Most people these days have a credit card in their wallets. Anyone with a fairly good job can get one, even students that don’t have an income are able to obtain a credit card. We see credit cards everywhere in our daily lives, we even find them unexpectedly in the mail because they’ve been pre-approved! Some people don’t use their credit card or haven’t applied for one because they don’t know all the details and why they are useful. Put simply, a credit card is a financial arrangement between you and the bank (or card company). The agreement is that you can borrow money instantly with the understanding that you will pay the money back in the future, if you’ve sorted out a good care you’ll have perks such as a 0% balance transfer. You are usually expected to pay the money back in monthly instalments, over a certain period of time. If you don’t clear your full balance each month then interest will be added to your bill. Credit cards are extremely useful, here’s 5 reasons why you should have one:
1) Keep a record of your spending
If you find it difficult to keep a track of your monthly expenses each month, then the monthly statement that lists all of your purchases will come in very useful indeed. This will make it more convenient for you to keep a track and get a handle on your budget. Most card companies and banks will have online banking so that you’re able to keep up to date.
There is nothing worse than arriving at the checkout and discovering that you only have a few pounds left in your wallet. With a credit card in your wallet this doesn’t become a problem at all! Instead of worrying about how you’re going to pay or when you can return with the cash, just pay with your credit card. Carrying a credit card means that you don’t always have to worry about how much is left in your wallet. For extra convenience you can shop online with your card and have what you need delivered to your door!
3) Carrying less cash means more security
No one really enjoys carrying huge amounts of cash in their wallet, the fear of losing it is horrible. If you misplace your wallet your cash is gone and you won’t be getting it back. If you lose your card it’s no big deal. All you have to do is give your bank or credit card company a call and cancel the card, they will then send a new one to you.
4) Emergency situations
Lots of cards come with added benefits such as, travel insurance or breakdown cover. This will always help you out in times of need. The other way cards can help you is if you really need to pay for something when you just don’t have the cash, for example if you need to pay for medical treatment urgently then your card will save you!
5) The benefits
The cards now are suited to those that travel, card holders are now getting more and more benefits; car hire, air miles, dining deals and more. When you travel you can also use your card to make reservations rather than paying the standard rate on arrival. Of course you also won’t have to travel with a lot of cash, as mentioned above, which is always a bonus.