then reimburse the credit card company by paying your statement at the end of the month. Every time you swipe the card, it’s like taking out a short-term loan for the price of the item(s) you’re buying.

So, why would you want to take out these mini-loans all the time? Why use credit instead of paying directly with physical money or having the funds immediately withdrawn from your bank account via debit card?

It’s simple: because credit cards offer benefits that debit cards and cash do not.

Advantages (and Disadvantage) of Credit Cards

Yes, “disadvantage” is singular–we’ll get to that one later! First, here are some of the advantages unique to credit cards.

Enjoy superior financial security. Honestly, this is my top reason for using credit cards. They add an additional layer between a potential thief and your money.

Think about this. If you’re using cash and a thief steals it, it’s gone. The best you can do is file a police report, but good luck getting it back.

If you’re using a debit card and a thief hacks it, they have direct access to the money in your bank account. You may be able to get your money back by dealing with your bank’s fraud department, but it takes time and hassle to recover money that’s already gone. Plus, you might be unable to make payments or purchases in the meantime if the thief emptied your account.

By contrast, if somebody steals or hacks your credit card, they are not stealing your money. They are stealing the credit card company’s money. With credit cards, thieves have no direct access to your bank account, so your funds are not actually compromised.

Always check your credit card statements each month before paying. If you see a purchase on your statement that you didn’t make, simply notify the credit card company. They’ll open their own investigation, remove the charges from your statement, and send you a new card. Instead of having to wait weeks to get your money back, you just make the call and move on with your life.
Improve your credit score. Having a good credit score is essential for many milestones in life. Buying a car? The kind of deal you can get is based on your credit score. Looking to rent an apartment? The landlord will probably check your credit score. When you want to upgrade to buying a home, the type of mortgage you qualify for will depend on (you guessed it) your credit score.

It makes sense that it works this way. When you’re entering into a financial agreement with an individual or company, they want to see that you have a history of paying your bills. That’s exactly what a good credit score demonstrates. If you have a poor score (or no score at all), it’s much riskier on their end to enter into a transaction with you, particularly an expensive one.

Using credit cards regularly and paying them on time is by far the easiest way to build your credit score. Other types of loans (like student loans and car loans) affect your credit as well. Monitor it with a free tool–I use CreditKarma.
Get rewarded for purchases you’d make anyway. Earning free money and travel is the most immediately gratifying benefit of credit cards. More on this in the next section!

Meanwhile, the list of disadvantages is much shorter:

Get charged high-interest fees if you over-spend on the card and don’t pay it off in full every month. That’s it.

Credit cards can be an excellent tool, but the caveat is that you must use them properly. So now that we’ve covered the “what” and the “why,” let’s move on to the “how.”

Making Credit Cards Work For You

There are two parts to making money with credit cards. One, knowing how to use the cards and avoid debt. Two, navigating the world of credit card rewards. This section will briefly cover both.

Using Credit Responsibly

When it comes to using credit cards wisely, I want to emphasize one thing. In order to enjoy the benefits of credit cards without succumbing to the pitfalls, you must pay off your entire statement balance every month.

This is the singular core principle of responsible credit card usage. There are three specific “sub-behaviors” involved here:

Mentally treat your credit cards like a debit card, by which I mean only spend money you actually have at the moment of purchase. This way, it

Earn Money Online To Debit Card