average credit card interest rate

 Summary List Placement
If you plan to spend your stimulus check, consider opening a new credit card to earn rewards.
You could use your spending to meet the minimum spending requirement for a large welcome bonus.
It’s a good opportunity to splurge on a premium card with luxury benefits if you wouldn’t otherwise.

Read Insider’s guide to the best travel rewards credit cards.

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As the third round of stimulus checks arrives, many Americans are using the funds to pay off credit card debt they’ve accumulated during the pandemic or investing the money to build wealth.

If you don’t need to pay off debt and plan to spend your stimulus check instead of saving it, you can leverage your extra cash to earn additional credit card rewards and give your points and miles balances a boost for a trip when the pandemic is over.

Here are two great ways to stretch your stimulus check by earning bonus rewards for your spending.

 Earn a hefty credit card welcome bonus

Credit card issuers attract new customers by offering generous welcome bonuses for opening a new account, but there’s usually a minimum spending requirement to meet.

Related Article Module: The best rewards credit cards of 2021

For example, the Marriott Bonvoy Brilliant™ American Express® Card currently has a substantial welcome offer: Marriott Bonvoy Brilliant™ American Express® Card

This amount of spending over three months may be outside of your budget, and you certainly shouldn’t make unnecessary purchases or take on new debt just to earn rewards. However, you could use your stimulus payment to pre-pay expenses that you would normally incur, such as health insurance, car insurance, utilities, or tax payments.

Other cards with big welcome offers:

Chase Sapphire Preferred® Card: Earn Chase Sapphire Preferred® Card after you spend $4,000 on purchases in the first three months of account opening; plus, earn up to $50 in statement credits toward grocery purchases in the first year (Chase Sapphire Preferred® Card annual fee)

American Express® Gold Card: Earn American Express® Gold Card (American Express® Gold Card annual fee) American Express® Gold Card – Rates & Fees

United℠ Explorer Card: Earn United℠ Explorer Card (annual fee of United℠ Explorer Card)

Delta SkyMiles® Gold American Express Card: …read more

Source:: Business Insider


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2 ways you can use your stimulus payment to unlock credit card rewards

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