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Saturday, February 14, 2009

Credit Cards: A Tool to be Used Wisely

By Paul J. Easton

When applying for a credit card, you must bear in mind that you have to use them wisely to make most of it. Using a credit card gives you access to more spending power in a moment than you realistically have. This in return entices you to spend more on luxuries, which can make you incur heavy debts.

Admit it; you can hardly pass up what conveniences credit cards can offer. With extra security, the quick identification, and as a source of cash when you need it most, credit cards are a necessity. But can you handle one?

Needing a credit card is a personal decision that depends on your responsibility to use it. Using a credit card needs thorough planning so that you use it wisely with your lifestyle.

Credit cards are convenient because they are now universally accepted as a form of payment. From movie theaters to the internet, credit card payments are now welcome. Add to that the issue of the safety of bringing cash around and you will understand the role of credit cards in making our life not only convenient but safe too.

Another advantage of a credit card payment is when you have a dispute with a merchant over a purchased item. In this case, you always have the right to withhold payment. In instances where you purchase high-ticket items with your credit card, you are more secured when the item does not work as advertised. Moreover, you can also cancel payments if the merchant fail to meet your expectations.

There are several benefits to using a card. This is probably the reason why it has become so popular mainstream. As a tip, make a note of all the transactions you have made for the week using your credit card. Keep a record and assess it by the weekend. Make this as a habit to account your expenses.

Once you establish that habit, develop a payment scheme for you to pay the full balance by due date. Only through that way can credit cards become your greatest tool.

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