(Newswire.net — June 15, 2018) — A credit card lets you borrow money from a bank to make purchases, irrespective of whether you want to buy a burger or a ticket to France. The money borrowed should be paid within the “grace period” of 25-30 days. Otherwise, you will end up paying interest, which is a percentage of the money that you owe the bank along with the amount borrowed.
- The most obvious strength of credit cards is their convenience. Having a major MasterCard, Visa, American Express credit card or Discover Card in your wallet means no more running to the bank for cash, counting change, or hurriedly scribbling in a cheque book when a purchase is made.
- Rewards: Credit cards allow you to earn reward points to redeem with the bank’s rewards programs for perks including flights with partner airlines, products from the rewards store or cash back. Frequent flyer credit cards, on the other hand, let you earn flights with specific airline loyalty programs.
- Credit cards work in any currency. You can use your credit card overseas to make purchases in a foreign currency. Usually, currency conversion fees are applicable.
- Reward points: Credit card companies offer reward points for any purchases you make with your card.
- Cashback: Use your card to pay monthly bills (electricity) or for grocery purchases and enjoy cashback opportunities offered by many banks.
- Safety: When compared to debit cards, credit cards are much safer as in the case of fraud or theft, you are not out of money immediately. If you want to make an expensive purchase and can’t afford it, then a credit card is ideal as long as you know better and use it in a sensible manner.
- Protection: You get more protection if you pay with a credit card than if you pay with a debit card, cash or cheque under something known as Section 75 of the Consumer Credit Act.
- Earn while you spend: Some credit cards even offer incentives to spend such as loyalty points, cashback, or air miles, which means that you can actually make money from your credit card. All this is meaningful only if you pay your bill in full – otherwise, the interest you will be charged with will be more than the value of the rewards.
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Credit cards present enormous compensation over other methods of payment. Although the risk of reckless spending with a credit card leading up to major interest charges still exists, those cardholders who use their credit card wisely can experience major benefits even for those credit cards that do not offer frequent flyer miles, cashback, or other reward programs.