There are two mindsets when it comes to the credit card:
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Don’t get one
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Absolutely get one!
The difference between these two mindsets is really just down to your financial savvy and discipline. A credit card can actually be a useful tool to have on your financial journey. Still not convinced? Have a read.
Ready for a Rainy Day
In times of emergencies, a credit card can be one of the most useful things to have. Scrounging around for extra cash is not an easy thing to do, and asking to borrow money from friends or family is even more difficult, not to mention awkward and uncomfortable. A credit card enables you to make that emergency payment, and sometimes you even have the option of making instalment payments at 0% interest (see next point!)
Easier on the Pocket
This translates to smaller payments, sometimes at no extra cost. Imagine for example your refrigerator breaking down. You’d need to get one ASAP but you don’t have a few thousand to shell out. With a credit card you have the means to get yourself a new refrigerator, and if paying in instalments is an option, you can break the total amount up into smaller more manageable monthly payments. This way you won’t be out of pocket for the whole amount right away.
Your Lifestyle Companion
There are many different credit cards out there and while they all have the same basic function, what sets one apart from another are the benefits or privileges that are offered. The good news is that you can select a credit card based on your lifestyle. For example, if you fancy yourself as quite the globetrotter, then get yourself a card that gives you air miles such as the Maybank World Mastercard. If Shopee is where you do most of your online shopping, then the Maybank Shopee Visa Platinum Credit Card will have you earning Shopee coins with your purchases. And then there’s the Maybank Grab Mastercard Platinum Credit Card to make the most of your Grab spends. Basically, you’d be reaping the benefits of points, and get something in return every time you spend. You get the picture.
Healthy Credit Score
A credit score determines your credit worthiness and this is based on your payment habits. A disciplined credit card holder with a good payment history will have a healthy credit score, which bodes well for you should you ever need to apply for a loan.
Safety First
Having a credit card on you is safer than carrying a wad of cash. Whether travelling or just going about your day-to-day, a credit card can be blocked or cancelled when lost or stolen. However, if you were to misplace or lose your cash, the chances of getting it back are slim to none.
Credits cards are not only convenient, they can be beneficial and absolutely useful in times of need. Just remember to pay your bills on time and in full every month to benefit from your credit card usage, and to avoid interest charges. Looking for a credit card to suit your needs? Find the right one for you here.
