Having multiple credit cards and playing the rewards game can save you hundreds of dollars each year. It can land you some substantial sign-up bonuses like the Capital One Venture Rewards credit card’s 75,000 miles or Chase Ink Business Unlimited’s $900 cash back. Americans own four cards on average but not being able to pay off the balance in full every month can be damaging to your credit score and wallet. American credit card balances reached $986 billion in the last quarter of 2022, according to the Federal Reserve Bank of New York. Those contributing to that debt should not be using credit cards because the interest rates they’re paying outweigh the card rewards. However those who use credit cards responsibly and don’t have balances, typically save $300 to $400 each year. How much money you save using credit cards depends on your lifestyle and how you play the game. Chapters: 0:00 — Introduction 0:55 — How credit cards work 04:01 — Rewards 07:51 — Using responsibly Produced by: Emily Lorsch Edited by: Jacob Harrell Senior Managing Producer: Tala Hadavi Graphics by: Jason Reginato; Alex Wood; Christina Locopo » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC Why You Should Buy Everything With Credit Cards