Looking for a credit card? 2023 credit cards may come with quick approvals, easy applications, spending rewards, and good credit limits as companies try to stay competitive. Start a quick search and discover the benefits of a new credit card today.
If you aren’t using a credit card to make everyday purchases, now is the time. Intense industry competition and advances in technology have made credit cards safer and more beneficial to use than ever before. Smart internet users are now receiving amazing benefits by signing up for new credit cards in a few minutes online.
If you can afford to make purchases using cash or with a debit card, why use a credit card? After all, aren’t there safety risks with using a credit card? Don’t credit cards charge big annual fees and high interest rates? These are all common concerns which will be addressed shortly. The important point is this. If you don’t use a credit card in 2020, you’ll be missing out on perhaps the most rewarding way to make purchases in 2020.
Why Use a Credit Card?
Many people think that if they can make purchases with cash or a debit card, then there’s no reason to get a credit card. However, there are several reasons for which using a credit card can be a better alternative to cash and debit cards:
- Many credit cards allow purchasers to earn outstanding rewards and cash-back on everyday spend.
- Most credit cards provide users with insurance benefits, from travel insurance to purchase protection.
- With a credit card, you don’t have to pay for your purchases right away. In fact, you can usually wait between 20-55 days (depending on the specific credit card) before paying without being charged any interest. And if you need more time to pay, that’s fine too, you’ll just be subject to interest charges.
Credit Card Rewards
One of the biggest benefits of getting a credit card is the fact that you can earn rewards on your everyday spend. These rewards really add up over time. It’s common for cardholders to earn free flights, hotels, gift cards, and significant cash back just for using their card.
How is this possible? In order to accept credit cards, businesses need to pay a small fee to the credit card company each time a payment is made. Credit card companies earn a lot of profits this way, and share a little bit of these profits with you, the consumer, by giving rewards back on your spend.
Since the credit card industry is quite competitive, many companies will offer users attractive sign-up bonuses as well. These bonuses can sometimes be worth hundreds of dollars, usually subject to meeting some fairly simple spending requirements in the first 3-6 months.
If you like to travel, a credit card is a no brainer. In addition to the travel rewards you can earn on your spend, a large amount of credit cards will offer some sort of travel insurance as a benefit with your card. Usually if you pay for a good amount of your trip using the credit card, the credit card company will insure you against problems that may occur on your travels.
Another great credit card benefit is the ability to defer payments without any interest charges. This means that when you buy something on your credit card, you won’t actually need to use your savings to pay for it right away.
Many think that all credit cards incur expensive interest charges. But as long as you pay off your card on time every statement period, there is no interest. Each credit card has it’s own period of interest-free credit, so you’ll want to check for this carefully when you apply for a card. If you find yourself in a difficult financial situation and need longer to pay, that’s fine. You’ll just have to pay interest every month the balance goes unpaid.
It’s easy to be worried that if you have your credit card lost, stolen, or otherwise compromised, you could be in for some big trouble. However, modern technology has made credit cards a safe choice. When shopping online, it’s common for cards to have effective security measures in place. If a credit card company identifies a recent transaction that it deems large or unusual, it will often notify you via email or text or block the transaction altogether. If for some reason a fraudulent transaction does go through on your card, there’s a simple process to follow to reverse these transactions so you’re not liable for a charge you didn’t make.
Furthermore if you have cash stolen, it’s gone for good. If your credit card number gets stolen (or lost), you can simply have the credit card company cancel your card and send you a new one with a new number.
If you’re ready to take a closer look at some specific credit cards on the market, it’s very easy. The best way to get started is to perform an online search and compare the benefits and drawbacks of the many different cards available. Some credit cards do have minimum income requirements, so you’ll want to pay attention to this to make sure you’re eligible. Overall, it shouldn’t be too hard to find a great and rewarding credit card that suits your specific needs.