Gone are the days when shopping or eating out required you to carry a wad of cash in your wallet. In today’s day and age, money does not signify paper money (currency). Plastic has become friendly to the pocket, especially in the local arena, where carrying a wad of cash can make you a target to thugs and robbers.
Credit and debit cards have changed the way we shop, dine out, and spend money. However, credit cards are nothing new. The concept of credit cards has existed since the 1920’s and the first cards were diner cards where the expense made on the card had to be paid in full at the end of the month. Credit cards have since then evolved significantly. Let’s look at all the advantages you can gain from credit cards during 2017 and end the year fruitfully.
Cash or Credit?
To begin with, paying on plastic gets you additional incentives and perks, but it also brings about greater security. Ever wondered how you would recover your cash in case your wallet is stolen or lost? Carrying credit cards in place of cash leaves you more secured and relaxed in such situations.
In case of a fraudulent transaction or theft, your account and all the future transactions made on your card can be blocked by the bank. Further to that, some banks offer card and wallet insurance on their credit cards as well, which can help you recover your cash in your wallet if its lost or stolen. However, you must notify your bank immediately in order to ensure security and timely retrieval of your funds. The bank will block your card and put all the current transactions on hold. Look through various banks to see which credit cards offer wallet insurance as well. Some of the well-established ones include MCB Wallet Protection, UBL Wallet Mahfuz, HBL CashMehfooz and more.
What Other Benefits Can You Avail
Credit cards have made lives easier with online shopping and online transactions. Booking an urgent rent-a-car or simply reserving hotels for relaxing holidays is not much of a hassle with your credit card. Credit cards such as Bank Alfalah have changed the landscape of reward points and shopping. They introduced the concept of Orbits, which replaces the traditional reward points concept. If you bank with Bank Alfalah, and own a credit card, you can collect Orbits for any services you avail from the bank, including bank accounts, ATMs as well as credit cards. A ton of discounts on dining out, and on online shopping are available on this bank’s cards. Furthermore, you can avail your collected Orbits on any electronic household items that you want.
It is beyond a ‘little piece of plastic’
The foremost reason of attraction for credit cards is the bundle of rewards, cashbacks and benefits it offers. In other words, credits cards are like a sweet treat for the users which comes in two flavors; cashback and travel.
For travel benefits, each time upon making a transaction you earn certain points. You can then redeem you accumulated points against most travel expenses. Likewise, if you have a cashback credit card, you can get a certain percentage cash return on making purchases of specified amount. If you want to obtain a credit card to avail reward options, think about some options like Standard Chartered Bank. Its reward point list includes several waivers and discounts that you would not get otherwise or with many other cards. If you are looking to waive off your annual fee on the credit card or looking to use your reward points to donate forward, SCB cards have reward redemption options that you can use. More mainstream redemption options are available too like household appliances and electronic items, but they also have items such as internet prepaid cards, speakers, phones, earphones and much more.
Cards Supporting Your Lifestyle
The smarter choice would be to choose the card which best suits your lifestyle. Only if you pick the most appropriate card for yourself, will you enjoy the rewards to the maximum. For instance, if you are not very fond of traveling, then perhaps your travel card would put you in a loss instead. Similarly, someone who is not shopaholic would perhaps waste the cashback card as it can only benefit upon making purchases.
Analyze your spending habits, identify the items you are most likely to purchase most often. If you travel more, or shop more, if you eat out more, or rely on collecting reward points, your choice of card will differ.
You can always keep an eye on apps and website that help notify you of all the discounts and deals on your card. Our comparison guru can help you pick out the best credit card for you as well.