It does sound tempting to get cash from your credit card. However, a cash advance is not like withdrawing money from your debit card. Cash advances on a credit card are expensive and may put you into a debt trap. You can take a cash advance by using the convenience check supplied by the issuer or from an ATM through your credit card.

Millionaire credit cards are those that cater to the ultra-rich. These cards are gaining tremendous popularity because they are marketed as a status symbol, which provides the customer a sense of prestige. Millionaire credit cards offer perks and services that aren’t otherwise offered to general credit cardholders. Usually, banks and financial institutions offer millionaire credit cards to those customers who spend more than $100,000 annually on their credit cards.

When it comes to credit cards, consumers are bombarded with several choices from the numerous banks and financial institutions in the market. Through these credit cards, banks allow customers to spend money at free will and repay the amount with certain terms and conditions applied. Credit cards can improve your credit score.

A credit card is a good option for people who like spending more on consumer goods and services. For people who pay back their dues on time,  credit cards could be more useful than cash and make various banking processes such as getting approvals for loans and mortgages easier. When you apply for a credit card, it is highly possible that the bank will look into your financials, credit history, credit score,  and your relationship with the bank to recommend which credit card would be suitable for you.

One of the biggest issues while using a credit card is that it can easily land you in a debt trap. With an easy-to-pay and easy-to-accumulate system, credit card debt can easily go over your affordable limit and before you know it might even touch a whopping amount of $10,000.

Before we look at the ways in which you can redeem your reward points from credit cards into wealth, let’s try and understand how the reward points work.  For every transaction you make with your credit/debit card, the card issuing company gets an interchange fee from the outlet or store you swiped your card at.