Guide on Credit Cards – The Facts You Need To Be Aware Of in being a Credit Cardholder
CREDIT CARDS – Here are some facts you need to know before deciding to apply for a credit card or trying to manage one.
Nowadays, more and more people are eager to apply for at least one credit card. In most cases, they wanted to be credit cardholder in preparation for unforeseen situations like medical emergencies. Most hospitals now are accepting credit card payments for hospital bills.
However, on the other side of the eagerness to get a bank’s approval for a credit card application lies the fear of mismanaging it or not fully knowing its nature. There are some facts that you need to know about credit cards as per an article on ABS-CBN News:
- You cannot freely get your annual fee waived. There are claims that you can waive your annual fee if you will ask the bank nicely but there is no truth to that. Banking companies have to abide by the rules of their jobs to collect the annual fee to cover the operational costs of credit cards.
- All credit cards have similar rewards. There is no truth to the claim that all credit card offers got the same rewards. You must the ones that offer evergreen rewards or those that don’t expire so you can collect the rewards and benefit from them.
- The “zero interest” feature is all-around. Based on the article, you can only benefit from the zero interest feature in buying a product using your credit card if you paid for the balance in full or don’t turn to paying only the minimum amount due.
- Just pay the minimum amount due to build a good credit history. It is true that paying only the minimum amount due will help you build a good credit history that you can use for a future loan or card applications but it may not benefit your pockets as you may incur interest and other penalties.
- You can always request a credit line increase. This is true but the approval of the credit line increase is still subject to the bank so there is no guarantee that your request will be given a green signal.
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