Making Best Use of Credit Card?

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Top 5 things how we can make best use of credit card

5. Make full use of the loyalty program

Banks frequently offer promotions to attract credit card application and boost the usage of card spending from customers. We should perform research and understand the rewards that best suit ourselves before applying for credit cards.

If we can consolidate the usage of credit cards within one or two banks, we can easily get more benefits e.g., reward points, cashback or extra discounts from merchants. We may be able to get double points for gifts redemption and cash rebate based on the purchased amounts.

With the adoption of new technology, using mobile wallet is getting popular. In addition to its convenience, we can easily check the latest entitled rewards e.g., e-coupons, discounts or cashback offered by merchants. As smart consumers, we’ll not miss the offers.

Starting from today, we should limit ourselves to using one or two credit cards. In addition to the more benefits from the banks, we can have better management of the accounts and lower the risk of credit card scams.

4. Think twice before making purchase or borrowing money

We should spend only when we can afford it. We should not be attracted by different repayment methods offered by the banks because they ultimately earn our handling fee for late payment.

Impulse purchase may lead to your overspending. As smart consumers, we should buy products or services with planning rather than losing self-control.

For example, “Buy Now, Pay Later” is a tempting offer. We can get the goods first and pay the remaining amounts in several periods later. However, we may not be aware of the underlying interest rate for late payment.

Cash advance also charges us a high interest rate. Once we withdraw money from automatic teller machine (ATM), interest fee is counted starting from the same day.

It basically involves borrowing money from the banks with relatively high interest rate as compared with personal loan.

Starting from today, we should avoid overspending from purchase as well as making cash advance. Consequently, it can reduce the unnecessary expenditure of interest fee.

3. Keep track of credit card balance regularly

We should keep monitoring of our card balance in a regular basis. Due to the increasing credit card scams, we should be alert to suspicious transactions performed by thieves via online. If we are not clear of our financial situation, it’s easier for us to fall victim to fraud.

Staying alert to our balance is related to the part of our wealth management. It’s so convenient for us to check the balance by logging into online or mobile banking nowadays.

We should settle our payment on time and avoid unnecessary debt due to the absent-minded reason. It may create troublesome when holding more than five credit cards.

The reason of logging into internet banking regularly is to check if there are any credit card transactions that are not performed by us. Some banks may send emails or messages notifying us when card spending transactions are made. We should always be alert to such notifications.

Starting from today, we should log into internet banking and check the outstanding balance regularly. If we find any abnormal transactions, we should contact our banks for investigation.

2. Avoid sharing sensitive information to third parties

We should avoid disclosing our sensitive information to third parties. Information includes personal information and 3-digit number at the back of our credit card.

With the growth of credit card scams, our credit card information is as important as our personal information. Scammers can steal our information to make purchase online on behalf of us.

To protect ourselves from falling into fraudulent activities, we should beware of the issue and keep the information securely.

During making credit card payments via some online portals, we should try to select those platforms with more secure authorisation approach such as two-factor authentication.

It means that credit card transaction can only be completed with our additional information provided e.g., one-time password sent out from the credit card company. The thieves cannot steal this additional information easily to complete the purchase of goods.

Starting from today, we should not share the sensitive information to third parties.

1. Make full payment on time

The interest rate is rather high if we do not make payment before payment due date. We should also not repay minimum balance only because the outstanding balance will be charged with the high interest rate.

As different banks may have different due date, we should be especially cautious when holding more than one credit card. If we hold more than three credit cards, we must mark the due date of each bank clearly, set alerts at your mobile phone or set the payment instructions automatically.

If we cannot manage the payment period well, interest fee will accumulate. As time goes by, we’ll find it difficult to pay off the debt.

When the payment history is not under a healthy condition, it will affect the credit score. If we apply for mortgage or personal loan in the future, we’ll not get the best interest rate as a consequence.

Starting from today, we should make full payment rather than minimum balance. Delayed payment should be avoided for reducing unnecessary interest fee.

WITH CHINESE SCRIPT

我們如何充份使用信用卡的五件事

5. 充分使用忠誠度計劃

銀行經常推出宣傳活動來吸引信用卡申請並提高客戶的信用卡消費使用率，在申請信用卡之前，我們應該進行調研並了解最適合自己的獎賞。

如果我們能夠將信用卡的使用集中在一兩家銀行內，我們就可以輕鬆獲得更多好處，例如獎賞積分、現金回贈或來自商戶的額外折扣，根據購買金額，我們可能可以獲得雙倍積分換領禮品和現金回贈。

隨著新技術的採用，使用手機錢包越來越流行，除了方便之外，我們還可以輕鬆查看商戶提供的最新已獲的獎賞，例如電子優惠券、折扣或現金回贈。作為聰明的消費者，我們不會錯過優惠。

從今天開始，我們應該限制自己使用一兩張信用卡，除了從銀行獲得更多好處外，我們還可以更好地管理賬戶並降低信用卡詐騙的風險。

4. 購買或借錢之前請三思

我們應該只在我們能負擔得起的情況下花錢，我們不應該被銀行提供的不同還款方式所吸引，因為他們最終賺取的是我們的逾期付款手續費。

衝動購買可能會導致您超支，作為聰明的消費者，我們應該有計劃地購買產品或服務，而不是失去自製力。

例如，“先買後付”就是一個誘人的優惠。我們可以先取貨，然後分期支付餘款。然而，我們可能不知道逾期付款的基本利率。

預借現金還向我們收取高額利率，當我們從自動櫃員機（ATM）取款時，利息費用從當天開始計算。

它基本上涉及從銀行借錢，與個人貸款相比，利率相對較高。

從今天開始，我們應該避免購買超支以及預支現金，從而可以減少不必要的利息費用支出。

3. 定期追踪信用卡餘額

我們應該定期監控我們的卡餘額，由於信用卡詐騙案日益增多，我們應警惕竊賊通過網上進行的可疑交易，如果我們不清楚自己的財務狀況，就更容易成為詐騙的受害者。

警覺我們的餘額，這關係到我們財富管理的部份，現在我們通過登入網上銀行或者手機銀行來查詢餘額是非常方便的。

我們應該按時付款，避免因為善忘的原因而產生不必要的債務，持有五張以上信用卡可能會造成麻煩。

定期登入網上銀行是為了檢查是否有非我們進行的信用卡交易入當進行卡消費交易時，一些銀行可能會發送電子郵件或信息通知我們，我們應該時刻警覺此類通知。

從今天開始，我們要定期登入網上銀行查看未結餘額，如果發現任何異常交易，應聯繫銀行進行調查。

2. 避免與第三方分享敏感資料

我們應避免向第三方披露我們的敏感資料，資料包括個人資料和信用卡背面的 3 位數字。

隨著信用卡詐騙的增長，我們的信用卡資料與我們的個人資料一樣重要，詐騙者可以竊取我們的資料以代表我們進行在線購物。

為了保護自己免受欺詐活動的侵害，我們應該警惕這個問題並安全地保存資料。

在通過一些網上網站進行信用卡支付時，應盡量選擇那些具有更安全的授權方式（例如雙重認證）的平台。

這意味著信用卡交易只能在我們提供額外資料的情況下完成，例如信用卡公司發送的一次性密碼。竊賊無法輕易竊取這些附加資料來完成商品的購買。

從今天開始，我們不應向第三方分享敏感資料。

1.按時全額還款

如果我們不在還款到期日之前付款，利率會相當高，我們也不應該僅僅償還最低餘額，因為未償還餘額將被收取高利率。

由於不同銀行的到期日可能不同，因此持有多於一張信用卡時應特別小心，如果我們持有三張以上信用卡，我們必須清楚地標記每家銀行的到期日，在您的手機上設置提醒或自動設置付款指令。

如果我們不能很好地管理還款期限，利息費用就會累積，隨著時間，我們會發現很難還清債務。

當付款記錄不健康時，就會影響信用評分，如果我們將來申請抵押貸款或個人貸款，我們將無法獲得最好的利率。

從今天開始，我們應該全額付款，而不是最低餘額，應避免延期付款，以減少不必要的利息費用。