Do you have a credit card? Many people need to learn the perks of having a credit card. If you wish to know the benefits your credit card offers you, look no further. GreenSprout aims to provide free expert insight to help you make better financial decisions.
The financial pros at GreenSprout have shared their favorite credit card hacks to maximize the perks below.
How Do You Maximize Your Credit Card Perks?
One of the perks you can get from a credit card is free TSA Pre-check or Global Entry. Several credit cards make this available to you. As a frequent traveler, this is helpful; it helps to streamline the international travel process.
Another credit card perk is airport lounge access. Cards like The Platinum Card from American Express and The Chase Sapphire cards provide access to the comfort of airport lounges. This is also very beneficial for frequent travelers.
You can also use your credit card to protect your identity. This is done by setting alerts to inform you of suspicious purchases. Cards from American Express, Discover, or Chase offer these benefits.
How Can You Maximize Rewards On Your Credit Card?
There are a lot of financial resources where you can learn on how to make sound financial decisions, including maximizing the use of credit cards. Three ways to maximize rewards on your credit card include; avoiding using cash, using one card, and using a trifecta from the same issuer.
It might be tempting to spend more when using a credit card than cash but using cash has no rewards. So, to maximize your credit card rewards, you must use them more often.
Using one card can also help you minimize debts and maximize interest. Lastly, you can use multiple credit cards from the same issuer.
Some issuers offer credit cards with a great synergy that allows you to use them all and maximize all their benefits. A good example is the Chase credit card.
Is It Necessary To Have A Credit Card?
You may still need a credit card to make purchases. However, having a credit card has too many benefits to look away from.
Some of the benefits of a credit card include; increased purchasing power, protection from fund theft or fraud, provision of emergency funds, earning rewards and perks, putting a hold on hotel rooms or rental cats, etc.
What Happens If You Can’t Pay Your Credit Card Bills?
If you default on your credit card payment, your lender will first contact you concerning the missing amounts. Afterward, if you still need help paying, your account will default. Subsequently, your lender may employ a debt collection agency to recover that money.
What Should You Do If You Can’t Pay Your Credit Card Bills?
Our experts at GreenSprout suggest that the last thing you want to do when you’re behind on your credit card bills is to ignore it, hoping it will magically go away. The best way to handle such situations is first to call your card issuer.
This shows that you’re willing to take responsibility and offset the bills. Then, it would be best if you made payment as soon as possible. Subsequently, you should draft a debt management plan to ensure you clear your credit card as quickly as possible.
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