Top innovative ways to use credit cards

Maximizing your points is just a matter of paying attention and making the right choices. Do you pay for everything possible with your credit card, including your nanny and your yard guy? Do you look for opportunities to double and triple your points? It is free money,

These are some of the best awesome tips of handing credit cards.

Signing up

Many credit card gurus have found that signing up for four to six credit cards a year, and then canceling them once the rewards have been issued, has had only a small impact on their credit scores. Of course, it is probably not a good idea to do that if you know you’re going to refinance or apply for a big loan like a mortgage soon.

Lending money

You can use your credit card to loan money to a screened applicant from one of 60 countries. The borrower pays you back over time, and it claims a low 1 percent default rate. You get the points, and you know you are doing something worthwhile.

Transfering money

You can also use your card to pay friends back by using a payment service such as Amazon Payments, PayPal or Venmo. Some rewards buffs report in travel forums that they take that to the next level, using payment services to regularly pay a family member large amounts.

Spending segregation

Some cards give you extra points for gas; others give you a bonus when you use them for groceries or travel. Make sure you are making a conscious choice about which card to use where. At restaurants, use one that pays extra points for dining out, at gas stations, use the one that gives you back more for gas, and so on.

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