Personal Financial Management: The Advantages of Credit Cards


In today’s fast-paced, increasingly digital landscape, it’s important to understand the benefits associated with owning, using, and managing your very own credit card, especially if you’ve adhered strictly to debit cards and standard checking accounts up until now.

This brief article will help fill in the blanks.

Financial Organisation

As any professional accountant will tell you, the most important thing you can do for your financial future is to learn how to coordinate, control, and categorise your month-to-month budget in a methodical, forward-thinking manner.

In this regard, a suitable credit card will allow you to take control of your income, expenses, and bills by way of an easy-to-use platform, which can be accessed through a mobile device or computer:

  • Track expenditures, incidentals, and daily charges.
  • Access statements at any time of day.
  • Take advantage of automatic bill payments for your most integral utilities and services.
  • Utilise forecasts to augment your habits and supplement savings.

With an intuitive money management application at your disposal on a 24/7/365 basis, you’ll be able to ascertain how your lifestyle impacts your immediate financial future and start making incremental changes to your routine.

Gain Access to Lucrative Cash Back Bonuses

In stark contrast to the insignificant interest rates associated with traditional savings account – which are negligible after accounting for inflation – you’ll finally be able to get yourself the cash back using Malaysia credit card features, which can include the following:

  • Receive cash back discounts on all of your retail purchases, dining expenses, entertainment, travel fees, and even your insurance premiums.
  • Earn 1% cash back on all purchases up to RM1,000 per month.
  • Earn 0.5% cash back on all spending above RM1,000.
  • The cash back bonuses are instantaneously credited to your account and they will be reflected in your next monthly statement.

To put it simply, you’ll be rewarded for using your credit card on the items and services you’re already planning to purchase, which is a lucrative windfall that you cannot recreate with a regular bank account.

Security and Protection

Additionally, the most reputable banking institutions are able to provide a myriad of contemporary security measures to ensure the safety and security of your credit card account, which can include the following:

  • Built in fraud-prevention
  • Chip card technology
  • Photographic identification features
  • Automatic security alerts
  • Streamlined replacement card service

These inclusions will provide constant oversight and protection regardless of where you happen to be, which means that an unauthorised user will never be able to utilise your credit accounts.

Incorporated Insurance

Plus, the most distinguished credit card providers also include integrated insurance protection within every credit card account, which can include:

  • Purchase protection for defective or substandard goods
  • Travel insurance for unforeseen events
  • Vehicle rental insurance
  • Robust life insurance plans

As you might imagine by now, partnering with a prominent banking institution and establishing a modernised credit card account represents the best way to enhance your financial standing and start affecting some sophisticated money management skills, so be sure to evaluate your options and open an account as soon as possible.