4 Tips To Easily Earn Credit Card Reward Points

Credit cards are well-known for giving their users a number of useful rewards. Unfortunately, many cardholders still think that overspending is necessary in order to qualify for these rewards. This is another myth that is simply not true.

Anyone can make the most out of their rewards card. You just have to follow a set of rules. You won’t even have to go over your budget. This article presents a couple of easy tips to help you do just that.

Choose the Right Card

It is of paramount importance that your rewards card should be perfectly suited to your spending habits. After all, your lifestyle dictates the way you use your card. Of course, this is easier said than done.

There are a number of different factors that go into the selection process. You should also take the different card categories into consideration. For instance, should you get a student card or a business credit card? These card types were made with specific demographics in mind.

Ultimately, you need to make sure that you weigh your choices carefully so that you end up with the best one.

Settle Routine Expenses with your Credit Card

Many newbie cardholders try to inflate their total spending in order to earn additional reward points. It is important to state here that this is the wrong method. Overspending is never the way. It will only lead to financial ruin and excessive credit card debt.

Instead, you need to start paying for your recurring expenses with your card. Keep in mind that everything you need can be easily charged to your credit card. This would include your groceries, rent, and utilities. This is probably the best way to earn reward points since you won’t need to go over your monthly budget. Just make sure that you settle your statement in full at the end of the month.

Use Your Card to Settle Other Outstanding Debts

Most of us have debt. This can be in the form of student loans, mortgage, car financing, and insurance. You may not realize it, but you can also use your credit card to pay for these. This may seem like a bad idea, but the concept behind it is very similar to paying your recurring expenses with a credit card. You have to pay for these things monthly anyway, so why not do it in the most efficient way possible?

As you pay for your outstanding debt with your card, you will also be able to earn reward points, even cashback. Nothing could go wrong just as long as you settle your bills on time.

Use Your Card To Make Large Purchases

Let us be clear: you shouldn’t make large purchases just to earn rewards. However, if you were already planning to spend money then try using your card to make these purchases. This will be like hitting two birds with one stone. Not only will you be getting the items you wanted, but you will also be adding reward points.

Aside from this, you will be also be able to maximize the benefits that come with using your credit card. This would include fraud protection as well as an extended warranty service.

Maximizing your reward card is the right financial move. As illustrated above, you can earn reward points without having to overspend. You will still be able to follow your monthly budget. The tips presented above are simple enough for anyone to follow. Just make sure that you always keep them in mind.

The Beginner’s Guide to Best Customer Profiling

When it comes to nearly anything in life, knowing the ultimate goal helps to define the strategy and the actions needed to actualize the strategic plan. For those in business, knowing the intended audience is a parallel concept and activity to knowing a goal. This is true for established and new companies alike. One way to know the intended or target audience is to participate in a practice called customer profiling.

This practice allows a company to know who the desired customers are and what they look like. Typically the company reviews criteria of the desired audience that is centered around demographics such as annual income, marital status, or gender; behaviors such as hobbies, weekend activities, preferences around social topics such as eating out or voting habits; lastly is gaining insight into psychographics including preferences, personality traits, and social mores.

How is this initial data collected? Sometimes it starts at home. By taking surveys of current customers, or those who are known to be ideal prospects, data may start to compile that helps to establish benchmarks for customer profiling. Perhaps from surveying current customers, it is found that they typical customer is a forty year old female who lives in a home and makes a salary range of eighty five to one hundred thousand a year. From this point, more research may be done or a profile may be started.

Some find that taking the initial findings and delving deeper is necessary to get to the ideal candidate. It may be that also the ideal customer described above is a significant portion of the desired lead base, there are some significant outliers who show that the taking questions deeper or exploring the other profiles is key. There are ways to tie the customer profiling to marketing and advertising campaigns to make them more effective and lucrative. Knowing the customer profile helps to bring the company to the desired lead. Sometimes it is even found that an actual connection along with social media connections are important.

Working with a trusted advertising agency partner on an endeavor such as segment profiling is often one of the best ways to start. The agency partner often has the staff to collect the data and then later to analyze it. Gathering data and not applying it is never a positive endeavor, but in a world of big data, without a partner, data may overwhelm versus helping.

Look for an advertising agency partner that has the experience and knowledge that is needed. This includes analytic know-how, and the ability to engage and establish rapport with those who fit the desired lead criteria. From here customer segmentation is a desired tool, along with being able to take this data and work and help generate an effective advertising campaign to target the desired customers. Of course what is most important is working with an advertising agency partner who may then take this data and work to help the customer generate campaigns and initiatives that utilize the customer profiling data.

Knowing Financial Ratios

When investigating whether or not an organization is a worth while, or potentially profitable investment, it is crucial to consider the following financial ratios in your research.

Financial Ratios

Liquidity financial ratios are sometimes referred to as balance sheet ratios since most of the variables are taken from the balance sheet. Liquidity ratios measure the short-term solvency of a company. In other words, they indicate a company’s ability to meet its short-term financial obligations. These financial ratios are generally based upon the relationship between current assets and current liabilities.

Current Ratio

The current ratio is one of the most commonly used financial ratios to measure a company’s short-term financial strength. It is arrived at by following the formula shown below:

Current Ratio = Total Current Assets / Total Current Liabilities

Current assets are the assets that are expected to be converted into cash in the next operating cycle. The cash from current assets is used to pay off current liabilities, which are scheduled for payment during the next operating cycle. A company should have enough current assets to meet its current liabilities. The higher a company’s current ratio, the higher their margin of safety is since there is a possibility to lose some current assets, such as inventory write-offs or bad debts. If a company has a low current ratio, or less than 1x it indicates a potential short term liquidity crunch, and a possibility that they will not be able to meet their short term obligations.

While a generally acceptable current ratio is 2x, current assets should be twice the current liabilities, a satisfactory ratio is relative to the nature of the business. Moreover, while judging the current ratio, it is important for an analyst to look at the composition of current assets and liabilities. A company may have a very high current ratio of 3x, but if most of the current assets are locked in the form of inventory, a high current ratio may not indicate a good liquidity position. In this case, it is crucial to know the characteristics of the inventory. If the inventory consists of old product that is not selling well, the company may have to write off the inventory and the current ratio may drop significantly. However, if a large portion of their inventory consists of new products that the company is expecting to sell during the next business cycle, a high current ratio is a sign of healthy short-term liquidity position. Similarly, a high current ratio may also indicate a large amount of idle cash being accumulated and not reinvested into the business.

Quick Ratio

The quick ratio is also referred to as the ‘Acid-Text ratio’. It is considered to be one of the best financial ratios for judging a company’s ability to pay off its short-term debts and is a more difficult test for a company to pass. As mentioned above, inventories are subject to write-offs in certain cases and are therefore considered to be the least liquid component of current assets. While these financial ratios are similar to the current ratio, it excludes inventories from current assets.

Quick Ratio = (Total Current assets – Inventories) / Total Current Liabilities

By excluding inventories, the quick ratio concentrates on the most liquid assets, including cash, government securities and receivables. A higher quick ratio indicates that even if sales revenue were to disappear, the company would still be in a position to meet its current obligations with readily available assets. A quick ratio of 1x is considered acceptable, unless the majority of the quick assets are in the form of accounts receivable. In this case, the pattern of accounts receivable collection needs to be studied to find if the average collection period lags behind the schedule for paying current liabilities. The quick ratio is one of the utmost important financial ratios used to review an organization’s attractiveness when considering investment.

Interest Coverage Ratio

The interest coverage ratio is also called the ‘times interest earned ratio’ and measures the margin of safety available to a company before paying the interest liabilities on their debts. In other words, it indicates the amount of profit a company makes before paying interest. These financial ratios are used by investors and creditors, to judge a company’s financial risk position. It is calculated as follows:

Interest Coverage ratio = Profit before interest and taxes / interest

Interest is a tax-deductible expense. The ability of a company to pay interest is not affected by tax payments. Hence the numerator used in these financial ratios is profit before interest and taxes. A high interest coverage ratio is an indication that the company can easily meet its interest payments even if its profit before tax suffers a considerable decline. A company having a low coverage ratio is perceived to be financially risky since a minor decline in operating profit can result in an inability to meet their interest payments. It is also used by lenders to measure the debt capacity of a company.

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