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's how women can make the most out of their credit carte du jour
With so many different types to choose from, picking one that's best suited for you is key to enjoying more than perks and savings fifty-fifty equally you spend. In partnership with UOB.
Are you making the most of your credit bill of fare? (Photograph: Unsplash)
18 Jun 2022 06:30AM (Updated: 10 Aug 2022 07:24AM)
When it comes to going cashless, there are few options that crush the convenience of a credit card.
Besides not having to fumble with greenbacks and coins, many credit cards offering incentives like points, cash back or additional discounts so yous can accrue some savings as you spend. Other cards, like lady's credit cards, have perks that are specifically tailored for shopping, dining or travel – favourite lifestyle activities among Singapore women.
If y'all, similar many others, have found yourself faced with decision paralysis in deciding which card to sign upwardly for, fret not.
CNA Lifestyle asked some financial gurus to share their hacks and tricks to become the nigh out of your plastic.
READ: Impulse buying: Why some people can't stop shopping and how not to overspend
WHAT ARE THE MUST-HAVES OF A CREDIT Carte?
For starters, your credit menu should be accepted widely both locally and overseas and let you lot access to a large ATM network in case yous demand quick admission to cash.
In this digital historic period, information technology should besides allow you to do contactless payments, exist able to digitise into mobile wallets similar ApplePay and GooglePay and support your e-commerce transactions securely, said Choo Wan Sim, managing director for UOB Cards and Payment Products.
To give yous peace of listen, the banking company should also give you the flexibility of customising your spending thresholds, as well equally send you SMS alerts to minimise or detect fraud easily. Mobile app and online banking services are a big plus also, as yous can log-in hands should you need to cross-cheque purchases.
And if, say, y'all need to make a large i-off purchase or incur unexpected expenses for that month, your card should offer you the ability to customise your credit limit. It's peculiarly useful if you lot have unlike cards within the same bank, and so yous can ensure you stick to your upkeep.
"Expect out for cards that offering a quick temporary line increment approval procedure so you can admission funds smoothly and hands in times of need," Choo added. In addition, your carte should likewise requite you access to interest-free instalment loans for situations where you need a quick injection of greenbacks.
READ: Ladies, here'southward how to manage personal finances at different stages of your life
WHAT SHOULD I CONSIDER WHEN CHOOSING A CARD TO Suit MY LIFESTYLE?
First, ask yourself what phase of life you lot're at, said Choo. To help you narrow down your options, inquire yourself: What are my current needs or aspirations? What do I more often than not spend on right at present? What type of rewards currency appeals to me most – cash rebates, miles or points for exchange?
Pro tip: Knowing the type of rewards you're interested in is a good manner to assist you choose the right credit card. For instance, if you are an air miles junkie, pick the card that earns you the well-nigh 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 card. And there are also other categories of credit cards that cater to professionals and affluent spenders.
SHOULD I SIGN UP FOR MULTIPLE CREDIT CARDS?
Well-nigh financial experts recommend limiting yourself to 1 or two cards that all-time fit your needs to avoid inadvertently overspending. This is because having admission to multiple lines of credit might tempt you to bust your budget.
Dr Perpetua Neo, a psychologist and leadership coach, said: "Sure, one carte might give you a discount on petrol and something else gives you rebates on groceries. Only actually, do yous need the extra headache and possible mess from overspending by having that many cards? Streamline this process."
If you have existing loans or credit menu debt, yous tin can likewise look 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 points or privileges in lieu of spreading your spending out over also many cards," she said.
And so WHAT'S THE Difference BETWEEN LADY'S CARDS AND REGULAR ONES?
A regular card typically serves the needs of the general masses while a lady'due south carte du jour tends to be more than targeted towards the lifestyle patterns of women.
Withal, each credit card has its own value proposition and may accept different sign-on offers from time to fourth dimension, and then the all-time thing to do is to keep an eye out for offers that are nigh relevant and appealing to y'all.
READ: Why is getting that bachelorette pad such a large deal in Singapore?
ARE LADY'S CARDS NECESSARILY Amend 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 equally spa promotions, dining deals or discounts on staycations. So if these are activities that you already appreciate, why non enjoy some perks while you are at it?
For example, UOB's one offers female person cancer coverage with their Lady'due south Savings Account. In addition, information technology offers users the flexibility and freedom to choose which category they want to earn bonus rewards points from, such as beauty and wellness, send, travel, fashion, entertainment, dining or family.
READ: This PR guru'due south a big reason why Singaporeans beloved their international style brands
WHAT ARE SOME HACKS TO MAXIMISE THE PERKS?
Here is another reason why less is more than when information technology comes to owning credit cards: To reach the highest tier of rewards, gifts or accelerated miles accrual, consolidate your spend onto one card and then you can achieve the minimum spend or transaction count, said Choo.
Y'all might besides want to accept notation of merchants that offering promotions with the credit menu. Those additional discounts, one-for-one deals or bonus miles tin assist you get more out of your spending.
Practise ever pay your credit carte bill in full and on fourth dimension to avoid interest and late-fee charges. Information technology is too prudent to notice out what the minimum spend on the menu is to savour the annual fee waiver.
For more swell ideas for yous and your money, visit www.uob.com.sg/women.
READ: Starting a business concern 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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