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Smiling asian man handing over credit card to a waiter in a restaurant
Smiling asian man handing over credit card to a waiter in a restaurant

From ease of purchasing high ticket items to fraud protection, credit cards offer several benefits. Here are 5 of them

Put that next purchase on your card and enjoy the benefits

Credit cards are often used with caution because of their high retail interest rates.  Swipe sensibly, however, and you’ll get to enjoy the perks that they offer. From theft prevention to enjoying life’s luxuries, here’s how to make the most of paying with plastic.

1. Get extra spending power

Looking to furnish your new home or book your next overseas holiday but don’t have enough cash to pay for it right away?

A credit card lets you purchase these high-ticket items now and pay them off later by giving you instant spending power often two to three times your monthly salary. Just be sure to settle your credit card bill on time to avoid those high interest charges.

You could  also choose the EasyPay instalment plan  to pay off your credit card bills . Simply charge a transaction of at  least S$500 to your Standard Chartered Credit Card and apply to pay  this off over six to 12 months, in interest-free instalments, with a one-time service fee of 5%.

2. Protect your online purchases

Besides allowing you the convenience of cashless shopping, certain credit cards also offer a range of purchase protection insurance to ensure peace of mind. These include:

  • Price protection: You get back the difference or a percentage of the difference if an item you bought on your card drops in price within a set timeframe.
  • Purchase protection: Items charged to your card are covered against theft or accidental damage, usually up to six months.
  • Fraud protection: You will be refunded for purchases made using your stolen credit card or card detail.

3. Enjoy complementary cashback

With a cashback credit card, you get a percentage of the item’s purchase price refunded back into your account when you shop. What better reason to put that plastic to use?

How much you get back varies by card and bank, and rebates typically apply only on certain eligible items. With Standard Chartered’s Unlimited Cashback credit card for example, you receive 1.5% cashback on your eligible purchases, with no minimum spend required and no cap on the cashback earned either.

4. Build your credit score

When assessing whether or not to extend you a loan – whether for a house, car or new business – banks don’t just look at your annual income, they also look at your credit rating for an indication of how well you manage your finances.

By using a credit card regularly and sensibly, you can build your credit rating. You can even enjoy lower interest rates for your unsecured loans if you have a better credit score. Just make sure to pay off your balance each month and keep your spending low.

5. Earn rewards and privileges

Many credit cards offer attractive rewards programmes that let you earn points, air miles or other privileges on every eligible dollar you spend. All you need to do is pick one that suits your lifestyle and spending pattern.

For instance, Standard Chartered Bank’s Rewards+ credit card gives you one rewards point for every S$1 spent, 10x rewards points for every S$1 in foreign currency spent overseas and 5x points for every S$1 spent on dining transactions. You can also enjoy other benefits, such as complimentary travel insurance and restaurant and cinema discounts.

Credit cards work in any currency, help you consolidate debt, are essential for online shopping and travel bookings, and make it easy to track your spending. So, isn’t it time you started taking advantage of yours?

Find out more about Standard Chartered Bank’s credit cards today.

This article is brought to you by Standard Chartered Bank (Singapore) Limited. All information provided is for informational purposes

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