Should I Get A Credit Card?

Posted by Kerri Mosher on January 16, 2018 in Blog |

Getting a credit card is a decision you should not take too lightly. It is an investment you should only make if you are financially stable enough to pay it back each month and not to fall into debt. Make sure that you take on board some of the factors below before you go off and open an account.

  1. Cash back

Some credit card companies will offer you cash back as a percentage of what you spend on their credit card throughout the year, this cash will be tax-free and added onto your statement at the end of the year. This is however only an option you should consider taking on if you already pay off your monthly payments every single time.

  1. Rewards

You can take a look at the best rewards credit card to find out which credit cards will offer you the most, but a reward can come in the form of points which you collect on the card, or vouchers. They will build up and allow you to spend your money in your favourite stores and with brands. If you have a certain brand which you always shop at, it might be worth going down this route instead of cash back.


  1. Discounts

When you get a credit card which is associated with either an airline or a retailer, you will likely get discounts on flights or products along with your payments. Because of this, if you have a particular store or airline you love to use, it could be worth taking out a credit card with them rather than with a regular credit card company.


  1. Protection


Due to the consumer credit act, if you buy an item either fully or partially using a credit card, you can usually get protection for that product should it be lost in transit or broken before it reaches you.Keep in mind that this will only apply to items with a value of $100 or over.

  1. Cut costs on spending abroad


If you travel often for work or in your personal life, you may be able to benefit from having a credit card as your overseas purchases will not be charged as they would when using a debit card. You can save yourself the administrative fee by simply using a credit card during your stay abroad.


  1. Boost your credit score


If you have a poor credit score: there will usually be two reasons for this. You have either got a history of debt and being unable to pay back loans, or you don’t even have enough history to create a high score. For either of these reasons it can be hugely beneficial to get a credit card. By taking out a small credit card and paying back the fee in full each month, you will be improving your credit score, adding positive additions to your credit report and making it more likely for you to accepted for loans such as a mortgage later in life.


Tags: , , , , , ,

Loading Facebook Comments ...

Leave a Reply

Copyright © 2016-2018 Mommyreviewer All rights reserved.
This site is using the Desk Mess Mirrored theme, v2.5, from BuyNowShop.com.


Get the latest posts delivered to your mailbox:

Show Buttons
Hide Buttons