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When you should use credit

When you should use credit

When you use credit cards responsibly, they can give you a lot of power. The best circumstances to use a credit card is:

  • When you're traveling, you'll get better rates for foreign exchange fees when you're traveling abroad. Travel rewards cards will also offer travel insurance.
  • When you need security, credit cards have no liability for fraudulent charges and you can cancel or freeze your card instantly.
  • When you want rewards. Most credit cards now will give you rewards for using them.
  • When you’re making charges for work because you don't have to front the money. You can get reimbursed before the bill is due.

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MORE IDEAS FROM THE SAME ARTICLE

  • When you have an emergency: Cash is accepted everywhere, so have some on hand. Dave Ramsey recommends having at least $1,000 in an emergency fund.
  • When you want to limit your spending: Psychologically, we spend less money when we use cash as you ca...

  • When you want to avoid getting into (more) debt: Since your debit card is connected to a checking account, you theoretically only spend what is available in your account.
  • You want to pay for everyday purchases conveniently—things like gas, grocerie...

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