Tuesday September 17, 2019
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Why Should You Own a Credit Card?

Before owing a card, you must properly go through the terms and conditions which might be applicable on its ownership

Credit Card
Opt for a credit card that offers multiple benefits.

A credit card basically works similar to a debit card; the only difference prevailing in its use is that the money would not get deducted from your account instantly, whenever you make a purchase. In fact, it is just like taking a short-term loan for which you may or may not get charged an interest for, depending on the time period during which you pay off that debt. You generally get a grace period to pay off the debt, generally a month in most of the cases, in which case you might not have to pay an interest for the used credits However, if you decide to pay off the debt after the due time, you might have to pay off hefty interest rates. Let us dig a bit deeper into the credit card world to know about them in detail.

credit card
A person using credit card for transaction, Pixabay

Why Own a Credit Card?

Using a credit card wisely can benefit you in a number of ways for your future financial aspects A wisely used card, without any defaults might increase your credit score which can help you get loans in the future at favorable interest rates. Moreover, several banks and financial organizations offer exciting deals on shopping, traveling and other modes of payments along with cashback points which you can redeem on further payments. Moreover, owning and using a card wisely can also help you out in case of financial emergencies.

How to use your Credit Responsibly?

Many people misuse their credits and land up with huge debts along with heavy interest to be paid off. To avoid such situations and make the best out of a card ownership, you must be aware of your limits and must strictly avoid overspending. People usually end up spending a lot more through their credit availability, just because they can than what they can actually pay off by the end of the due date, which lands them up with huge interests to be paid off which keeps on increasing with each passing them. Ownership of a credit card needs critical financial backings along with responsible spending.

Credit Card
Every financial institutions issuer has different credit card eligibility criteria. Flickr

One can actually make a lot out of a credit usage, make proper use of it in case of emergencies and also lure out a lot of benefit through shopping wisely and collecting back exciting redeemable points. Moreover, using a credit card allows you one-month interest-free usage which you can actually take an advantage of to invest that money properly during that one month and pay back the financial providers within the stipulated time.

Also Read: Mobile Banking Becomes Main Personal Banking Channel in Singapore

However, before owing a card, you must properly go through the terms and conditions which might be applicable on its ownership, some banks and financial providers might free of cost card usage, along with some credit usage terms, however, some might charge you some annual charges. Going through the interests applicable and any kind of other hidden information and doubts must also be cleared off before opting for any card of any specific bank.

Next Story

How to Buy Ethereum Instantly and Safely

So here’s a quick no-nonsense guide on how you become the owner of some Ethereum fast and easy:

Mining Ethereum does not require large amounts of processing power as is the case with Bitcoin. Pixabay

Buying Ethereum may have been on your mind for some time now given how good of an investment it is proving to become.

So here’s a quick no-nonsense guide on how you become the owner of some Ethereum fast and easy:

  • Get an Ethereum wallet: Don’t be that person who goes shopping for Ethereum without having a secure wallet to store the coins in. Ledger and Trezor are highly recommended when it comes to hardware wallets and there are some decent software wallets that you can take a look at as well. Hardware wallets are generally considered safer because they are harder to hack and your information is not stored online.
  • Buy Ethereum with Credit Card: This is the easiest way to buy Ethereum. You can use CoinSwitch for this. Setting up an account takes very little time compared to the rigorous verification most other exchanges ask you to go through. CoinSwitch is the world’s largest aggregator of cryptocurrency exchanges and has minimal withdrawal and transaction fees making it the best exchange for you to purchase Ethereum with your credit card. In fact, you can even use a pre-paid credit card to avoid divulging any personal information.
  • Buy Ethereum with Bitcoin: This method is more a trade than a purchase but you can easily do this. Again, the best place to do is CoinSwitch because it has the best exchange rates possible. Simply connect your wallet to CoinSwitch and make the purchase within minutes (provided the transaction isn’t large). CoinSwitch allows you to trade between 45,000 pairs and supports over 300 crypto coins. However, make sure to double-check on the daily and monthly limit if you plan on doing this regularly.
  • Ether ATM: You can always use a local Ether ATM machine much like you do for fiat currencies to buy Ether. This is not the fastest way as you actually have to locate one but when Ether ATMs are more widespread, it could be a viable way.
  • Bank Transfer: You can always fiat currency to buy Ethereum. Make sure you are aware of the exchange rate before you start the transaction.
FILE – Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies, Feb. 13, 2018. VOA
  • Use the mobile wallet app: Some apps have integrated exchanges within the app itself. This is a very convenient way to convert your holdings to Ethereum or purchase Ethereum directly.
  • Peer-to-peer marketplace: Local Etherum allows you to find peers within your locality who are willing to sell Ethereum for cash, bank transfer, PayPal or other peer-to-peer cash apps. The key is to not conduct large transactions through the site and always read seller reviews. The site has an escrow account which prevents scammers from duping you.
  • Send the money to your wallet: This is the last step but the most crucial one of all. You just need your Ethereum address to send the money from the exchange to your wallet.

Also Read: Big Business and Politics Mass-Mining Everyday Data from Facebook Likes to Online Subscriptions

Apart from these methods, you can always mine Ethereum. Mining Ethereum does not require large amounts of processing power as is the case with Bitcoin. However when it moves to PoS algorithm instead of the PoW that it uses now, mining may not be as lucrative. How much you can make from mining depends on

  1. Hash Rates
  2. Mining power
  3. Electrical cost