Wed Jun 01 2022
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.
Six Simple Ways to Save Money
How much you earn does not really dictate how much you can put aside on a monthly basis. Here are six simple ways for you to save money.
Is A Credit Card Really Right For You?
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.
These Four Things Could Make you a Bankrupt!
These are the four things that could land you in a bankruptcy.
'Kootu': Is it Illegal to Play this 'Quick Cash' Scheme?
Playing 'kootu' is a common method for Malaysians to raise quick cash. But do you know that you can get into trouble with the law for organizing or participating in this scheme?
Why You Should Pay Your Credit Card Bill On Time
This is why you should pay your credit card bills on time.
Five Ways you Can Generate Side Income
Here are five ways you can earn some side income without quitting your main job.
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.
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.
Actress Meena Denies False Rumours Regarding Her Husband's Death
After Vidyasagar's tragic demise, actress Meena took social media to put a stop to false rumours regarding her husband's death...
Tasty Maracurry Mess Recipes Fresh from The Pot!
Maracurry Mess is a show airing on Astro Vaanavil (Ch201), featuring renowned local chef Rajesh Subramaniam whipping up delicious vegetarian dishes.
Meet the 26-Year-Old PhD Holder
Dr Mogana Darshini Ganggayah holds a PhD in the field of Bioinformatics, at the age of 26. This is her inspirational story...
Beware: The Danger of Joining Non-Beneficial WhatsApp Groups
Sometimes, we join WhatsApp groups that are not really significant to us. This is the danger of doing so...
Yet Another Malaysian To be Hanged in Singapore Next Week
Singapore is set to hang yet another Malaysian on July 7, for drug trafficking...
SJK(T) Students Invent Cost-Effective Ayurvedic Air Cooler from Scrap Materials
A trio of pupils from SJK(T) Rawang in Selangor, have built a portable Ayurvedic air cooler with waste items from a scrapyard.
Six Kollywood Actresses Who Played Iconic Dual Roles
Let's take a look at six memorable dual-role performances by female actors!
Actor Suriya Was Not the First Choice for 'Rolex' in 'Vikram'
Guess who was the first choice to play 'Rolex' in Lokesh Kanagaraj's 'Vikram'...
Top South Indian Actresses Who Made it Big in Bollywood
Let's take a look at eight South Indian female actors that have made it big in Bollywood!
Seven Selfies you Should Never Share Online!
Taking a selfie has become a norm nowadays. But steer clear of posting these types of selfies which may cost you your reputation, or even life...