Written by Sancia Campbell
Consumers are constantly informed about the negatives of using their credit cards but hardly ever receive the same level of information about the positives of owning and using this credit facility. Whether we believe it or not, credit cards are an incredible source of financial security for many people, families and businesses. It provides peace of mind for the family with the need for immediate purchases in between pay checks. As for the entrepreneur in need of that urgent piece of equipment or material, it provides business security and continuity. It is also a valuable tool for earning rewards for hotel stays and travel, spa treatments and other luxuries we enjoy, as well as the cashback incentive. The key is to manage the credit card just as you would manage any other loan facility. For those who were taught to fear the card, this one is for you.
The credit card is one of the easiest lines of credit to access from a financial institution, whether for personal or business use. It offers consumers many benefits but it can also be a wicked punisher for customers who do not manage it well. As the 2021 Christmas season approaches, we know that regardless of how tight the economy may be, there will be some level of shopping. That is why we are presenting five reasons why the credit card is the best option for your purchases this holiday season.
Safe way to shop
Whether it’s online or off, shopping with a credit card eliminates the need to travel with cash which makes you less of a target to criminals, regardless of shopping online or in-store. A rule of thumb when shopping online is to ensure websites are secured i.e. https starts the URL address and that the lock is visible in the URL window.
For in-store shopping, never allow your credit card to leave your sight and check your slips to ensure that only the agreed amount was removed from the card.
Ready access to emergency funds
The convenience of the credit card is such that it provides a financial buffer for the ‘in-between’ pay check needs. It may be groceries, gas or an even more urgent need such as something medical or legal; the ready access to emergency funds provides peace of mind.
Cashback and other incentives benefit
A credit card I had some time ago, provided me with incentives including spa packages, cashback for groceries and purchases at specific shops as well as other incentives
Build a credit profile
In today’s world, a good credit profile is crucial to the individual’s ability to access other credit facilities such as hire purchase and personal loans. A credit card is an easy way to assist in building your credit profile, as long as the card is properly managed.
Shop anywhere, anytime
This is another benefit of owning a credit card. It gives you the ability to shop internationally as well as locally, online as well as off and you can buy just about anything you desire. It is important to note though that these positive benefits are only reserved for those who manage their credit cards well. Paying the bill on time and in full is a great start to managing well, but another more important action is spending only what you can manage to repay.
To read more, please purchase a copy of Buzzz Caribbean Lifestyle Magazine Vol 11 #2 at any supermarket, pharmacy or book store near you.