Many people have a negative impression of credit cards because they associate them with debt. While credit cards do allow you to borrow money, when used responsibly, they can be a powerful financial tool. Here are five good reasons to consider owning one.
Credit cards can be a lifesaver during emergencies such as medical bills or urgent car repairs. You can access cash quickly via ATM cash advances, though these may come with fees and high interest rates. Some banks also offer cash instalment plans against your credit limit.
Some credit cards offer purchase protection, travel insurance, and even personal accident coverage. Certain issuers may also settle your outstanding debt in the event of death or permanent disability, providing additional peace of mind for cardholders and their families.
If you travel frequently, credit cards are essential. They make hotel bookings, car rentals, and purchases abroad more convenient. Many cards offer cashback, reward points, and travel discounts. Some premium cards even provide better exchange rates for foreign currencies.
Credit cards usually offer an interest-free period of up to 20 days. If you pay your bill in full within this time, you won’t be charged interest. With smart planning, you can take advantage of this benefit to manage your cash flow more efficiently.
Many credit cards reward you for spending. Cashback on essentials like groceries and fuel, or reward points redeemable for gifts and travel perks, can make your everyday purchases more valuable.
With responsible use, a credit card can be more than just a payment tool—it can be a valuable part of your financial strategy.
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