Credit cards are known for their convenience, safety and dependability, but did you know they also offer excellent financial benefits that cash just can’t beat? When used responsibly, credit cardholders can maximize their financial opportunities now while making a positive impact on their financial future.
Credit Card Benefits
Protect Your Funds
Unlike cash, a credit card gives you an electronic trail of every dollar spent. Resources like mobile and online banking store a complete account history. Plus, many credit cards offer fraud protection and the ability to cancel or freeze so you aren’t held liable if your card information is stolen.
Build Your Credit Score
Using a credit card responsibly can help build (or rebuild) your credit by tracking your behavior, such as on-time payments and how you use credit. If you need a fresh start, a secured credit card, which requires a deposit, can help rebuild past credit mistakes.
Whether you’re grabbing lunch down the street or traveling across the world, your credit card still works. Using a credit card to reserve hotel or car rentals may be required with some vendors that require a deposit, so it’s best to have one on hand.
Back up for Emergencies
Even the most diligent savers may run into a financial crisis that their rainy day fund won’t cover—perhaps unexpected medical bills or car repairs. Credit cards allow you to borrow the funds you need now and pay them back over time.
Manage Your Spending
A monthly credit card statement can be an easy budgeting tool. The statement will show you exactly where your money went and can be a great motivator for making changes. Start off with a small budget goal and use your statement to monitor your progress.
Credit cards often come with perks for you to choose from. Maybe you travel often and want points toward airfare, or if you’re a savvy shopper, cash back is king. Enhance your purchasing power while earning rewards.
Ready to start reaping the benefits of credit card use?
Storing your credit card information is a quick way to pay bills on time through the biller’s website. You can choose to either set up automatic recurring payments or make a one-time payment by keeping your card on file. If you set up recurring payments, make certain you update your payment details anytime your card is reissued.
More information on how to take charge of credit cards is also available to help you successfully choose and manage your credit cards.