Advantages of Credit Cards
An undeniable fact about credit cards is that there is now a high number of people that are using it. However, there is also a significant number of people who are sceptic of owning one because they think that it will cause them to accumulate credit card debts. It is significant for one to note that there are many benefits of having a credit card. By an individual having a credit card, then they are prone to enjoying the following benefits.
Firstly, by an individual having a credit card, then it is possible for them to build their credit score. By one having a credit card, then the lenders are aware that he or she is responsible with the money they have and that they fulfil their financial obligations. It is also significant to know that there are membership advantages that an individual will get to enjoy. It is important to note the fact that there are credit cards that make it possible for their members to have discounts in certain stores. There are also some that allow one to get points after every purchase that they can redeem for concert tickets, gift cards among other benefits. Another merit for credit cards is that they have low-cost loans. Given that one is short of cash, then they can get a loan in which they can pay off as soon as they can. The merit of credit cards, in this case, is that they do not charge their members to much interest.
A credit card is also beneficial because it has a feature known as purchase protection. In case of a defective purchase, then the credit company can ensure that their member gets a refund that they deserve. An individual can get the refund of the defective purchase even before an investigation on the issue is completed. Credit cards also do have extended warranties. The credit card warranties normally an additional one year on that of the manufacturer. The warranty ensures that one gets a replacement of the item they buy if it has a problem or to have it repaired. Credit card also have a return guarantee. It is possible for a member to have their purchase returned even when the store has problematic return policies.
Finally, having a credit card is an advantage to an individual given that they have trip cancellation insurance. The trip cancellation insurance basically covers for trips that an individual cancels because he or she is sick and is not able to go or that there are adverse weather conditions or other circumstances that are beyond their control. By the virtue that an individual has used the card to pay for the trip, then it is possible for them to be reimbursed.The benefits are hence proof that one needs to have a credit card.