The Federal Reserve Reveals 53% of All Purchases in US Are Made With Credit

(Newswire.net — January 26, 2017) Tallahassee, FL — Credit and debit cards have been one of the most popular modes of payments and other financial transactions. It is not a surprise that around the world, many people have one or more credit cards.

The Federal Reserve reveals that 53 percent of all purchases in the United States are made with credit. It seems that quite a number of people won’t ever leave their homes without these cards.

There can be many benefits of having a credit card. First, it helps consumers establish as well as improve their credit history. It could also enhance their credit score. It could give them a wonderful opportunity to have an auto or mortgage loan.

Credit cards make online purchases extremely easy. Today, many consumers prefer to simply browse, shop online, and have the goods delivered right at their doorstep. This saves them a lot of time and money from driving to and from stores.

In cases of emergency, credit cards provide easy access to money. There are instances when consumers do not have cash on their hands. Credit cards are an excellent mode of payment when one is stranded late at night or in any emergency situations.

Consumers have varying reasons why they use a credit card, and one lies in its benefits. This is why its use is extremely popular not just in the United States, but around the world. Of course, these benefits can only be obtained when the cards are used properly.

To make sure that these credit cards are used to the advantage of customers, they should pay their bill in full every month. This would make credit cards into their best friend rather than their enemy. This would also avoid credit card debt.

Experts also suggest that consumers pay their bill on time. This would help keep their interest rates low as well as improve their overall credit health.

It is similarly important to keep track of the credit card transactions at least once a week. This can help consumers avoid overspending and stop using the card when they need to.

Monitoring the account activity is also recommended for security purposes. There are many identity thieves today who use card skimming devices. This type of device works by stealing personal and financial information from consumers.

The fraudster does not even need to hold the credit card, but can simply stay a few feet away from their victims. To protect credit cards from thieves, there are RFID blocking sleeves available.

The RFID blocking sleeves are widely believed to be effective in warding off criminals. These protective shields can be purchased at amazon.com (http://www.amazon.com/rfid-blocking-sleeves/dp/B0150T0AI2).