Credit cards are often considered the harbingers of debt, but money-savvy consumers know how to transform plastic into gold.  Indeed, with a few smart strategies, using them can even save you money and add money back to your bank account.  Take advantage of these wise ideas to make your credit cards work for you.

Compare Credit Cards to Find One that Pays

Instead of opting for a traditional card, compare credit cards to find one that gives you cash back on every purchase.  After simply using your cash back credit card for the year you could earn a substantial amount of money.   “Since all you have to do is sign up and then spend money as you normally would, it’s a no brainer. Use and abuse credit card rewards programs and you will SAVE BIG,” advises Elisabeth Leamy, ABC News Consumer Correspondent.

However, make sure you compare cards and choose one that gives you cash back without an annual fee.  Also, look for one that does not put a maximum cap on the money that you can earn.

Take Advantage of Balance Transfers

If you currently carry debt on your card, then it may be wise to take advantage of 0% balance transfer offers.  By simply shifting your debt from one card to another, you can enjoy a reprieve in the interest rate expenses – which will allow more of your payment to go towards paying down the principal.

Read the fine print of the  balance transfer offer, as you want to ensure there are no extraneous fees that would minimise the amount of money you save from the transfer.  In addition, carefully compare credit cards to find one that has the lowest APR once the bonus interest free balance transfer period ends.

To fully capitalise on 0% offers “if you make a transfer and spend, then clear the card within three months you pay no interest” says Richard Cohen of Money Market.

“In some cases, making far more than the minimum payment could clear the spending balance while it’s still at 0%,” he explained.

Negotiate a Better Rate

If you are in good standings with you current cards, then it may be time for you to approach the negotiations table.  “Perhaps the most startling is that only 29 percent of credit card users have ever tried to negotiate their rate, even though 93 percent know it’s possible,” says  Jennifer Openshaw, Columnist for Dow Jones’ MarketWatch.

Call your card companies, discuss your excellent payment history with them, divulge how you are considering a 0% balance transfer to another company with better interest rates, and then ask if they are willing to reduce your interest rates.  To keep your business, the credit card companies may just lower your interest rate – saving you hundreds of pounds or more each year.

Credit cards do not have to eat away at your savings, as long as you employ smart strategies that make them work for you.