RSS feedWill That Be Cash or Credit?
Not many people really think about it, but carrying a credit card is much safer than carrying cash.
If you lose cash, it is generally gone for good. If you lose a credit card, you have the power to call your bank and report the loss, putting a stop on the account. That way you aren’t liable for any unauthorized purchases.
Even if your card is stolen, the thief still has to forge your signature convincingly. Shop tellers also may request the thief produce additional pieces of identification, which will usually mean they are stopped from making illegal purchases on your card.
Moreover, choosing a credit card might mean extra rewards just for buying your normal purchases. From airline miles to cash back, you may get a reward just for buying things like laundry detergent. How great is that?
Chris (July 18, 2007 13:27)
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A Little History
Not many people know this but Diner’s Club was the first universal card to ever be issued. By “universal” I mean that it was the first credit card that was not attached to a particular business, but allowed you to shop on credit at a range of different shops and businesses. The Diner’s Card was released in 1950, and while the company itself doesn't exist anymore (it was bought by MasterCard), the idea clearly made history and spawned an entire industry. These days I have a number of credit cards, but I still find the history of the industry an interesting concept.
Chris (July 18, 2007 13:23)
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Making Minimum Payments
Credit cards can be a godsend, giving you the freedom to buy what you need, when you need it, even if you don’t have the cash.
Delaying payment is one of the obvious benefits of owning a credit card. Another benefit is that although you may end up paying somewhat more than paying with cash, owning a credit card allows you to spread out bigger purchases. And if you really do your homework and look around for the lowest interest rate possible, the extra needn't be too much. One great low interest rate card is Blue from American Express. Look into it today.
No matter what card you have, though, the most important factor about having a credit card is getting in the habit of making more than the minimum monthly repayment. Providing you make just a little more than the minimum repayment on time, you can avoid high interest charges, pay your card off sooner, and therefore, really get the most out of your card.
Chris (July 18, 2007 13:22)
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Watch Out! Finding The Best Credit Cards
Everyone looking for a credit card should really read the fine print of each credit card on offer.
Amongst other things, you need to weigh up each card's benefits and disadvantages. Be sure to look into any free period that is offered, and try and get the longest free period you can. You also need to find out what annual fees are imposed because different cards vary a lot. It is rare, but some issuers have annual fees that are in the hundreds. Take note of the individual transaction fees as well. Transaction fees add up, so you need to be fully aware of what you are likely to pay.
Chris (July 18, 2007 13:20)
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Snatch Up A Student Credit Card
One of the best pieces of advice I can give to younger people is to get a credit card while you are a student at a university.
Even though it is only a small step, having a credit card and paying it off in a timely manner will help you build up a good credit rating. Your credit rating will allow you to borrow for personal loans or a mortgage further down the track.
Generally speaking, banks are generous when it comes to issuing credit cards to students, so you should take advantage of their policies while you can. You will find it a lot harder getting a credit card if you are unemployed!
One of the best student cards I know is the Chase Student Flexible Rewards Card. You can redeem your points at places you go anyway like Best Buy and Chili's, and you get six months of a 0 percent APR.
You can see other good student cards here. Choose the right one for you today.
Chris (July 18, 2007 13:18)
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Credit Card Safety Tip
As someone who is very concerned about the safety of my credit card, I am always looking for new methods to maximize my credit security.
The best tip I have followed is to designate one card with a low maximum credit limit for my regular everyday uses. This is the card I carry with me. My other two cards, which both have higher credit limits, I leave in my safe at home unless I specifically need them.
By only carrying my low limit credit card on me, I have piece of mind that even if it were to be stolen as the level of damage that could be done in fraudulent charges would be less than my other cards.
Chris (July 18, 2007 13:11)
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Cash Advance Benefits
I never thought I would need a cash advance, but wow, is it a handy feature of credit cards, particularly for emergencies. I got a cash advance for some urgent dental work, and it really saved my bacon.
The only downfall of cash advances is that the amount of money you have withdrawn attracts interest from the minute it is forwarded to you. That is why it is always best that you repay the advance as quickly as you can. Sadly I learned the hard way and ended up paying much more than I had expected. You can, though, find a number of cards specifically designed with special cash advance options.
Being able to access funds as soon as you need them is invaluable, and the perfect option for unforeseen events.
