The hidden benefits of credit cards you should make yourself aware of

12 September 2013 - Which Way To Pay

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Credit cards explained: Three key reasons to take out a credit card today

Credit cards are not just useful for borrowing credit; they come with other benefits which you should ensure you make yourself aware of before you commit to taking out a particular credit card. Below we investigate three of the reasons you should take out a credit card and help you research your options thoroughly.

Credit cards: Cash back & rewards credit cards

If you pay off your credit cards in full every month, a cashback credit card will pay you a proportion of your spending. Similarly to cash back credit cards, rewards credit cards will give you points or vouchers depending how much you spend. Spending at particular shops usually earn you higher rewards so it is worth considering a rewards card in a shop frequently go to - such as a supermarket!

Boost your credit score with a credit card

Although having too many credit cards can damage your credit score, having no credit history can be equally damaging. If you have never borrowed money before then lenders will find it difficult to judge whether you are high risk or not. If you take out a credit card then you should ensure that you make the repayments in full every month so that you do not get into debt.

Credit card protection if you lose your handbag or wallet

If you bag is lost or stolen and full of cash, chances are you will never see that money again. If you have your credit card stolen, provided you have not been negligent, you will be able to cancel the card and worst come to worse your card provider will cover any losses over a certain amount. Check this with your provider.

As with any financial product then you must ensure that you read all the small print and if you are in any doubt then you should seek independent financial advice.



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