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Credit Card 101Read on and find out how to use it to your advantage.by Katrina Tan .
Credit cards are tricky tools of trade. While they do make shopping easier, quicker, and more convenient, these little pieces of plastic also come with their own share of hassles: payment due dates, identity theft, interest rates, and the like. Learn how to avoid these unwanted circumstances and use your credit card to its full potential.
Pro plastic. Paper may trump plastic in saving the environment, but when it comes to spending money, plastic is oftentimes the way to go. Credit cards offer many advantages, states Iain Jamieson, Visa country manager for the Philippines and Guam. “Having credit comes in handy when making expensive or unexpected emergency purchases. It gives you the flexibility to pay at a later date. In some cases, you may even earn rewards—movie tickets, free products, flyer miles—when making a purchase.”
Convenience. Credit cards allow you to purchase almost everything, from essentials such as groceries and gasoline to big-ticket items such as appliances and jewelry. “The installment facility of card issuers makes it less burdensome for large purchases, as it allows cardholders to make a purchase without having to shell out the full amount at that time. This way, one can manage his finances to cover the monthly amortizations,” says Elizabeth Legarda, executive director of the Credit Card Association of the Philippines (CCAP).ADVERTISEMENT - CONTINUE READING BELOW
Security. There is a sense of security when you don’t carry around a lot of cash, as lost or stolen cash is pretty much considered gone. Credit cards, on the other hand, can easily be reported when they’re lost or stolen, without you having to lose a single peso!
Furthermore, in some cases, cardholders have the right to dispute purchases with merchants for unsatisfactory products or services - given a formal and proper process - and remove their liability for fraudulent charges when reported promptly.
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