Purchasing power is seen by your ability to manage finances such as managing cash, debit cards, and credit cards. All of which require funds to conduct a transaction.
However, the use of credit cards offers flexible payments that allow users to purchase a product and pay for it within a certain period of time. Furthermore, credit cards also offer benefits through various attractive promos.
Credit Card Benefits and Reasons to Have It
A credit card allows a person to borrow money from a bank under an agreement that it will be paid by the due date. When used wisely, a credit card can serve as an effective financial instrument. Look at the notes below to find out why you need a credit card.
1. Learn to Manage Finances
For those who are not good at managing finances, keeping track of your expenses will simply be confusing. However, by using a credit card, you will get a complete, and detailed summary of your monthly expenses.
In contrast with using cash which requires a manual record of your expenses, the use of credit cards helps a person see the budget and expenses he spent. It makes it easier for everyone to know what they are spending. It helps a person to be responsible and manage finances wisely.
2. Pay in Instalment
When it comes to obtaining stuff you want, you may be faced with limited funds that oftentimes force you to abandon those dreams. By using a credit card, you don’t need to worry about it anymore.
Credit cards usually offer the option to pay in installments. That way, credit card holders can buy the stuff they want without having to pay all at once, and it can be paid in stages during the installment period.
3. Makes Traveling Abroad Easier
Traveling abroad requires a lot of preparation, including exchanging foreign currency. It’s quite a hassle and a waste of time. If you are a busy person who is not used to doing this, it will be a whole lot of aggravation.
Credit cards are a convenient and relatively safe way to pay for all your needs while traveling abroad. That way, there’s no need to exchange money and carry large amounts of cash. Credit cards also provide foreign exchange facilities when traveling abroad at competitive rates.
4. Credit Card Transactions are More Profitable
Not only is it a handy payment option, but it also serves to gain advantages. Credit cards offer higher purchasing power and the opportunity to earn rewards.
Prizes are not always in the form of goods, but cashback, discounts, points/rewards that can be redeemed with tickets for a vacation, entertainment, shopping, and other prizes. With these advantages, credit card holders can actually save more.
Those are the various benefits of a credit card for its holders. Are you interested in owning one? BCA has a wide selections of credit cards with numerous benefits that can be tailored to your needs. Check the complete information here.