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Charity credit card
Charity Credit Cards:
Doing Your Part

There are plenty of different credit cards on the market nowadays, but one breed of card that has popped up more and more fairly recently is the one that enables you to donate money to your favorite charity simply by using it just as you normally would -- charity credit cards.

Here are some basic facts about charity credit cards:

What’s the general idea anyway?

Charity credit cards work by donating a small portion of every transaction you make to a specific charity. Basically, the more you spend, the more the charity will get as a result.

While it’s obviously good to get a card which is tied to a charity you support or have an affinity with, be aware that the size of the donation can vary by as much as five times the size between cards. The largest amount on a charity credit card is generally around 1%.

While all cards work differently, some will also make an initial donation or a gesture of some kind when you first use your new charity credit cards. This could be a larger payment such as $10 or $15, or a more unusual gift such as the half acre of rainforest one card is currently funding for every new cardholder that initially uses his/her card.

Should I get a charity credit card if I’m looking to transfer a balance?

No. Charity credit cards work on the premise of donating money every time you use them, so they aren’t any good if you are looking to move debts from one card to another.

If you already have debts attached to another credit card, you might be better off trying to clear those before you think about giving to charity in this way. The temptation of knowing that everything you buy means that another small donation goes to the charity can lead you into more debt if you aren’t careful.

How can I make sure I give the biggest amount of money to my charity?
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Some charity credit cards not only give a fixed sum to charity when you open the card, they will also give an annual sum to them on each anniversary of your account opening. Try and look for one of these to bump up your donations if you can.

You need to be quite disciplined to get the most out of this kind of credit card, since it’s obviously better to spend as much as you can on the card to make your donations worthwhile. The best strategy is to move your salary from your checking account into your savings account every month, pay for everything you buy on your charity credit cards, and then pay it off in full when your bill comes in.

This way, you give a reasonable amount to charity, and you also make the most of your wages by putting them in a higher interest account for a whole month. So long as you don’t let the debt get on top of you, you and your chosen charity will both reap the rewards with charity credit cards.

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