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A Reason Nearly All Purchases Should Be on a Credit Card
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Why Nearly Every Purchase Should Be on a Credit Card
Credit cards are safe and convenient They help to build credit, they simplify budgeting and also can earn rewards. And no, you do not have to enter the debt trap, and you don’t have to pay interest.
by Virginia C. McGuire Virginia is a former credit cards journalist for NerdWallet. She is journalist with experience covering personal financial, real estate, business, architecture and design. Her writing has appeared in The Philadelphia Inquirer, The New York Times, The Awl and Mental Floss.
as well as Paul Soucy Lead Assigning Editor Credit cards, credit scoring, personal financial Paul Soucy has led the Credit Cards content team at NerdWallet since 2015. He served as an editor for USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for more than 20 years. He also built a successful freelance writing and editing business with a focus on personal and business finance. He was editor of USA Today Weekly International Edition for six years, and was awarded the most prestigious honor of the year from ACES: The Society for Editing. He has a bachelor’s degree in journalism as well as a master of Business Administration. He lives in Des Moines, Iowa, with his wife, two sons, as well as a dog named Sam.
Nov 3, 2022
Written by Paul Soucy Lead Assigning Editor Credit scoring, credit cards Personal financial planning Paul Soucy leads the credit cards content team at NerdWallet. He worked as an editor for The Des Moines Register, USA Today and Meredith/Better Homes and Gardens for more than 20 years. He after which he established an established freelance writing and editing business. He edited his work for the USA Today Weekly International Edition and was awarded the most prestigious distinction from ACES: The Society for Editing. He has a bachelor’s degree in journalism as well as a Master of Business Administration.
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Cash was the most popular option. The majority of people paid for their purchases with cash or checks (which can be used in a similar way to cash) They also kept credit cards in reserve for large frequent purchases — If they even had credit cards. Today, credit cards are accepted virtually everywhere, and some people don’t even carry cash.
In general, NerdWallet recommends whenever possible:
Credit cards are safer to carry around than cash and offer stronger fraud protections than debit.
You can reap substantial rewards without changing the way you spend money.
It’s easier to monitor your spending .
The use of credit cards responsibly is among the simplest and fastest methods to build credit .
Utilizing credit cards . You can spend money the way you normally would, pay your balance on time each month, and enjoy the many benefits of credit cards while never having to pay an interest fee.
The top credit cards for 2023.
Cash back or 0% APR the transfer of balances — shop our Best-Of Awards to find the best credit cards of the year.
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Credit cards are more secure to carry and use
In the event that you misplace your wallet, or get robbed, any cash you were carrying will likely be gone for good. If thieves are on a spending on your credit cards there is a chance that you won’t be held accountable for any fraudulent purchases. It could take some time to get rid of the mess, but you’ll not lose any of your money.
Debit cards, too, pose a risk. When your credit card is used in a fraudulent manner the issuer of the card who loses the money. If your debit card is used in a fraudulent manner, . Assuming you report the fraud immediately and report the fraud, you will receive your money back- eventually. It could take some time until you are able to sort things out. During this time there is a chance that checks will bounce. automated payments could be rejected due to insufficient funds, and you could have difficulty paying your bills.
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Credit cards can earn rewards easily
Credit card rewards are designed to encourage you to use your credit card, and are extremely persuasive. With a basic flat-rate card that offers the same amount for every purchase, you can get back 1.5% or even 2 percent of each dollar you spend, whether in cash, points or miles that you can redeem to pay for travel or other purchases. Spend $1,000 a month, and you could earn $180 to $240 a year, without any effort.
Other cards earn more rewards in certain spending categories, such as food, gas, or dining out. Take a couple of cards and you’ll be able to amplify your rewards considerably.
As an example, suppose a family has four popular cash back credit cardsthe, the and . Utilizing them in a strategic manner, that family could earn hundreds of dollars per year in cash back
Spending
Rewards rate
Reward points for each year
Groceries
$400 / month
6%
$288
Restaurants
$150 per month
*5% over three months
* 3.3% for nine months
$81
Gas
$100 / month
* 5% for six months
* 3% for six months
$48
Amazon.com
$100 per month
* 5% for six months
* 2% for six months
$42
Media streaming
$50 / month
6%
$36
Travel
$1,000 / year
5%
$50
Everything else
$1,000 / month
2%
$240
TOTAL
$785
See how the rewards are earned
Groceries
The Blue Cash Preferred(r) Card from American Express earns 6% cash back on up $6,000 in annual spending in U.S. supermarkets, then 1percent (terms will apply — refer to ).
Restaurants
For three months: The It(r) Cash Back program for three months: it(r) Cash Back program earns 5% cash back on the amount of up to $1,500 for spending on categories you activate, and 1 percent on purchases made elsewhere. In 2020, dining out was the only category that received 5% cash back for a quarter.
For nine months: The Chase Freedom Flex(sm) earns 3% cash back at restaurants.
Gas
Three months in a row: The Chase Freedom Flex(sm) earns you 5% cash back on up to $1,500 in spending within quarterly categories you activate. For 2020, Chase offered gas station as a 5% category over three consecutive months.
Three months in a row: 2020, the It(r) Cash Back program was introduced. it(r) cash Back included gas stations in an 5% category for three months.
The card is valid for six months. The Blue Cash Preferred(r) Card from American Express earns 3% cash back at U.S. gas stations (terms apply).
Amazon.com
For six months: the year 2020 Chase and Discover had Amazon.com as a 5% category for three months each.
In the course of six months, The Citi(r) Double Cash Card earns cash back of 2% on every purchase — at 1% when you buy and 1 percent when you repay it.
Streaming media
The Blue Cash Preferred(r) Card from American Express earns 6% cash back on certain U.S streaming and streaming service subscriptions (terms must be adhered to).
Travel
The Chase Freedom Flex(sm) is a 5 percent cash back on travel that is booked through Chase.
Everything else
Use the Citi(r) Double Cash Card and earn 2% cashback.
An important note of warning, be sure to not spend more than you normally would to gain additional rewards. A small amount of cash won’t make up for that extra $100 you spend at the grocery shop or that additional $250 worth of clothing. If you have an unpaid balance from month to month, the interest you pay can more than eat up the amount you earn, so pay in full whenever possible.
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Credit cards help you track spending
Keeping tabs on your budget can be a challenge no matter how much you spend it. However, determining where your cash went is particularly difficult. Misplace a receipt, and there’s often no other evidence of what you spent or the location you spent it. Checks? You’ve missed registering one in your account for checks, and you’ll need keep waiting for the person who received it to cash the check before you can track it (and certain people are known for storing checks for months).
With credit cards, everything appears on your account online in close to real time. Further, many issuers automatically categorize purchases in accordance with the merchant:
Purchases made with the Chase credit card are identified by categories.
The majority of major issuers allow you to generate reports to track the amount you’ve paid for in different categories in a given month, or all year long or over a certain time that you define:
Report on spending for an Chase credit card.
If you use a budgeting application like Mint and You Need a Budget, you can import information from your bank and credit card accounts. This allows you to put each purchase into a budget category and determine where you’re spending too much, and areas where you could stand to spend a bit.
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Credit cards can help build credit
It is not necessary to have an account with a credit card in order to enjoy good credit, and you certainly don’t have to keep an account balance. However, careful use of a credit card is the single best way to boost your credit score and a good credit score opens up many possibilities. It can make it easy to get homes, whether a prospective landlord is examining your credit score prior to granting you keys or trying to get a mortgage to buy a home. Cell phone providers, insurance agents, and utility companies may use your credit score for determining eligibility and even the rates you pay. It could even increase your chances of landing an employment opportunity, since numerous employers conduct credit checks on prospective employees.
If you do have credit cards, using them for frequent small purchases, keeping your balances low and paying your bill on time will improve your credit score in the long run.
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When not to use a credit card
You’ll be required to pay an additional fee The merchant pays processing fees each time you use credit card. Most times, these charges are included in the price of the merchant, just like any other cost of doing business. Sometimes, however, a retailer may pass the processing cost to the customer directly, by adding an upfront charge (or “convenience fee” to use cards with credit. In these instances it’s likely that you’ll need to pay in another way, unless your credit card rewards are enough to be able to offset the cost of the surcharge.
When you don’t want the merchant to pay fees Additionally, you might want to avoid using credit cards for smaller merchants you especially want to support. They may appreciate it when you pay with cash or by check, as they don’t have to cover the processing fees. In fact, debit cards are much better than credit cards offered by the perspective of merchants, as the processing costs for debit cards are likely to be lower than what they’d be charged for a credit-card transaction.
When you don’t want to overspend: Some people struggle to keep their spending under control when using credit cards. The five-figure limit on credit cards can make it difficult to recall the reasons you shouldn’t spend your money on that expensive object. If you’re nearing your credit limit or worried about running up an excessive credit card balance You might want to pull out your debit card or cash.
There are many great benefits for credit card users. Make sure you research the one that is right for you. Just make sure you’re able to spend wisely, whatever method of payment you decide to use.
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To see rates and fees of the Blue Cash Preferred(r) Card offered by American Express , see .
About the authors: Virginia C. McGuire is a former credit card writer for NerdWallet.
Paul Soucy is the lead editor of credit cards at NerdWallet. He has previously worked for USA Today and the Des Moines Register and holds an MBA.
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