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There is a saying that ‘Money is great servant, but a poor master’. This is why, it is essential not to become a slave for money and credit cards are the perfect example of such instances when money becomes a terrible master but at the same time if you use them wisely you become a perfect master to a tool that is essentially more beneficial than you realize. A lot of people consider credit cards to be a vice. Sure it can become so, if used inappropriately. It can also be a lifesaver during medical emergencies although we recommend that one ensures that they own a health insurance with cashless facilities. It is also essential that one is able to control their urge to buy expensive gadgets and goods, just because they can be bought with a credit card easily. However, it is not ultimately it is about the usage of a credit card which can ensure that one is able to make the most of it. There are some special features of a credit card or certain functions which can be beneficial to the user. Here are five of the most useful ones:
Your Credit Card Can Help You Track Your Expenditure
People generally people feel that plastic cards are the fastest way to create a huge debt and without any doubt a person could actually lose control. But, it can also beneficial, even if you would not consider it a great tool for tracking your expenditure. All the monthly bill statements will give you a clear check and balance since they are listed in full detail about your spending, or in the case of a card how you spend your credit. You can then plan and create a budget, along with being able to forecast the expenses for the following months.
If you are using a credit card provided by your company with a requirement to spend first and then be reimbursed later using a different credit card would naturally make your claims process much easier. You get to keep the earned rewards and avoid the hassle of separating the bills between personal and work/business expenses at the same time. It also helps you ensure that your purchases are not being observed by your company since you might have some private bills.
Helps Indicate Your Credit Score
People often are under the misconception that shopping with cash is always best. People often believe that is a safer bet to avoid any bank interest or disputes which is of course a matter of occurrence with the banks. There’s is no problem shopping with cash. However, a credit card helps to establish a financial history for an individual with the banks.
Also for credit service providers, it becomes cumbersome to evaluate you, if you do not have previous loans or at least a CCRIS (Central Credit Reference Information System) record.
When you are travelling abroad
It is always a good idea to carry your credit card when you are travelling. This is because it comes in useful especially for unexpected costs such as charges at the hotels or even for something as basic as a car rental that you might require. When you travel overseas, you would carry limited amounts of foreign currency. But if you were travelling on a budget and had to use it at the concierge desk for accommodation, or any other expense, right at the beginning of your vacation, you might spoil it completely for yourself. So, to avoid such occurrences running your holiday or trip using your credit card to book your trip gives you the advantage of having travel insurance included for your trip for free. But make a note that some offer limited travel insurance coverage when you are making the booking for your trip with your card. Although we recommend always to travel with insurance, the credit card might be useful to help serve in unpresented and uncovered costs.
Sometimes people forget carrying their cash, which is why the credit card becomes your lifeline when traveling abroad. Some cards offer you withdrawal in foreign countries. But it is a good idea to check with your bank, in case they need you to register for the same with the bank for withdrawal.
Makes Payment Way Easier
If you have to purchase an expensive product, for example a refrigerator worth over RM 30,000, it is a great thing to use your credit card on a purchase at the time. Not only do you get the benefit of the rewards, but you can convert this into an easy payment plan, in other words pay up the whole amounts within a tenure in the form of monthly instalments, just as you would do it, when it comes to personal loans. The biggest advantage is that you do not require any loan application for using this facility, just make it clear when making the purchase. There are provisions for online shopping in Malaysia for the same as well.
This also helps you to save a good amount of money on interests, as well as time.
You Can Save Through Special Cards and Reward Programs
You not only have the cashback offers on fuel cards, which by the way is extremely helpful to save money on your fuel costs, if you drive around the city a lot, but also the amazing rewards and cashback offers on shopping. You also have offers on credit cards which are dining specific and perfect to treat your clients for a business proposal at discounted prices and yet getting it done lavishly. From free access to videogame parlours for your kids to buying plants for home, credit card offers help you make the most of promotional offers.