By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Financial Slot
  • Home
  • Net Worth
  • Business
  • Save
  • Insurance
  • Wealth
  • Investment
  • Cryptocurrency
  • Loans
Reading: How Credit Cards Can Help You Get Ahead Financially
Share
Aa
Financial Slot
Aa
  • Home
  • Net Worth
  • Business
  • Save
  • Insurance
  • Wealth
  • Investment
  • Cryptocurrency
  • Loans
Search
  • Categories
    • Technology
    • Entertainment
    • Travel
    • Fashion
    • Business
    • Politics
    • Science
    • Health
  • Bookmarks
  • More Foxiz
    • Sitemap
Follow US
  • Blog
  • Advertise
© 2022 Financialslot.com. All Rights Reserved.
Financial Slot > Blog > Credit Cards > How Credit Cards Can Help You Get Ahead Financially
Credit Cards

How Credit Cards Can Help You Get Ahead Financially

Kreg Bale
Kreg Bale March 1, 2022
Updated 2022/03/01 at 9:37 AM
Share
6 Min Read
How Credit Cards Can Help You Get Ahead Financially
SHARE

In a world where debit cards and cash purchases can secure purchases of any cost, it’s easy to forget the usefulness of credit cards.

But when used for the right reasons, credit cards can actually be a great way to help you stay on top of your finances and spending.

Here are six helpful ways a credit card can help you build your financial stability:

1) They help you build your credit score

Credit cards are one of the easiest and fastest ways to build your credit score.

- Advertisement -

A credit score is a three-digit number that lenders use to measure how likely you are to repay a loan. The higher your credit score, the more likely you are to be approved for a loan and to get a lower interest rate.

To check your credit score in Australia, you can use a credit monitoring service for a full report of your credit status. Check your credit score with ClearScore.

Credit cards can help you improve your credit score by showing that you’re able to handle borrowing money and repaying it back on time.

If you want to take out a mortgage or loan in the future, having a good credit score will make the process much easier.

2) They provide reward programs

Credit cards often come with reward programs that give you points or cash back for every dollar you spend.

This can be a great way to save money on your regular expenses, such as groceries, petrol and bills.

For big purchases, such as airline tickets, kitchen equipment, and television sets, credit card bonuses serve as another method to get large discounts too.

The usefulness of credit cards also extend to sign-up bonuses, such as a percentage of cash back or bonus points, when you sign up.

Make sure you shop around to find a credit card that offers good rewards programs and suitable bonuses.

3) They protect against identity theft and fraud

Unlike debit cards, credit cards offer protection against identity theft and fraud before you make a purchase.

If your credit card is stolen or used without your permission—say through an online purchase—your card provider may put a hold on your credit card to investigate the matter.

This can be a lifesaver if your wallet is stolen or if someone manages to hack into your account. If your credit card company has a zero-liability fraud policy, reporting the fraudulent purchase will protect you from losing any cash.

Regardless, make sure you report any lost or stolen cards immediately to prevent any fraudulent activity from affecting your finances.

4) They work everywhere you are in the world

Credit card brands like VISA and Mastercard are accepted in more places than debit cards. Unlike cash, you don’t have to go through the hassle of changing currencies every time you touch down to a new country.

If you travel a lot, or if you have a family member who travels often, having a credit card can make life much easier. You don’t have to worry about exchanging currency or bringing a large stash of cash with you. Credit cards also don’t come with lower fees since you don’t need to exchange them anywhere.

Just make sure you keep track of your spending and don’t go over your budget while you’re on holiday.

5) They have fewer fees than debit cards

While debit cards have overdraft charges or fees every time you buy something, credit cards generally don’t have these.

This makes them a much more affordable option for regular purchases, especially if you purchase a lot of items throughout the course of the year.

There are, however, some credit cards that do have annual fees so make sure you read the terms and conditions carefully before signing up.

6) They track your spending for you

Most credit card providers have an online database that tracks all of your purchases.

This can be helpful if you’re trying to stick to a budget or if you want to keep track of your spending over a period of time.

This feature is especially helpful when you have to file your taxes since you can print out a report of your expenses for the year from this one place.

Tax-deductible activities like business expenditure and donations can be compiled in these credit card statements as well, so keeping track of them is a good way to stay organized.

Conclusion

If you play your pieces right, credit cards are great tools to help you get ahead financially.

They provide opportunities to build your credit score, get rewards for your spending and protect you from identity theft and fraud.

If you were hesitant before, hopefully this article helped you understand the pros of having one.

You Might Also Like

Online bank account with instant virtual debit card

Credit Card Disadvantages And Advantages You Should Know

What Everybody Needs To Know About Common Credit Card Scams

What You Need to Know if You Don’t Have a Credit Score

9 Easy Ways To See If A Money App Is Safe To Use Before You Sign Up

Sign Up For Daily Newsletter

Keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Kreg Bale March 1, 2022
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
Previous Article 10 Best Life Insurance Companies To Consider 10 Best Life Insurance Companies To Consider
Next Article Forrest Mars Net Worth & Biography Forrest Mars Net Worth & Biography
1 Comment 1 Comment
  • Pingback: 10 Top Tricks To Help You Protect Your Savings

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -

Latest News

Andrew Tate Business
Andrew Tate Business: How does Andrew Tate make money?
Business Net Worth August 9, 2022
Tupac Net Worth
Tupac Net Worth 2022: Biography & Income After Death
Biography August 8, 2022
Lionel Richie Net Worth
Lionel Richie Net Worth 2022 Update: Biography, Age, Wife & Assets
Biography August 8, 2022
Pamela Anderson Net Worth
Pamela Anderson Net Worth (Updated 2022) – Financialslot
Biography August 8, 2022

You Might also Like

Online bank account with instant virtual debit card
Credit Cards

Online bank account with instant virtual debit card

June 28, 2022
credit card disadvantages and advantages
Credit Cards

Credit Card Disadvantages And Advantages You Should Know

June 9, 2022
common credit card scams
Credit CardsEducation

What Everybody Needs To Know About Common Credit Card Scams

May 11, 2022
don't have credit score
Credit Cards

What You Need to Know if You Don’t Have a Credit Score

May 6, 2022
//

We educate over 20 million users on personal finance, wealth and asset management through our network of finance blogs

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Financial Slot
Follow US

© 2022 Financialslot.com. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?