Thu Sep 12 2019
Almost everyone you know now has a credit card (or two, or more!), so it’s no surprise you’re tempted to jump on the bandwagon. But this begs the question: should you really have one too?
If the following list of reasons why you should get one, rings “Now this would help!” in your head as you read, then the answer you’re looking for would be a ‘yes’.
1) Convenience of useYou would only need to bring your card along and swipe it when you use it. There’s no need to get cash from a bank or ATM anymore, in addition to not having to worry about carrying a large sum of money on you, which is dangerous in itself.
It’s easy to carry around, plus you can even use it online and overseas without the hassle of exchanging currencies. In short, it facilitates the purchase of products and services online wherever you are.
2) Easy paymentsA credit card bill will come itemised and detailed with the transactions you’ve made so that you can easily keep track of your expenses for that particular month. All you’d have to do is pay off the outstanding balance with a few simple clicks online. You could also pay all your monthly commitments through auto-debit to save yourself the trouble of paying them one-by-one every month.
3) Peace of mindOnce your wallet is stolen or has gone missing, the cash you have inside will be gone in the blink of an eye. However, with a credit card, you would just have to call your issuer and let them know it is missing so that it will be immediately cancelled, thus saving you from the headache of having to deal with mysterious things that you didn’t purchase.
4) Signup bonusesIt's no secret that credit card companies like to entice potential customers with the promise of a free gift which you can easily get, just by signing up with them. Most often, these gifts are pretty useful and practical. So why not sign up and receive it? If you find yourself not needing the credit card, a simple phone call to the issuing bank is all it takes to cancel the card.
5) Build your credit ratingLooking to build up your credit score but don’t know where to start? Start with a credit card, as it helps you increase your credit-worthiness when you pay for your bills in a timely manner. Keep the transactions to a bare minimum, which is to say that you shouldn’t be swiping for anything that you wouldn’t pay for in cash.
6) Increase purchasing powersA standard credit card will normally give you a credit limit which is double that of your monthly salary. It helps you to purchase an item which you normally wouldn’t be able to afford. For example, you can purchase certain goods on an installment plan (such as a new television) and not fret about having to save for months before you could get it.
However, the installments should be paid on time, otherwise it will escalate to a costly decision. Exercise delayed gratification whenever possible; purchase using your card only when you are comfortable to do so, otherwise postpone the purchase until your finances are more favourable.
To sum it all up, a credit card would make your life easier based on the reasons above. There are also many reasons why you shouldn’t get a credit card. But that's a story for another time!
For free financial counselling, call over to any of the Credit Counselling and Debt Management Agency (AKPK) branches located in 11 major cities nationwide.
This article is brought to you by Loanstreet.com.my, Malaysia’s leading independent loan comparison website, in collaboration with AKPK.
Putrajaya Revokes Liquor Licence Directive For Eateries
Putrajaya has agreed to revoke the licence requirement for eateries to sell alcohol from next year, Transport Minister Wee Ka Siong has confirmed.
Why You Should Pay Your Credit Card Bill On Time
This is why you should pay your credit card bills on time.
Gain Tips to Grow Your Business With This Namma SME Webinar
Gain tips to grow your business with this instalment of the Namma SME webinar on Aug 18, jointly brought to you by Astro Ulagam, Quake, and RAAGA.
Get SME Funding Tips With the Lights! Finance! Action Webinar on Apr 8
Get tips to fund your small and medium enterprise, from the experts, on the Lights! Finance ! Action. SME Business Funding Made Easy webinar on Thursday, April 8.
Boost Your Marketing Techniques By Joining the LEVEL UP Webinar!
Join the LEVEL UP! – POWER Your Way To Profit Through Clever Marketing to gain tips from experts from various fields, on Feb 3, 8pm.
Learn How to Be Your Own Boss with the Gear Up Webinar!
Wannabe businesspeople and those who are already their own boss alike, can benefit from tips given in the Gear Up: From Worker to Boss Via the SME Life webinar on Dec 15.
Get Tips to Secure Funding For Your Business With the CASH UP Webinar
Join the "CASH UP! - Financing you BIG Ideas" webinar if you need tips to fund your business in the new norm.
Get Tips to Survive In a Post-Pandemic World With the POWER UP Webinar
Small and medium enterprise owners and aspiring entrepreneurs who are hit by the COVID-19 pandemic, can get guidance on sustaining their livelihoods with this one-hour Webinar.
Why You Should Pay Your Housing Loan On Time
Avoid The Pitfalls Of Personal Loans
This Mum and Daughter-In-Law are Relationship Goals
This two women are shining examples of how a relationship between a mother-in-law and daughter-in-law should be.
Former Hairstylist Jailed Three Years, Fined RM10k For Causing Fatal Penang Crash
A former hairstylist was yesterday sentenced by the Bukit Mertajam Sessions Court to three years' jail for causing the death of a friend due to reckless driving, three years ago.
Naagini Fame Actress Ties the Knot with Her Boyfriend!
'Naagini' fame actress Mouni Roy's wedding pictures go viral on social media!
Aishwaryaa Rajinikanth Spotted in Public After Her Split from Dhanush
Aishwaryaa Rajinikanth gets busy with work after her separation from actor Dhanush!
Ajith is Reuniting with His Lucky Heroine After 22 Years!
After 22 years, Ajith is reuniting with this well-known actress! Check out the details here...
"Samantha Wanted the Divorce!" - Telugu Star Nagarjuna Claims
Telugu star Nagarjuna has opened up on the divorce of Samantha and Naga Chaitanya!
Catch Horror Comedy Series ‘Kadhaanayagi’, Premiering Feb 1 on Astro Vinmeen HD
Astro customers can look forward to Kadhaanayagi, an entertaining horror comedy series premiering on 1 February, 9pm on Astro Vinmeen HD (Ch 202), via TV, Astro GO and On Demand.
10 Unhealthy Foods That You Should Never, Ever Eat!
Although you should eat all foods in moderation, some foods are so damaging to health that complete avoidance would be a much better idea!
Meet The Baker Who Makes Surreally Lifelike Indian-Themed Designer Cakes
You would have probably come across images of Sundri Ramesh's works of art - cakes that look exactly like a saree, or other Indian traditional clothes. This is the story of the baker who gave up her corporate career to pursue her passion.
Would You Spend RM400 on these Sandwich Sneakers?
There's a new pair of sandwich sneakers in town, and netizens are divided on whether they would wear them or not. Just take a look at it...