Cards: Preparing for the future
People love using credit and debit cards for various reasons, like shopping, traveling, and others. One doesn’t need to carry cash around and swipe the card to pay. Therefore, credit cards come with many pros and cons, and their use has a lot more to do than swipe.
The pros of using a credit card
What are the advantages that a credit card offers?
Credit cards have a lot to offer. These include-
⦁ Purchase more-
While limited cash at hand can ruin the shopping experience, a credit card can be swiped anytime one wants to purchase an object.
⦁ Easy and fast to use-
Credit cards come with the biggest advantage, which is that it can be used very fast and in an easy manner. There are no hassles and no danger around, until n unless one forgets to take back the card after payment.
⦁ Paying in short installments-
If one needs to purchase a product and doesn’t have the required cash at hand, credit cards are the best friends. The product can be paid through installments over some time by credit card.
⦁ Boost credit-
Credit cards help to boost credit. How? If an individual keeps the credit balance well, it is easier to apply for a loan with a credit card.
⦁ Emergency funding-
In an emergency, credit cards help to offer immediate help by paying off the amount. In case one is not able to pay the money at once, it can be paid in installments with a credit card.
⦁ Earn rewards-
One can easily earn rewards with a credit card that can be easily used to pay cash. The more rewards one earns, the better it is for the credit cardholder. One can thus save bigger.
⦁ No funds loss-
One doesn’t need to worry about thievery and other security options because credit cards are kept safely by the holder. While excess cash-carrying can be a problem, credit cards prevent any loss of funds, and all purchases can be done easily without worries.

The cons of having a credit card
Although a credit card can offer many advantages, it also has a lot of disadvantages attached to it and can be problematic at times. Here are the cons of having a credit card-
⦁ Spend more than the usual amount-
If one has cash with him or her, the choice of spending the money limits itself. But a credit card can sometimes cause an individual to spend an excess amount than required. People do spend more with credit cards than usually with cash.
⦁ Reduce future balances-
A credit card usually lessens future income because one usually borrows the money that is not earned. Therefore, to pay the credit balance, the money is lost.
⦁ Interest rates and fees can be much higher-
Depending on how an individual decides to spend their credit card, there should not be excess cash credit fees. Therefore, at times the interest rates can be charged in excess.
⦁ Causing more and more debt-
A credit card can cause debt. If an individual wants to prevent such a situation, they have to pay off all balances regularly, failing which the credit score would be perfect.

Checking Available Credit on your Credit Card!
Credit Card owners find it a complex topic with various questions regarding the same crawling in their heads. One of the major questions happens to be the interrogations concerning available credit on the credit card. The understanding begins with understanding what available credit means in the first place. A credit card’s available credit refers to the exact difference between the credit limit and the outstanding balance. Hence, it does vary in different cases and is case-specific. It is this remaining credit value that users wish to determine. Said, available credit is the amount one is comfortably able to spend using their credit card without exceeding the established limit or without the card being declined.
There are various reasons why knowing the available credit is important. This information helps you in making informed decisions and purchases and also brings home the current status of your credit card in a timely fashion. It helps you strictly adhere to your card limit. It also keeps fees and penalties at bay and helps you monitor your economic front effectively. It is one of the major factors that decide your credit score and blesses you with the option of indulging in a hassle-free and satisfying credit card usage experience. Constantly knowing your available credit is key to managing your credit utilization. There are several ways to keep your available credit in check and keep purchases beyond the credit limit at bay. Here are how you can know your available credit:

  1. Your Billing Statement
    The billing statement includes one’s credit limit, current credit card balance, and the available credit. So, a recent billing statement can help you identify your available credit. It is, however, important to take the most recent billing statement into consideration. You need to make sure no purchases have been made after it, as that can lead to varying available credit depending upon the kind of transactions that have occurred after the billing statement.
  2. Your Online Account
    Having online access to one’s credit card account allows them to easily login and check their available credit. It is an extremely simple process, and perhaps the most convenient way to check the available credit information. The information is updated from time to time with every transaction and is thus recent.
  3. Customer Service Line
    The customer service option allows you to get in touch with Customer service. You are updated with the most recent information regarding your available credit by responding to the prompts and talking to the representative.
    Ways to raise the available credit!
    One can request an increase in credit card limit. To adhere to the request, one’s account history, income, and credit history are considered, and the request is either accepted or ignored. In case of denial of the request, an email regarding the causes is sent to the user.

Understanding Credit Cards With No Preset Spending Limit!
In certain credit cards, there isn’t any preset credit limit, and thus, there isn’t a fixed amount of available credit available to the user. Such cards have a spending limit that varies from time to time, depending on income factors. However, it is a fact to note that card statements do not hold information like available credit or spending limit.
When such cards are taken into consideration, one could ask their credit card issuer whether the charge would be approved based on one’s spending limit, and that would fetch the required information.

Credit cards can surely bring positivity, but one should use them wisely to prevent situations like debt or any credit card fraud.

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