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    Are you smart enough to maximize your credit card benefits?

    Credit cards can of great use when you need cash to meet your unexpected expenses/financial needs. Apart from offering your instant cash, these plastic cards also offer attractive benefits and rewards and ensure you lead a comfortable and cozy living. Considering that credit cards serve as the easiest way to get instant cash and the number of benefits offered them, many people in Singapore are signing up for credit cards. The number of credit card users is rising day by day in Singapore.

    No doubt, you credit offers signup bonus, cashback, reward points, insurance and flyer miles by default, but what else you get from your credit card. How can you it to the fullest and maximize the benefits? Well, it all requires a little bit of smartens on your part!

    Read on to find how to make the most use of your credit card and reap the benefits:

    Analyze your needs and choose a card accordingly:

    There are different categories of credit cards in the market and they come up with different features and benefits. Now, if you are a frequent flyer, pick a credit card that offers attractive deals on travel. A travel credit card usually comes with the following benefits - discounts on air tickets and holiday packages, discounts on holiday packages, free airport lounge access, complimentary valet parking, complimentary room upgrade service at select hotels and free international concierge services to name a few. On the other hand, if you need a credit card to meet your monthly grocery expense and you use your card particularly for grocery shopping, you opt for a credit card that gives maximum discounts on grocery items. Therefore, first know your needs and then choose a card. This would help you earn maximum benefits. Before deciding on a credit card, check the following - interest rate, credit balance, billing cycle, monthly billing date and all the terms and conditions applicable on your credit card so that you don’t fall into any trouble in future.

    Pay your bills on time

    If you fail to pay your credit card bills on time, you may not be able to enjoy the existing rewards applicable on your credit card. Make it habit to pay your bills on time so that you can enjoy the rewards uninterrupted and also avoid paying interest on late payment. Credit card payment default may affect your benefits and you may lose all accumulated reward points and benefits.

    Say no to careless spend:

    Just because you have a credit card, it’s not necessary you purchase everything under the earth. Purchase those things which you actually need. Many of us have the habit of swiping credit cards in the hope of earning rewards. This is not the right way of using a credit card. It does not help in maximizing your profits; rather you lose your hard earned cash spending on unnecessary things. Also, utilize your credit limits smartly, and avoid spending the whole amount offered by your credit card. Spend carefully and rewards will automatically get credited to your account.

    Redeem your rewards at regular intervals:

    Stop postponing your rewards for the future. Credit cards rewards often have an expiry date and the rewards remain valid for a particular period. Once, the redemption period is over, they become invalid. So, check the expiry date of your rewards and redeem them before they expire.

    Go for a Cashback Credit Card:

    Cashback credit cards can be of great use for you because cashbacks offered by a credit card don’t expire. You don’t have to redeem them unlike credit card reward points. The amount received as cashback gets automatically credited your account and you can utilize them at any time. Citi Cash Back Card, American Express True Cashback Card are some of the popular cashback credit cards in Singapore.

    Utilize credit card special deals/ promotional offers

    Almost all credit card providers in Singapore offer attractive deals and promotional offers during festive seasons and at special occasions. So, wait for such occasions to purchase valuable goods and get extra perks, heavy discounts and exciting rewards.

    Credit can be of great use provided you know how to use them smartly. Although credit card benefits and rewards are meant for encouraging you to spend more, you can save and maximize your benefits by following the above mentioned tips.

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