Short Answer....Maximizing your Credit Card Float. For longer answer see below.
The Card Select app defines Credit Card Float as the time between your purchase and when you have to pay for it.
If you pay off your credit card every month in full you can take advantage of the float. It basically allows you to spend someone else's money (the banks) while your own money is earning interest. Who wouldn't want that?
One of Daily Finance's reasons to why they like credit cards is the Credit Card Float. There are many articles/blogs about saving money with Credit Cards and the following discusses Credit Card Float as a good way to save. Lastly the personal finance site Wise Bread lists 6 credit card tricks that will save you money. Trick number 5 is Maximizing your Statement cycle which is easy to do with Card Select.
So the key to getting the most value out of your credit cards (besides rewards) is to:
- Don't carry a balance. Pay off your cards in full every month
- Maximize your Credit Card Float
Card Select makes it easy to maximize your float by always picking the best card to pay with and is a great tool for the savings conscious consumer.