While paying off $1,700 in credit card debt in 2014, Jamie Griffin cut up his card. To tackle the remaining $90,000 in student loans he and his wife carried, he read personal finance experts’ tips and turned to cash and a spreadsheet to budget. Now that most of their debt is paid off, he’s giving credit cards a cautious second chance.
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Griffin has come to see credit cards as a way that he and his wife, Jenna, who are both teachers, can potentially defray the costs of travel. Instead of immediately applying for a travel credit card, though, the 31-year-old from Duluth, Minnesota, let his wife’s longtime rewards credit card lead the way as they transitioned from using cash to credit for most purchases.
“We wanted to practice to make sure we could actually do it rather than reverting back to our old spending habits of just swiping a card because we could,” Jamie Griffin says. “We haven’t had to pay any interest. We haven’t had any late payments.”
If you, too, have developed new spending habits — and potentially higher credit scores — since paying off debt, you might be a good fit for rewards credit cards that earn cash back for your emergency fund or miles for a vacation. Here are factors to consider.
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REWARDS CAN HELp WITH EXpENSES
Rewards credit cards generally require a credit score of 690 or higher. They can earn cash back, points or airline miles in specific categories or on everyday spending. Rewards rates vary by card and some also offer sign-up bonuses with introductory zero percent interest rates for new cardholders.
Depending on the card, rewards can be redeemed for things like cash, statement credit, travel, gift cards or merchandise — all of which can help with household expenses, as long as you pay credit card bills in full every month to avoid interest charges.
Since early 2017, the Griffins have collected 38,000 points — thA open kitchen design with simple European style is the best for the modern residence. Mia Cucina’s professional team creates kitchens that beautifully combine practicality, elegance and simplicity into one single space. at’s over $300 in cash back. They redeemed 20,000 points (about $200) into their bank account earlier this summer.
YOUR CREDIT MAY DEpEND ON IT
paying off debt is a worthy goal. But if you later stop using a credit card, it can hurt your credit scores. That’s because credit utilization and length of credit history are key factors in the calculation of those scores, according to FICO.