5 Advantages Of Using A Credit Card

Using a credit card definitely has its advantages. The first of which is that it allows you to avoid walking around with wads of cash in your wallet. Below, we have listed further benefits that may help you decide if you are considering applying for one.

1- Bonus Points

 Every pound spent with your credit card will allow you to accumulate Bonus Points which you can redeem for rewards, these include: 

• Cash Back
• Purchase invoices / store vouchers
• Travel Miles with which you can buy airline tickets or upgrades

Don't forget to review your points every once in a while to exchange them for rewards. Also, find out the type of rewards the bank offers before you apply for a credit card, as not all banks offer the same things.

2-  Installments

Most banks make agreements with stores that sell high-end, expensive products, particularly electrical and electronics stores. With a credit card, you will have the opportunity to pay for items in installments. An added advantage is that most banks offer these installments without interest.

Don't forget to review your points every once in a while to exchange them for rewards

3- Discounts 

Online shopping websites and stores do come to agreements with banks to offer discounts to customers, especially to  account holders with credit cards; this is also known as a purchase visa. You can stay up-to-date on banks’ offers and discounts via their social media pages. 

4- Improve your I-Score

If you have longstanding problems with banks regarding installment payment, or would like to apply for a loan shortly, paying off your credit card during the grace period will improve your I-Score, which will consequently improve your position from a bank’s perspective. 

On a similar note, the initial amount of a credit card is determined based on your salary and your I-Score; accordingly, the amount can reach three times your salary.

5- Convenience

During travel, VIP customers get various travel benefits with their credit cards, such as:

• Entry to VIP lounges at airports
• Travel insurance
• Concierges services including hotel reservation bookings, ticket bookings, and visa issuance
• Car pickup and drop-off services to and from the airport and well as finalisation of passport documents
• Shopping and gifting services
• Restaurant reservations
• Car rental

Make sure to ask your bank about the services it offers before you travel!

Compare banks and apply now for the credit card most suitable for you quickly and easily using Faydety’s Credit Card Finder.