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| Credit: one of your most valuable financial assets...when used wisely. Did you know that credit cards have immense benefit and minimal risk when used correctly? You might find this statement misleading, especially if you’ve experienced the onslaught of unannounced fees and the heartache of huge debt. But when you use good credit card offers as a fiscal stepping stone instead of a direct route to keeping up with the Jones’, they’re an invaluable financial companion. Here is a list of benefits for you to consider before you apply online for credit cards: The Opportunity to Establish Good Credit 0% APR Interest Free Cash Back Rewards Programs Payment Flexibility Convenience & Ease in Spending Emergency Safety Net Security Small Business Tool Insurance Coverage The Opportunity to Establish Good Credit Credit cards are one of the easiest ways to build a good credit history. If you start establishing a good credit score when you’re eighteen, you’ll make it much easier for lenders to approve your next car or home loan. In fact, having several revolving credit card accounts with sizable limits and low balances steadily increases your credit score over time. Zero Percent Interest (0% APR) Few resources will lend you thousands of dollars for free for up to sixteen months. But many credit cards offer introductory 0% interest rates for well past a year. Your responsibility is to pay your bills, pay them on time and carefully read transfer balance restrictions. Interest Free Cash Back Some credit cards offer cash back after a certain amount of purchases. If you use the card to shop for groceries, pay utility bills or buy household essentials, you get money back on money you would spend anyway. This can add up to hundreds of dollars over a year. Rewards, Incentives and More Rewards Every credit card company has a rewards program these days. And just like receiving cash back, rewards can come in very handy. An airline ticket here, a little gas money there, and you’ll quickly see how much money rewards programs save you. Flexible Payment Periods Lets face it – some months are financially tighter than others. So when your credit card features a 30-day grace period after your bill is posted, it’s one more reason to keep using your card. But, only utilize this flexibility when you must. Convenience It has never been easier to use a credit card. Virtually every retail store accepts them and online shopping is more secure every day. Set up online bill pay for added convenience and avoid worrying about writing checks or finding stamps to mail in a payment. Emergency Safety Net In dire situations, credit cards can be life-savers. While it is impossible to predict when an emergency will occur, it’s very possible that one will. When a family member is sick or you used grocery money to pay for the mounting gas bill, having a credit card on hand is a reassuring financial resource when you need it most. Security Reputable credit card companies cover the majority of fraudulent charges if your wallet or purse is stolen – or if your card gets lost! You might be liable for up to $50 at most. In the long run, credit cards are easy to cancel and safe to reissue. Cash and checks are not. Small Business Tool Many small businesses get a head start by using business credit cards to manage steady cash flow or purchase necessary equipment. You need to be careful in how you use business lines of credit, but when used correctly, they can help turn an up-start business into a profitable company. Insurance Coverage Some credit cards offer additional travel insurance or car rental insurance – benefits you can’t receive by paying with cash or check. This coverage provides you with extra protection in case you’re in a car accident or have your luggage stolen.  "If you can't [pay your balance in full], then generally it's a good idea to keep no more than two to three months of business expenses on the card.” – Gerri Detweiler, Author of "The Ultimate Credit Handbook," Forbes.com |
