Are you curious and baffled about your choice to get a credit card?
Well, a lot of people worldwide are confused about this. However, we know that the last-minute finances take us by surprise and are super excruciating. However, a credit card is super helpful in such situations. Online banking has made things quite easier now. You can keep a check on all your transactions through online internet banking. You only need to have a good internet connection through which you’d be able to keep track of all your transactions.
Spectrum internet packages for home or office are available at super affordable rates. Hence, you can get one of these packages and streamline your banking experience.
Before we get started, let’s have a look at the purpose and principle of the credit card. And why do we need it in the first place? All of you must have this idea that credit cards allow an advance loan at nominal internet rates. However, let’s get into the details of it and see how it helps us financially.
Principle of a Credit Card
A credit card is a simple card that any bank or financial institution offers you. The purpose is to borrow a small number of funds that are pre-approved. There is a fixed limit that your financial institution decides and is mainly dependent on your credit card score. The higher your credit card score, the more will be your credit limit and the more amount you’d be able to borrow.
However, you have to repay the same amount within the stipulated time. Otherwise, the banks put a penalty, and you become liable to pay extra.
Reasons to Own a Credit Card
There are several reasons that contribute to the fact that having a credit card is quite beneficial, and if you use it right, there is no harm in having it. Some of the benefits of owning a credit card are as follows:
Redeem Massive Rewards Points and Get Discounts
To promote the use of credit cards, the financial institutions give certain points on each purchase from the card. These points gather up, which you can redeem later and get discounts on shopping, tickets, hotels, and more. Moreover, you can get exclusive vouchers – and even cash backs – if you are lucky enough!
This is undoubtedly a plus point. However, to earn these rewards, you have to reach a certain threshold, which is not that hard.
The Money in your Account Stays Safe
When you purchase something by using a credit card, it doesn’t deduct your money straight from your account. Instead, it used the pre-approved limit as set by your bank. You can repay the same amount within the repayment window (or time allows for the repaying of credit card dues). If you fail to do so, you will have to pay the penalty amount; otherwise, you are free!
Unlike a credit card, a debit card transaction deducts your money right away from your bank account. Just like you get a statement for the debit card, you can employ the credit card app and check your credit card statements as well. Make sure to check out spectrum internet packages and get one for an uninterrupted internet connection.
Free Airport and Flight Discounts
The rewards that you get through purchases from your credit card are termed flyer miles. You can redeem the flyer miles when they have accumulated enough. In this way, you’d be able to get high discounts on your airplane tickets and lounge services. Almost all credit card companies give you access to different airport services for as many as nine visits. Hence, you are getting a bag full of advantages by using your credit card.
Purchase without Worrying About Running Low on Finances
Sometimes, under odd circumstances, when your debit card does not work or your account doesn’t have enough balance to carry out the shopping, you can make use of your credit card. You won’t have to face the embarrassment of running short on money; instead, you can make the payment for your purchases and return the amount to your credit card financial institution as soon as you get the money.
Again, if you are able to clear the dues within the specified time, there won’t be any penalty or interest charges.
Global Purchases and Transactions
Since credit cards are universally accepted all over the world, you can use them literally anywhere. Particularly when you are traveling abroad, and you don’t have the currency, you can use your credit card to do the shopping or booking a hotel. The credit card is quite significant, particularly in countries that do not recognize some of the debit cards.
If you use the credit card responsibly, there is no way that it puts you at any sort of risk or whatsoever. You can get a lot of rewards and discounts. The other benefits of owning a credit card are exceptional as well. The only key is to make payments within the specified time period; if you fail to do so, you will be liable to pay the penalties. Otherwise, it’s all good – and it’s for your convenience.
Many people are quite wary of using credit cards because they might get you involved in fraudulent activities. However, with the introduction of online credit card apps, you are safe from these frauds. You can monitor your transactions and make sure that nothing goes out of place. So, get a good credit card, subscribe to spectrum internet packages, download the app, and monitor the sales and purchase record without any worry!