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Well if you haven’t been reading the posts on beginning with your new credit card then you can catch up by reading the first one now if you like before you begin this one.  The following post will assume some knowledge from the reader about he previous posts so if you haven’t read it you may not be able to follow as well…

So once you’ve done your grocery shopping on your credit card, you’ve put the money aside or moved it to another bank account, and you’ve paid off the outstanding balance on your credit card statement at the end of the month without getting any interest?  Well, if you have then bloody well done to you!

So now you’re probably about ready to ask the question: What’s the point in this when i can afford my shopping anyway?

Well in answer to your question allow me to pose another one to you.  Do you have a credit card that offers reward points or cashback?  If the answer is yes then you can surely work out that you’re getting rewards and cashback for doing virtually nothing!  You aren’t paying interest to your credit card company, yet they are still rewarding you for using their card.

Now there is also another huge unseen advantage to paying off your balance like this every month, particularly if you’re young.  This sort of financial dilligence will be recognised by other financial institutions, including banks and morgage lenders.  If you pay off your credit card balance each month without fail and you have no bad debts, you are much more likely to be able to gain credit elsewhere for other life changing opportunities.  Having a good credit history in this day and age is a must!

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