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Why Should You Have Credit Cards?

May 9, 2008
Let's talk a little in detail about the types of credit cards so you know which you are able to benefit from the most. Sometimes only one will work for a particular person's situation, while other times having more than one will benefit you better. Figure out why you want the credit card and then go from there. Do you have any credit; is it bad, do you just want something extra? Reward cards allow you to get back something when you have made your initial purchase. It could be travel points for your favorite airline with miles collected or even a basic points system.

Secured credit cards are used by those who are trying to rebuild their credit after a bad mistake in the past. This allows someone to put a deposit down on the credit card and only use the amount they have deposited for purchases. You can repair your credit fairly quickly using this method but remember since you are putting the deposit down, you can only spend what you have setup on the account already. Some do have higher interest rates but just checking over the fine print for these cards will allow you to pick the best to suit your needs. We have also heard about Student Credit Cards and these are strictly for those without credit in their history. You can start out with one card and slowly build up your showing that you are responsible.

When choosing which card is right for you; take into consideration how much you will be using it, and for what type of purchase. Some people only prefer to pay on credit to always keep their history clean and up to date, also trying to improve their overall credit score. For a lifestyle like this a Zero/Low Interest card would be best for you. These will let you save more than a couple of pennies during the introduction period (for the first 6-9 months) after it will then increase to the normal fees.

Some of the best reasons to purchase on a credit card rather than cash are being able to keep your credit score where you need it to be. The better the score the better the chances, if you need a loan, you can get smaller interest rates. It all ties together. Many people feel more secure using a credit card for online purchases rather than a bank card, for the merchant protection (security) offered through the credit card company.

Many people tend to tell others that credit cards are a waste of time and money, but it's really not true. Credit cards have many purposes that can help you from rebuilding (or even starting) your credit up to taken care of you and your family (or business) for emergencies. If you are able to manage your credit correctly it's not the hassle many make it out to be. It's a true convenience when you don't want to carry cash or a checkbook around, especially when traveling. The reasons are almost endless.
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