Credit card company reward points offered some of the finest deals, from air miles, home appliances to smart devices, or even gift cards. However, to redeem these amazing deals comes with constraints.
You required a substantial amount of points and to earn points, you need to spend using your credit card.
Unfortunately, not all recipients accept credit card payments. With jomSETTLE however, you can make full use of your credit card by paying all your monthly essential bills that do not accept credit cards. (eg. rent, loan, mortgage, hire purchase, supplier invoice, freelancer fee)
How do you earn more points without spending more?
Let me give you an example, assuming you earn 1 point for every RM1 spend on your credit card. Each month, you have to pay a total bill of RM6,000 that consists of rent, loan, hire purchase, petrol, and food.
With jomSETTLE, you can move your rent, loan, and hire purchase (RM4,500) to your credit card. Together with your petrol and expenses (RM1,500), you still spend a total of RM6,000 but earned a total of 6,000 points per month, 4,500 points more compared to scenario 1.
As you can see from the example given, you are spending the same amount for Scenario 1 and 2 but you earned 4,500 points more per month (that’s 54,000 points per year) in scenario 2 when you start paying your monthly expenses with your credit card.
Apart from that, you also get to reserve your cash in hand longer in scenario 2 as you pay first using your credit card. As long as you manage your finances accordingly by repaying your credit card on time, it will also increase your credit limit and your ability to get a loan in the future. You can learn more about building credit scores here.
Conclusion
If you are still making your payment based on scenario 1, you need to start to explore the method used in scenario 2.
You don’t have to do it now, you can go back, plan your finances before you make a decision. You can even start by moving a portion of your cash payment to your credit card first and adjusting slowly from there to find your comfortable method. Just remember, everyone manages their finances in their own way, there are no right or wrong, most importantly is that you are comfortable with your method.
You can learn more about jomSETTLE here.
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Credit card company reward points offered some of the finest deals, from air miles, home appliances to smart devices, or even gift cards. However, to redeem these amazing deals comes with constraints.
You required a substantial amount of points and to earn points, you need to spend using your credit card.
Unfortunately, not all recipients accept credit card payments. With jomSETTLE however, you can make full use of your credit card by paying all your monthly essential bills that do not accept credit cards. (eg. rent, loan, mortgage, hire purchase, supplier invoice, freelancer fee)
How do you earn more points without spending more?
Your payment is split into two forms, cash and credit card. You pay your rent, loan, and hire purchase using cash (RM4,500). You then settled all your petrol and food expenses (RM1,500) by credit card. Every month, you spend a total of RM6,000 earning only 1,500 points.
With jomSETTLE, you can move your rent, loan, and hire purchase (RM4,500) to your credit card. Together with your petrol and expenses (RM1,500), you still spend a total of RM6,000 but earned a total of 6,000 points per month, 4,500 points more compared to scenario 1.
As you can see from the example given, you are spending the same amount for Scenario 1 and 2 but you earned 4,500 points more per month (that’s 54,000 points per year) in scenario 2 when you start paying your monthly expenses with your credit card.
Apart from that, you also get to reserve your cash in hand longer in scenario 2 as you pay first using your credit card. As long as you manage your finances accordingly by repaying your credit card on time, it will also increase your credit limit and your ability to get a loan in the future. You can learn more about building credit scores here.
Conclusion
If you are still making your payment based on scenario 1, you need to start to explore the method used in scenario 2.
You don’t have to do it now, you can go back, plan your finances before you make a decision. You can even start by moving a portion of your cash payment to your credit card first and adjusting slowly from there to find your comfortable method. Just remember, everyone manages their finances in their own way, there are no right or wrong, most importantly is that you are comfortable with your method.
You can learn more about jomSETTLE here.
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