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How to have a good relationship with your credit card

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Photo source: BDO [LINK OUT " https:="" www.facebook.com="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/advertorial/11/22/bdocreditcard.jpg"/><figcaption><em>Photo source: <a href="https://www.facebook.com/BDOUnibank">BDO</a></em></figcaption></figure></div><p>Having a credit card has become a necessity for many Filipinos. It offers convenience and speed in financial transactions, and it may serve as a lifeline during emergencies.</p><p>But when credit cards are swiped recklessly, they may lead to a rabbit hole of financial pitfalls.</p><p>So, do you have a healthy relationship with your credit card? Let us explore some tips on how you may use your credit card wisely.</p><div><strong>Who should consider a credit card?</strong></div><p>To begin with, individuals aged 21 to 60 with a stable income are eligible to apply as a principal credit cardholder. But before applying, first consider the &quot;why.&quot;</p><p>Using a credit card is a matter of purpose. Some use it for specific needs, such as paying for their child&#x27;s tuition, buying essential supplies for their business, buying high-ticket items that may be purchased on installment, or shopping from online stores overseas, while others want to have a credit card as a safety net. In general, employed Filipinos may benefit from owning a credit card that suits their lifestyle.</p><div><strong>The power of owning a credit card</strong></div><p>The COVID-19 pandemic has accelerated the adoption of cashless transactions among Filipinos. Credit cards have become indispensable for various everyday expenses, such as grocery shopping, fueling up, travel bookings, and dining out.</p><p>A credit card also offers various advantages as it provides protection against fraud and it gives the flexibility to plan purchases based on your budget and ability to pay.</p><p>However, it is crucial to recognize that this seemingly powerful card comes with a responsibility. Like Spiderman&#x27;s famous quote, &quot;With great power comes great responsibility,&quot; using a credit card responsibly and wisely is important.</p><div><strong>Avoid emotional spending</strong></div><p>We all have moments of stress, disappointment, and sadness.</p><p>During such moments, there are people who resort to shopping to help ease the pain or give themselves immediate gratification. However, relying on your credit card during such times may lead to trouble if you get carried away, overspend, and fail to pay off your balances. Accumulating interest for late payments, more so failing to pay your credit card dues may give you financial stress and even lead to the cancellation of your credit card.</p><p>One way of using it wisely is refraining from buying items that are beyond your means.</p><div><strong>Keep track of your purchases</strong></div><p>To help manage your credit card, keep a close eye on your statement date and due date. Understanding the responsible use of credit cards means primarily using them for needs rather than wants.</p><p>Always keep in mind that a credit card is not a source of free money, and remember the golden rule: pay the total amount due in full and never miss a payment.</p><div><strong>Maximize credit card deals</strong></div><p>If you are a BDO Credit Cardholder, there are opportunities to enjoy discounts, freebies, promotions, and installment offers tailored to your lifestyle and needs.</p><p>BDO Deals offer up to 50% discounts at various restaurants, cafes, and hotels, helping you plan your family dinners.</p><p>Additionally, you may fulfill your aspirations, like acquiring sports equipment, with attractive 0% interest installment plans.</p><p>BDO also provides a Buy Now, Pay Next Year option which you can avail in over 20,000 in-store and online partner stores, allowing you to enjoy 0% interest up to 24 months, and even letting you pay four months later.</p><p>First-time BDO Credit Card users may even receive up to P10,000 cashback as a welcome gift.</p><p>Using a credit card wisely is not as complicated as it may seem. With responsible management, you can enjoy a financially secure and healthy relationship with your credit card.</p><p>For more details on BDO&#x27;s Credit Card Deals, visit their <a href="https://www.deals.bdo.com.ph/home">official website</a>.</p>

Credit cards offer convenience, but they come with responsibilities. Here are tips for using your credit card wisely.

How to have a good relationship with your credit card

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How to have a good relationship with your credit card

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Published November 23, 2023 12:02 PM PHT

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