Oct 19, 2020
According to Statista’s most recent information, there are roughly 6,914,273 credit cardholders in Switzerland. Factoring in the current climate, this number is expected to grow significantly in the next few years. However, aside from allowing account holders to observe social distancing and opt for contactless payments, there are many other reasons why signing up for a credit card could possibly be one of the best decisions you could ever make.
As explained by Forbes, having a credit card can be a good way to build credit, which, if used responsibly, can improve the quality of your life and bring you closer to your financial goals. Having a credit card also translates to a lot of perks. As mentioned in our previous post on ‘Travel Acquisition Strategies to Succeed in Work’, a lot of brands offer rewards and discounts to credit cardholders as a way to market their business. In addition, credit cards are also more secure than cash as credit card companies can easily put accounts on hold when credit cards have been lost in order to avoid fraudulent purchases. However, getting your first credit card can be intimidating, so here are some of the factors you should consider when choosing a credit card.
Whether you're researching for your first credit card or thinking about getting a second one or switching to another, one of the things you should consider is the sign-up bonuses on offer. Commonly offered by major banks, some of the typical sign-up bonuses include cash bonuses that can be up to a couple of hundred Swiss francs and reward points that can be redeemed for merchandise or trips. Just make sure to pay attention to the fine print so you can avoid seemingly good bonuses that can actually make you jump through hoops.
Depending on your credit score, it might be more difficult to get approved for certain credit cards that have a higher credit limit. Petal Card explains how those with a low credit score might find the approval process easier if they apply for a secured credit card or a store credit card. A secured credit card works just like your regular credit card, the only difference is it is backed by a cash deposit from the cardholder, providing the card issuer with security in case the cardholder can’t make payments. On the other hand, a store credit card is a credit card that works only at one retailer or one group of related retailers. Different kinds of credit cards offer different kinds of perks, so choose one that is tailored to your needs.
While a credit card’s biggest strength is its ability to provide holders with some financial flexibility, it can also be its biggest flaw. To avoid digging a hole for yourself, learn about all of the fees that come with your chosen credit card. Some of the fees that you should pay particular attention to are the late payment fees, the over-the-credit limit fees and the annual fees. Make sure you compare these and go with what you think works best for your budget.
There are tons of credit cards out there, which is why credit card expert Sara Rathner highly recommends thinking about the function you want your credit card to perform. For instance, if you want a credit card that you can use for your travels, then get one that lets you earn mileage or discounts on hotels and travel packages. If you are starting out a business and want to establish credit for it, consider getting a business credit card that usually operates just like a personal credit card.
While a credit card can be a good way to improve your credit score, it can also do the opposite if you don’t practice good credit habits. To make sure that your credit card stays as an account that can help you during tough times and not become the one that causes them, go for credit cards that have reasonable limits. It would also be a good idea to consider how high the interest rates are, as well as the interest-free period that comes with your new account.
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