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What is the Importance of Credit Cards?

Credit cards hold a very important function in today’s world. Credit cards make life easier, and can be a huge asset when used carefully and responsibly. Beyond the convenience of having a short-term line of credit, rewards credit cards, balance transfer credit cards and gas credit cards can help you save money if used in the most responsible way.

The most important reason to have a credit card is because of your credit score. Your credit score will determine whether you are approved for any type of loan, whether it is for a new automobile, a house or a home improvement. Any kind of lender or traditional bank will check into your credit score to see if you have a good rating, and if you have been paying your bills on time. Having a credit card, paying off your balance each month and paying on time will help improve that score.

Another way to save using credit cards is through balance transfers. By taking the balance from one high-interest loan and transferring that balance to a lower-interest credit card, you can lower your monthly payments. But be careful: on some credit cards, balance transfers are offered at a low introductory rate that later increases.

When you have a credit card, make sure to pay the balance due every month on time, and in full. Even one late payment can negatively affect your credit score. As your credit history builds, you will be more apt to receive a loan when you need one. Your on-time payments will increase your score and can make getting that new car, boat, or home easier.

Credit cards are also important for keeping your money safe. If you carry credit cards with you instead of cash, you are less likely to have problems with theft. A thief can steal your cash and there may be nothing you can do about it. You may lose your wallet with cash inside and, again, you are out of luck. With credit cards, you simply call up their customer service center and report the card lost or stolen. Within minutes, the company will close down your account, making it impossible for anyone else to use the card. If they do try to use your credit card after is has been reported lost or stolen, there is a higher chance of the thief being caught.

One major reason many people choose to have credit cards is because they need them. You need a credit card to rent a car, or to reserve a moving van. You may need a credit card to reserve numerous items, or to place a hold on something. You can use a credit card to buy millions of things online, from the convenience of your computer. Buying a plane ticket or a concert ticket is as easy as clicking the mouse. With credit cards, balance transfers and many small purchases are made more simple and convenient. And in an emergency situation, they can really help you out of a jam. So while credit cards are not always essential, if used properly, they put a more convenient world just a swipe away.

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bottom bar strives to bring the best credit cards on the market today. Our top credit card applications will help you save money with balance transfers, low interest rates and help you build your credit with credit cards for bad credit. We even have links to the leading student credit cards and credit cards for businesses.

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