Sunday, September 7, 2008

Which Credit Card For You

Moving into a cashless society is the way to go for most developed nations. Singapore is no different. We use EZ link cards when we get on the public transport, Prepaid food cards at food courts, Cashcards for our parking systems and electronic road pricing and credit cards for many of our shopping purchases.

When one mentions credit cards, many do not realized that there are many variations of it. Some banks have launched pre-paid debit cards for those who may not like to spend money in access. Perhaps they have a certain budget they like to keep to each month for spendings. These pre-paid debit cards are convenient without the need to carry cash or pocket change at all. It is a wise move and the user will never have to worry about bounced cheques or overdrafts. Another popular card that business owners favor are the business credit cards. With this type of credit facility that builts in, a business owner manages his business accounts separately in business purchases, business entertainment, office supplies and more. This is a favorable method for business owners to track down their business accounts using this credit card.

Last but not least, popular among consumers is the low interest credit card. As we all know, we sometimes pay through our nose for big ticket purchase and the interest that chalks up at the end of the months adds up to a lot. So, it is always wise to choose a credit card that charges low interest to avoid paying so much in the long term. This works out to a lot of savings, compared to a normal interest credit card that could work out an interest of 17% to 24% of high interest per annum.

1 comment:

kenmarcus said...

Plastics the way to go for all our needs; Online banking and financial transactions for all the others. I have more cards in my wallet than cash and with online conveinece that is offered by Banks like Citibank( I am certainly less prone to counting the cash bills at the end of the day.