While everyone seems to be aware of the disadvantages of using credit cards, you can get some real benefits by utilizing some smart tips up your sleeve.
Choosing a Suitable Card
There might be a number of credit card providers; you need to choose one that suits your spending habits and life stage. Also, you need to consider factors such as reward points, annual fees, and even access to premium services, as well as access to the lounge while choosing your card.
Maximizing Your Cash Backs and Rewards
There are credit cards from different companies, such as dbs credit card, that offer discounts on different aspects of life. Such as, you can get discounts on gifting, shopping, dining, and traveling. Some other cards also earn cash points every time you swipe the card to buy or order some product or service. There are also cards that offer cash back on transport spending.
Optimizing Your Spending
You can consolidate your expenses into 3-4 cards. This would maximize the points, cashback, and miles. Also, there is an opportunity for perks for newly acquired cards and sign-up offers. Also there are also card providers that offer waivers for fuel waivers, lounge access, and as well as cash withdrawals even without charging any interest. In fact, you need to be strategic about choosing your card and decide on the cards that offer maximum perks on the products or services that are most relevant to your lifestyle.
Responsible Use of Credit Card
Whether you use a dbs credit card or any other card, it is helpful if you choose a company that operates internationally. It is also important to keep track of what you are spending your money on. Monitor both your expenses as well as your habit of spending. This would help you get the most from your credit card experience. For a tip, you might want to use your credit card for necessities like gas, groceries, and similar necessities. There are many card services that offer cash back and purchases for such items. Getting a card that offers perks on such products can be useful.
Monitoring the Credit Score
Keep a check on your credit score on a regular basis, and look out for negative impacts on transactions, if any.
Final Words
While choosing a credit card for use, you need to go through the fine print to understand the minimum terms and conditions of the agreement. Also, stay aware of the hidden fees, such as the balance transfer charges, late payment fees, concierge fees, and foreign transactions.