10:42 30 September 2013
Who needs a credit card comes with a disclaimer that additional cards are provided to all family members independent of the financial worthy persons as there is bank guarantee. But it lies in the need of the user how effectively they utilize all the benefits of using a credit card as there are always risk involved in over spending and minimum usage attracts annual fees as well.
How safe repayment of reward points?
However, if you only pay a minimum or part of your total balance every month, your cash back could just be used to pay the interest charged on your balance. Still, it is still advantageous to your part. To fully enjoy the benefit, always pay in full.
Don’t be fooled
Do not overspend just so you could have cash back. It is best to use the card for something you would really need to pay for whether there is cash back or not. Then that reward is really a reward in the truest sense of the word.
Remember that every credit card has an annual fee. If you only have a limited budget for what you can spend every month, then this is not a good card for you. The cash back you earned might not be even enough to cover for the annual fee.
Security reasons in protecting the credit card:
Upon knowledge of your card is stolen or lost, report the incident to your credit card provider right away. It is best that you get familiarized with the contact numbers of your credit card provider. At times like this, for instance, you were held up anywhere, you could inform your provider as soon as possible so that they will stop all payment attempts for purchases that will be made immediately after the hold up. If you have credit card insurance, you should inform them as soon as possible as well.