My Favorite Credit Card
October 3, 2007 – 8:10 amI have written many posts on credit cards that I risk sounding like an authority on credit cards but please do not be mistaken, I am also learning and writing my experiences on the various credit and debit cards that I hold so that we can compare credit cards, debit cards and prepaid cards for their benefits. The reason I would like to share my experiences and those of my friends is because I see too many people misusing these plastic cards and end up ruining their finances.
It is very easy to apply for credit cards these days and in fact, they are afraid that we do not want them, when they should be afraid that we cannot afford them A friend of mine is a homemaker without an income apart from what is given to her by her husband in household maintenance. Yet, I got a shock when she showed me her ten credit cards from leading financial institutions. Don’t they check her standing first?
As you probably know, I am a big fan of cash back credit cards. However, I suddenly realize that although I am someone who pays off my bill at the end of every month and not allow my balance to carry forward to a new month hence incurring interest, many people do not have this habit and end up paying obscenely high interest rate.
So, although they may have a cash back card, whatever cash rewards they received would not even be enough for the interest charged. This article, Are You Paying For Your Cash Back Credit Card?, explains this scenario is a more polished way.
My opinion is to use our cards with discipline and calculate our budget wisely. Always settle our bills and not let it incur an interest. This advice was given to my by a good friend when I applied for my very first credit card.
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