CREDIT IS WHAT YOU MAKE OF IT: by Menely A.
The money used when swiping a credit card to buy your new pair of socks is borrowed money from a bank. You’re expected to pay back that mini-loan in full at the end of the month… or else.
Credit cards, when used responsibly, can unlock several beneficial features. With a good credit, this financial tool can help you qualify for favorable interest rates on mortgages, car loans, and other big purchases.
With a credit card as a primary form of payment, you’ll be able to earn things like travel rewards and cashback.
BE SMART:
- Pay your bills on time! This will help you to not drag down your credit score.
- Don’t spend more than you can pay off. Impulse purchases add up over time and can leave you with bulky bills to pay (+ interest charges)
- Monitor your credit card weekly so that you can track your spending and detect any fraudulent activity on your account.
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