However, we only use one credit card because we don't want to become slaves to it. We try to live by this rule: a credit card is just a transaction tool, not an actual fund. This means we only use a credit card when we know we could purchase what we bought even without the card. But how would you know which credit card suits you best?
To know this, here's a very informative guest post from our friends from MoneyMax.ph.
Find Which Credit Card Suits You Best
Credit cards offer great convenience, especially to moms who are in charge of budgeting the family’s income and taking care of the needs of each family member. If you’re smart about using your credit card, you can earn rewards and be able to enjoy its maximum benefits.
For one, a credit card can help you keep better track of your expenses, since it keeps an electronic record of every purchase you make. A card can also serve you well in times of emergency, when an important expense arises and you find yourself short of cash.
If you’re just planning to get a credit card, here are ways on how to know which one to pick:
Consider Your Needs
What do you need the credit card for? As the home manager, you can use a credit card for shopping purposes, particularly the daily needs of your spouse or children such as groceries, clothing, and school supplies. You might need a card to be able to buy your college student a new laptop, at more affordable terms. Credit cards can now even be used for paying tuition fees in some universities.
Consider Your Wants
Frequent use of your credit card lets you earn points or rewards. Depending on the provider, you can be entitled to dining privileges, air miles, promotions, and special offers. If you like to spend quality time dining out with your life partner on weekends to unwind, you can look at credit cards that offer dining and entertainment rewards.
If you like going on family vacations, then a credit card that earns you points that can be converted to air miles is a good choice for you.
More Tips
Here are some more tips you need when looking for a credit card:
- If your family income belongs to a higher bracket, getting a premium credit card is ideal since it brings more rewards than regular credit cards. Gold credit cards have exclusive features, and offer VIP rewards such as front row seats to concerts, cash rebates, and more.
- You can opt for credit cards that are made especially for shopping. There are banks that tie up with shopping malls and brands for users to be able to enjoy special credit card perks, such as BPI’s A-more card or BPI’s Forever 21 Card. These type of credit cards offer more rebates and shopping discounts.
- If you have your own car, getting a credit card with petrol rewards is a good idea. This type of card can be useful who use their car every day. This type of card can entitle you to rebates and other special offers.
Credit Card Interest Rates and Annual Fees
Credit cards aren’t a replacement for cash. Every time you use your credit card, there are accrued fees that are charged to you. Take note that whenever your card is swiped in the store’s counter, the purchase is chalked up as your debt up until you pay for the whole bill.
Remember to settle your credit card bill on or before the due date, for you to avoid additional charges such as late payment fees or incurred interest fees. You don’t want to have financial troubles, right? It’s also a good idea to look for the lowest credit card interest rates available. There are zero interest credit card offered by many local banks.
Credit cards are designed for convenience. In case you don’t have one, look for a credit card with low interest rate so it will be easier for you to settle your credit dues. To help in your search, there are now major comparison portals in the Philippines, which could give you all the information you need and help you make the best choice. Make sure you do thorough research before you make a choice.
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This contribution is exclusively written for DavaoMommy.com by MoneyMax.ph, the Philippines’ leading financial comparison portal which helps Filipino consumers make the right financial decisions as they settle on the best credit card, home loan, broadband plan, and more—fast, comprehensive, and free. Please do check our website to learn more.
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