Perks of that plastic: Here's how women can make the most out of their credit card
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Perks of that plastic: Here'south how women can brand the most out of their credit card
With and so many unlike types to choose from, picking i that'due south all-time suited for you is fundamental to enjoying more perks and savings even as you lot spend. In partnership with UOB.
Are you making the most of your credit card? (Photograph: Unsplash)
18 Jun 2022 06:30AM (Updated: 10 Aug 2022 07:24AM)
When it comes to going cashless, there are few options that beat the convenience of a credit card.
Likewise not having to fumble with greenbacks and coins, many credit cards offer incentives similar points, greenbacks back or boosted discounts so you can accumulate some savings as y'all spend. Other cards, like lady's credit cards, accept perks that are specifically tailored for shopping, dining or travel – favourite lifestyle activities amidst Singapore women.
If you, like many others, have found yourself faced with conclusion paralysis in deciding which carte du jour to sign up for, fret not.
CNA Lifestyle asked some financial gurus to share their hacks and tricks to get the most out of your plastic.
READ: Impulse buying: Why some people tin can't stop shopping and how not to overspend
WHAT ARE THE MUST-HAVES OF A CREDIT CARD?
For starters, your credit carte du jour should be accustomed widely both locally and overseas and allow you lot access to a large ATM network in case you demand quick access to cash.
In this digital age, it should too allow you to do contactless payments, exist able to digitise into mobile wallets like ApplePay and GooglePay and support your e-commerce transactions securely, said Choo Wan Sim, managing director for UOB Cards and Payment Products.
To requite you peace of mind, the bank should also give yous the flexibility of customising your spending thresholds, as well equally transport you SMS alerts to minimise or detect fraud hands. Mobile app and online cyberbanking services are a big plus also, equally you can log-in easily should y'all need to cross-cheque purchases.
And if, say, y'all need to make a big 1-off buy or incur unexpected expenses for that calendar month, your carte du jour should offer you the ability to customise your credit limit. It's especially useful if you have dissimilar cards within the same bank, so you lot can ensure yous stick to your budget.
"Expect out for cards that offering a quick temporary line increase approval process so you tin access funds smoothly and easily in times of need," Choo added. In add-on, your card should also give you lot access to interest-free instalment loans for situations where yous need a quick injection of greenbacks.
READ: Ladies, here'south how to manage personal finances at different stages of your life
WHAT SHOULD I CONSIDER WHEN CHOOSING A Card TO Conform MY LIFESTYLE?
First, inquire yourself what phase of life you lot're at, said Choo. To aid you narrow down your options, inquire yourself: What are my current needs or aspirations? What do I mostly spend on correct now? What type of rewards currency appeals to me most – greenbacks rebates, miles or points for commutation?
Pro tip: Knowing the type of rewards you're interested in is a practiced way to help you choose the right credit card. For instance, if yous are an air miles junkie, selection the carte that earns you the near miles for every dollar spent, Choo added.
The current suite of their Lady's Cards takes into account these varying and evolving life stages. For instance, it includes debit cards for young digital natives or those who may not meet the minimum income required for a credit carte. And at that place are also other categories of credit cards that cater to professionals and affluent spenders.
SHOULD I SIGN Up FOR MULTIPLE CREDIT CARDS?
Most financial experts recommend limiting yourself to one or 2 cards that best fit your needs to avoid inadvertently overspending. This is because having access to multiple lines of credit might tempt you lot to bust your budget.
Dr Perpetua Neo, a psychologist and leadership coach, said: "Certain, one card might give you lot a discount on petrol and something else gives you rebates on groceries. Simply really, do you need the actress headache and possible mess from overspending by having that many cards? Streamline this process."
If you have existing loans or credit card debt, yous can also await out for opportunities presented past banks to consolidate them in one place, said Andrea Kennedy, a finance behaviour specialist and founder of Wiser Wealth. "Focus on your debt repayment while enjoying more than points or privileges in lieu of spreading your spending out over likewise many cards," she said.
And so WHAT'Southward THE DIFFERENCE Between LADY'South CARDS AND REGULAR ONES?
A regular card typically serves the needs of the full general masses while a lady'due south card tends to be more targeted towards the lifestyle patterns of women.
Still, each credit bill of fare has its own value suggestion and may accept unlike sign-on offers from time to time, and then the best thing to exercise is to go along an middle out for offers that are about relevant and appealing to you.
READ: Why is getting that bachelorette pad such a big deal in Singapore?
ARE LADY'S CARDS NECESSARILY Better FOR WOMEN?
Yes, if your lifestyle aligns with the benefits of a lady's card. Such cards tend to offer benefits that target popular lifestyle habits, such every bit spa promotions, dining deals or discounts on staycations. So if these are activities that y'all already appreciate, why not enjoy some perks while you are at information technology?
For example, UOB'due south one offers female cancer coverage with their Lady's Savings Account. In addition, it offers users the flexibility and liberty to cull which category they desire to earn bonus rewards points from, such as beauty and wellness, transport, travel, fashion, entertainment, dining or family.
READ: This PR guru'southward a big reason why Singaporeans love their international fashion brands
WHAT ARE SOME HACKS TO MAXIMISE THE PERKS?
Hither is another reason why less is more than when it comes to owning credit cards: To achieve the highest tier of rewards, gifts or accelerated miles accrual, consolidate your spend onto one menu so you can attain the minimum spend or transaction count, said Choo.
Yous might also want to accept notation of merchants that offer promotions with the credit card. Those boosted discounts, one-for-one deals or bonus miles tin help y'all get more out of your spending.
Do ever pay your credit carte du jour neb in full and on time to avert interest and tardily-fee charges. It is also prudent to find out what the minimum spend on the carte du jour is to bask the annual fee waiver.
For more than groovy ideas for y'all and your money, visit world wide web.uob.com.sg/women.
READ: Starting a business with mum? This Singaporean learned valuable life lessons
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Source: https://cnalifestyle.channelnewsasia.com/women/choose-right-credit-card-women-singapore-249791
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