Getting a job for the first time is such an incredible feeling. You make plans of what to buy and whatnot. You think of people who have supported you for so long and want to buy them some gifts from your first salary. You work harder every day, waiting for the day you first get your paycheck, and then finally, the day comes! Then you get hit by reality and see how quickly money flows out of your pockets. You spend money faster than you earn it. So, it is better to apply for a credit card after your first job.
Afford better lifestyle
Credit cards from many banks provide many complimentary services. These services range from free lounge access in airports to free streaming in OTT services. There are many advantages that credit cards have to offer. With the privileges coming your way, you can choose which one to indulge in and have a better lifestyle. It helps you provide for higher living comforts and luxuries.
You never know what life will suddenly bring you, and however much you try, you are never fully prepared. Credit cards come in handy a lot during unexpected moments. You might not have saved that much money at that point for the emergency, but you may need it urgently. So, if you have a credit card, you can pay for the crisis at that point and pay the money back later.
Discounts and Cashback
Many credit cards have collaborations with different brands and apps. They often give you exclusive discounts and cashback when paying through that credit card. You ultimately save a lot when you get those discounts and offers. Paying through cash or debit cards would not have given you that, and you would have paid more. Now you can save money even while spending it.
Credit cards are a lot safer. If there is some fraud, you can get your money back if paid through a credit card. However, it is not possible with debit cards since the money is debited from your account instantly. So, paying through credit cards is a much safer option.
Tracking your expenses is very important. You always need to see if you’re going overboard or not and try to invest in your future and save money. Credit cards help you track your expenses. Now, you can look at all the costs you made in the last month and see your necessities and what you can cut off.
There might be some expenses you might want to make, but you do not have the funds for yet. So, a credit card is handy during that time. You have this amount of time when you can take your time and pay it back without any interest being levied on the amount. However, try to pay back within your stipulated time to have a stellar credit score.
When you pay from a credit card, you’re not paying the money directly from your account. It takes time for the amount to get debited from your account. If you have enough knowledge about stock markets, you can invest that money in stocks and make a profit. When the time comes to pay back the amount, you pay back the principal amount, and the payoff is your gain.
For example, suppose you have the money to buy something, but you accept it through your credit card. You invest that money in stocks, and when the time comes for you to pay back the money, you sell your stocks and pay back the money you borrowed, and the profit you make is your gain. However, you need to know about the stock market and be prepared for losses as well.
Credit cards are a very wise investment, especially if you’re young. You have a lot of time building your credit score, which will help you later. You can also enjoy the kind of lifestyle that you always wanted. It’s an actual win-win situation.
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