Credit card is one of the most divisive products for people nowadays, especially young working adults. People nowadays tend to pay most of their expenses by using credit cards. Many people have busted their credit card limit by spending without limits. Maintaining a healthy spending habit is important and it will help you in saving. Who knows you might be able to buy yourself a property such as The Como Bukit Jalil by the age of 30 if you spend wisely. There are things you need to know about owning a credit card. This article will show you the 5 types of credit card owners.
You do not have to use the airlines membership to collect enough frequent flyer miles to redeem your next free airplane ticket. You can now just buy anything you like by using your credit card, collect enough points and convert them into frequent flyer miles to redeem your free airplane ticket. Do bear in mind that not all credit cards give the same benefits. Therefore, it is advisable to know what kinds of holiday benefits you would want to achieve and focus on it. For example, some credit cards offer first class or business class airplane tickets, some offer exclusive deals for resorts and hotels, some will offer you tour packages and so on. Another benefit is that some credit cards do offer travel protection in the form of insurance for delays, flight cancellation, lost or delayed luggage, injuries or personal illnesses.
There are different credit cards in the market. Some cater for those who like shopping, some cater to those who enjoy airport access, and some cater for the petrolhead. The credit card for petrol is great in a way that you are able to convert your daily spending into your automobile rewards. Then, you can easily redeem your petrol credit, deals or petrol discounts. Most of the credit cards collaborate with participating petrol stations, where you can instantly collect points once you swipe your card. Therefore, you should definitely choose a credit card that gives more automobile benefits.
Fret not, there might be a solution just for you. You can opt for the credit card balance transfer. That means, someone in a credit card debt is able to combine all the debts into just one card. Moreover, transferring all the debt into one account helps to eliminate the hassle of paying for multiple bills and the possible late payment charges. In addition, this credit card normally comes with low or 0% interest rate, but only applicable within a timeframe. That means, more of your monthly payments will go towards lowering your credit card balance. Just try not to overspend and get yourself into another new debt after you settle your previous accumulated debts.
For first time credit card applicant, it is advisable to opt for a credit card with zero annual fee. That being said, you will not need to spend extra money to pay for credit card annual fee for the sake of just owning a credit card. However, some of the annual fees for credit cards will be waived, provided the users spend an amount and above. Therefore, if you are only planning to use your credit card for phone bill payment, student loan payment and gym membership, the annual fee will definitely not be waived.
Having a credit card for shopaholics is definitely a good thing as shopaholics do not need to carry a large amount of money with them. This is also for safety measure to prevent getting robbed. Moreover, it is one of the fastest and simplest ways to get cash back or rewarded for your great effort in shopping. Nobody ever says no to getting credit into their monthly statement, or cash being deposited into their bank accounts. Not only that, most credit card providers would state the points you get per RM spent, with additional bonus if you shop at participating merchant outlets. Hence, making the credit card provider one of the popular choices as it comes with irresistible benefits. In conclusion, spend your money wisely. Sure credit cards come with many benefits, but you will still need to monitor your spending wisely. Spend within your means to prevent overspending and getting into a financial debt.
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