Credit cards benefits and importance for what it could be great for:

A credit card is a useful tool. In our everyday life it helps us to face emergency financial needs. It also helps us to reduce risk of carrying physical money. The main benefits of bank credit cards are-

Transferring credit card balances so you pay no interest:

If you apply for a balance transfer credit card with an interest-free period, you could get a breather from paying interest. Even with a transfer fee to pay, it may work out cheaper over the course of the interest-free period. Just bear in mind that if your credit card has a balance transfer offer, you may still be charged interest on purchases you make.

Protection when you pay for goods:

Credit cards offer greater legal protection than debit and charge cards when you spend £100 or more, even online. So you’re more likely to get your money back if the website, travel agent or retailer you ordered from goes bust.

Borrowing money without paying interest:

By paying your balance off every month, you could enjoy up to 56 days of interest-free credit on purchases you make. While you get this interest-free period for all new purchases, you will be charged interest from the day you make sterling cash transactions or balance transfers.

 

Managing your finances with flexible payments:

Credit cards differ from other types of credit, such as loans, in that you don’t have to pay a fixed amount that’s arranged upfront. You could choose to pay the minimum, although it takes longer to pay off the balance and you’re charged more interest in the long run. Or you could pay more, up to the full amount of your balance. The choice is yours.

Keeping track of how much you’re spending:

Since every transaction you’ve made is shown on your statements, it’s easy to monitor exactly how much you’re spending every month. This can be a helpful budgeting tool.

Emergencies:

You can face any unplanned financial crisis in any problem. Due to a family emergency, you would need money, credit card will help you in this situations. Having a credit card could help cushion the cost of life’s ups and downs, without you having to dip into your nest egg. It’s quicker to access funds than taking out a loan and you can pay the balance off in amounts you can afford, as long as they are more than the minimum payment.

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