Sunday, December 14, 2014

Tip 82: When to apply for a credit card to save money

Tip 82: When to apply for a credit card to save money

Sometimes you can save money by applying for a credit card.  We recently found a refrigerator that we liked and had been looking at it for a few months.  One weekend, it was on sale for $500 off and we decided to buy it.  I have plenty of credit cards, but Lowe’s had an offer that sounded pretty good.  If we applied for a Lowe’s credit card, we could get 10% off our purchase and get 0% financing for 6 months.  This was enough savings that I thought it was worth applying for a new credit card.  With the sale price and discounts, we saved around $800 from the original price.  I also will get 5% off every future purchase at Lowe’s using the new credit card.

I have also taken up offers to get credit cards that did not pay off as well as the immediate benefit from my new Lowe’s card.  One time I had loaded up on clearance winter clothes at Sears in the early spring.  They were selling Dockers dress shirts for $5 each and other great bargains.  I used my Sears Gold card to save an additional 5% off and then applied for a new Sears Blue card to save even more.  I ended up getting clothes for 90% off the original price!

Take advantage of offers to get new credit cards when you can save money on something you are planning to buy anyway.  If you pay off your credit card balance every month, it won’t cost you anything and you can save some money.


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