Want to Apply for Credit Cards? | Fringe Benefits of Credit Cards in Singapore
Bank Accounts | Credit Cards
by Bienu
6 October 2020
Fringe Benefits of Credit Cards
Till now we have talked about rewards of using credit cards while in Singapore. There are other benefits too which are not visible on the surface – fringe benefits, which become important. As you move on in life, grow in your career, get married or plan to start your family, the need for funds (read: loans) arises. These are not small sums but big sums.
This is when your credit history becomes important. You have to have a healthy credit history for applying for loans, be it car loan or home loan. Your credit rating becomes your report car before the bank. Your credit card usage pattern, timely payments, full payments reflect in your credit score. The higher the score, the lesser risk you are for the bank. This way credit cards help you in building a credit history.
Not only this, if you have a history of using and responsibly repaying credit card bills, banks will know you are less of credit risk. This can help when you are applying for other loans in future.
Your credit card is not only helping your bank but also you as it is an excellent tool for tracking your expenses. As a customer, you do not pay close attention to how much you have spent during the month until your bank account starts bleeding. But your credit card statement in the month-end is that mirror which helps you showing your expense pattern.
Thus, you become financially prudent even with your day-to-day expenses.
Who wouldn’t like to enjoy these benefits just by holding a credit card?
Credit card Singapore
