Credit
cards are often misunderstood. True, some users accumulate excessive debt with their
plastic, their useful benefits generally outweigh the risks for responsible
spenders. Many credit card benefits -- theft protection, travel
assistance and credit building -- may be inconspicuous to the average consumer,
even those who have used their cards for years. Check out the top five ways in
which credit cards can make your life easier.
1 - Ability to build credit
Chances
are you will need to borrow money at some point in your life. After all, even
if your parents paid your college tuition, you will eventually purchase or rent
a home, both of which require good credit. Chances are good you will
borrow again to purchase a vehicle or possibly to get out of a financial jam.
By establishing a consistent credit card payment record, you will build credit
and thus receive lower interest rates thanks to a good credit score.
2 - Rewards
Some
credit cards offer rewards just for making purchases. These may include rewards
programs that offer access to special discount shopping portals, as well as
reward points for everyday purchases. Using your credit card to pay for groceries,
meals and other items can be a great way to rack up tons of points to help you save for that big trip or major
purchase.
3 - Roadside assistance
Many
major credit card companies offer travel and emergency assistance programs.
This benefit is standard on many popular cards, including some of AltaOne's Visa cards.
4 - Travel assistance
Travel
assistance is standard on many cards and can be a lifesaver (maybe literally)
if you’re more than 100 miles from home. Features may include emergency cash
transfers, lost luggage assistance, trip planning and referrals to a consulate
or embassy.
Of
course, you hope to never need to use most of these benefits, but it’s nice to
know they’re available.
5 - Purchase protection
Another
lesser-known credit card benefit is purchase protection, where the provider reimburses
the user for the cost of a purchase when broken/stolen within 90 days of its
purchase. This is especially advantageous when it comes to more major
purchases.
The takeaway
While
credit cards often get a bad rap, there are plenty of legitimate reasons to own
one. The most important is to build credit, since doing so will help you meet
your financial
goals by improving
your ability to borrow for a home, tuition or any other major expense in the
future.
You can
also earn generous rewards on purchases, and you can enjoy peace of mind while
commuting or traveling with roadside and travel assistance. Worldwide ATM access
is a darn good perk, as well.
Talk to
your credit union representative to learn more about the advantages that appeal
to you. Then, remember to spend responsibly and you’ll be on your way toward
cashing in on these perks for free!
Chances are you will need to borrow money at some point in your life. After all, even if your parents paid your college tuition, you will eventually purchase or rent a home, both of which require good credit. high risk merchant solutions
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