For this reason, it's not a good way to rack up points or cash back rewards.īuying and returning items: If you're thinking about buying items with your credit card just to earn cashback, only to turn around and return those items, don't waste your time. While it is possible to use a credit card on Venmo, you'll get hit with transaction fees that can offset any cashback you might have earned in the first place. Spending over Venmo: Another credit card hack that doesn't actually work is using your credit card to send multiple payments to family or friends over Venmo. While this hack does lower your credit utilization, you can also achieve the same results by paying once a month. However, this is a myth it will only count as one on-time payment because of the way credit card accounts are reported. The idea behind this is that you’ll double the number of on-time payments you make, which will in turn boost your credit score. You’ll then subtract 3 days from your payment due date, at which time you’ll pay off your remaining balance. Once you receive your credit card statement, you’ll subtract 15 days from your due date, which is when you’ll pay at least half of your total balance.

The hack is used by cardholders as a way to boost their credit score, but it misses the mark. The following credit card hacks are a waste of time, as they don't actually work.ġ5/3 hack: Speaking of credit scores, some popular card hacks actually aren’t all that great - like the popular 15/3 hack, which involves paying off your credit card statement twice a month, as opposed to only once. Additionally, too many credit inquiries in a short period of time is also bad for your credit score. Plus, having high credit utilization or even missing one payment can damage your credit score. Failure to pay these back can result in credit card debt and expensive interest charges. To earn many of the rewards associated with credit cards, you'll have to meet minimum spending requirements, which can add up over time. However, you'll need to be careful before applying for a number of credit cards. Opening cards that offer a high rewards rate for spending in a wide-variety of spending categories can help you maximize cash back, rewards or miles on all of your purchases. Rotate spending between top-earning cards: Opening multiple cards with various benefits is a credit card hack that non-travelers can also utilize.

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