What You Need to Know About Credit Cards

Why get a credit card?

1. Build credit score. The easiest way to build your credit score is to get a credit card, actively use it, and pay your bills regularly.
2. Purchase online. Great finds are typically available online, which require credit cards to pay.
3. Get rewards. Some credit cards give reward points that are convertible to cool rewards.
4. Emergency money. You can use your credit card to pay when you run out of cash. You can also get advances.
5. Travel conveniently. Internationally accepted credit cards let you travel and shop without the hassle of bringing foreign currency.
6. Avail promos. Credit card holders are entitled to avail of their provider’s exclusive promos.

What your credit score is

Your CREDIT SCORE represents your credit worthiness and is based on your historical behavior.

If your credit score is good to excellent, your application is more likely to be approved. Conversely, if your credit score is below average, or you don’t have enough credit history, your application is likely to be declined.

How to build credit score

1. Get a card – If you can’t get a regular credit card, get a sure card to start building your credit score.
2. Pay bills on time – Know the nearest payment center to you or pay online and calendar your payment schedule.
3. Use your card – Number and frequency of transactions matter. Use your card often and wisely.
4. Keep it open – The number of years that your account is open is important. Maintain account as long as possible.