Part of being a responsible adult is understanding how to manage your finances. Whether or not your academic journey has included sufficient education on earning and saving money, you can discover everything you need to know online.
Taking your personal finance knowledge to the next level includes building your credit score. This helps build credibility so that when you want to purchase or rent a new home or vehicle, it won’t be a headache to deal with. The first thing you’ll need is a Visa credit card.
Although there are various credit cards available, it’s difficult to find one with as many benefits as Visa offers.
Don’t believe us? Keep reading to learn more.
1. Reward Points
Visa credit cards allow you to earn one or more points per dollar in spending. There are even certain cards that give you bonus points when you participate in popular spending categories like groceries, restaurants, or gasoline. Once you earn enough of these reward points, you can redeem them for gift cards, travel, or even merchandise items.
The best part of all? The reward options are practically endless. You can receive benefits from hotels, clothing retailers, or any co-branded visa credit card partnership.
The best way to select the right card is to take notice of your spending habits. This will cause you to earn reward points quite easily since you’d be spending the money anyway.
2. Travel Benefits
If you’re someone who tends to travel often, there are plenty of visa credit cards that will benefit you.
You can earn miles at a rate of one mile per dollar in net purchases. This means that your daily shopping expenses can eventually lead to a round-trip flight!
Of course, this also depends on the type of airline ticket you purchase with your points. Look for a card that has an impressive mileage-based introductory bonus. This can put you halfway toward an award flight.
3. One Time Bonuses
The initial bonus opportunities you get when applying for a new credit card are hard to beat. If you have good or excellent credit and get approved for a credit card, the bonuses can be worth $150 or more! The only caveat is that you might to have to spend a certain amount in the first few months of your account being open, but that should be easy enough to do.
4. Roadside Assistance
Something you may not have expected from a Visa credit card is that you’ll have access to Roadside Dispatch. This is a pay-per-use service that provides a handful of services for a set fee.
This includes standard towing, tire changing, lockout service, fuel delivery, jump-starting, and standard winching. If you’re someone who is looking for an impressive amount of roadside assistance, you’ll want to look into your different Visa credit card options.
One of the most popular parts of a credit card is the cash-back option. You use your card and get 1% on all your purchases rebated in the form of cashback. Certain credit cards offer up to 5% cashback on certain purchases.
You’ll want to find a cash-back card that charges minimal fees and interests but offer high rewards rate.
6. Grace Period
You’re likely already familiar with the difference between a debit card and a credit card. When you use a debit card, that money is immediately gone. When you use a credit card, your money remains in your checking account until you pay off your credit card bill.
It can be beneficial to hang on to these funds. You’ll end up keeping your cash in the bank account longer, and you can pay your credit card from an interest-bearing checking account. This can earn you more money during the grace period.
7. Warranty Protection
Visa’s extended warranty protection can add more time to the warranty on items you purchase. This means that you’ll have peace of mind that your purchases can be fixed or replaced if anything happens to them for a longer period of time.
For warranties less than a year, Visa doubles the warranty period. There are certain exclusions, such as real estate and computer software, but it is great for any purchases that might easily break or need replacement.
8. Spending Summary
Part of being financially responsible is creating a budget and doing a detailed breakdown at the end of the fiscal year. This will not only keep you from spending too much, but it will also inform where your money is going and how to make more than the year before.
Visa credit cards offer year-end spending summaries. These are detailed annual reports that break down where you used your card, this type of information is great for budgeting and tax prep.
9. Building Credit Score
Whether you have no credit score or a low credit score, getting a Visa credit card can help you improve. Using your credit card responsibly will help give that score a boost, which you can’t do with a debit card.
If you’re concerned about spending too much, you can apply for a secured visa credit card. This will set a spending cap that gradually increases once you prove that you’re able to pay the debt off.
Visa credit cards also accept cryptocurrency payments, so you have another way to take control of your finances: Visa and cryptocurrency, a match made in heaven.
10. Universal Acceptance
While most places accept debit cards without a problem, you’ll need a credit card for other purchases. If you’re looking to book a hotel or rent a car, you’ll have an easier time with a Visa credit card. Most rental car companies and hotels want customers to use credit cards because it makes it easier to charge for any damages.
Benefits of Using Visa Credit Card
Now that you know all the benefits of using a Visa credit card, you’ll be able to build up financial independence and get some sweet rewards out of it. Remember that you can’t learn everything in a day, so be sure to use common sense for large purchases or bigger decisions.
Before you know it, you’ll have an amazing credit score and none of the stress associated with a mediocre credit card.
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