If you are employed and have a stable job with a decent income, you might want to consider a credit card. In this post, we will discuss the advantages of having a credit card, and some of the other things that need attention before completing the application process.
- Credit cards are convenient and easy to use. From paying bills at restaurants to booking flight tickets online, you can do anything at your will. In short, a credit card allows you to spend beyond your actual financial limit.
- With regular statements, you can keep a track of your expenses. For debit cards, you never know what you have spent, unless you check the bank account. However, with credit cards, you are assured of spending in budget.
- Credit cards are also great when you need immediate cash. Even with salary loans, you will have to wait for a week or so, before you can get the payment. Credit cards are instant and allow you to spend as required.
- There’s a special credit card for everyone. Want to save more on fuel? You have cards that offer more fuel rebates. There are also unique cards for women, minors and frequent travelers. In short, you can find a card that fits your income and requirements. There are many portals that can further help in finding the best credit card Philippines.
- With a credit card, you can consolidate your smaller debts easily. Instead of paying different interest rates on each debt, you can settle these payments with a single card. In all likeliness, you will save on the overall interest.
Things to note
No matter whether you are looking for Citibank credit card or any other bank card, you have to do your research. Start by understanding the basic requirements for a particular card, which also includes a minimum income. Also, you need to get the papers and documents in place, because the lender will ask many questions related to your financial condition. Before you apply, consider the expenses, late payment charges, interest rate and annual fee of the concerned card. In some countries, you will need a certain percentage of the monthly bill.
While credit cards are great for regular use, you should be careful about your spending, because it is easy to go overboard. Also, pay your bills on time to avoid unwanted and unnecessary charges.