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  • Do You Really Need a Credit Card? 6 Factors to Consider

    25 May 2022


     Do You Really Need a Credit Card? 6 Factors to Consider  Banner

    A credit card is a powerful financial tool that can help you build credit... or sink you further into debt. There are many factors that affect whether you will use a credit card wisely, so make sure you consider them before getting one.


    There comes a time in your life when you'll have to answer difficult questions. For example: do I need a credit card? While this question sounds a bit pedestrian, it is, in fact, a major decision that can impact your financial health.

    The result of getting a credit card could go either of two ways:

    1. You maximize the practicality of your credit card and get the most of the deals and promos offered by your bank provider and vendors; or

    2. You get mired in debt you can't afford to pay.

    Lest you fall prey to the latter scenario, before agreeing to have your name embossed on a credit card, please consider these factors first. 

    1. Purpose

    Be conscious of your motivations. Why are you interested in getting a credit card? If it's for convenience in paying for purchases, remember that you can do away with cash payments using a debit card too.

    Maybe you're tempted by the discounts and rewards you can get. While this makes sense, take note that in the grander scheme of things, those rewards may not be a good trade-off with the amount you have to spend to get them.

    If your reason for getting a credit card is to build your credit score, that too has a safer alternative. Paying your car, rent, and utility bills on time for straight years boosts your credit score.

    2. Age

    The most obvious benefit of getting a credit card early is that you get to establish your credit score from a young age. A less obvious advantage is that you can learn how to manage your finances while you're barely out of your teenage years, so by the time you're in your late 20s or early 30s, you're already a pro.

    However, that second situation can easily backfire. Younger people have a harder time saying no to temptations. For example, at 16, you'd probably rather go to a party and spend money you don't have than pay your outstanding credit card bill.

    Those things considered; age is a vital factor. While there's no clear-cut rule on how to approach the matter, it's best to give yourself time to hone your financial acuity first before having one of those shiny plastic cards in your wallet.

    Read more: Five Useful Resources on Personal Finance

    3. Source of Income

    Getting a credit card when your source of income is unstable is a big no-no. You'll be tempted to spend money you have no means of paying. Say yes to a credit card offer if, and only if, you have consistent receivables you can funnel into your credit card account to avoid compounded debt.

    4. Credit Standing

    A credit report will include your personal details and credit history, which should give you a hint at whether to get a credit card or not. A healthy credit score is encouraging. With the opposite, it's best to stay away from a credit card in the meantime.

    If you want to access your credit score, you may request a credit report from the Credit Information Corporation (CIC).

    5. Number of Loans

    Having active loans at the same time can get overwhelming, especially when it comes to keeping track of due dates and deciding which loans to pay first. Chances are you'll be using your credit card to pay your existing loans, but this is a bad move since you're incurring debt to pay another debt. Unless you have a solid plan, it's best to avoid credit cards when you have existing loans.

    6. Money Personality

    Self-awareness is key. Your decision to either say yes or no to a credit card should depend on your knowledge of your money management style. If you're confident with how you handle your finances, by all means, go ahead. If it's the opposite, perhaps you need more time to learn how to manage money matters more efficiently.

    You may take BPI AIA's quiz to learn about your money management style.

    A Credit Card Should Help Achieve Your Financial Goals

    Ideally, you'll reach a point in your life when you deal with your finances in earnest—the earlier that happens, the better. Even a decision as seemingly simple as getting a credit card should be pondered upon with keen attention to detail. Weigh the pros and cons and consider your unique financial situation.

    Remember that your financial health is vital to your quality of life. If you want to live comfortably while providing for your family, you need to get your finances in order as soon as you can. If you have minimal debts and a savings plan, you're on the right track.

    Take your finances to the next level by scheduling a virtual appointment with a Bancassurance Sales Executive.

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality

    CONTACT BPI AIA

    (02) 8 528 5501

    FACEBOOK MESSENGER

    15th Floor BPI-Philam Life Makati (formerly Ayala-FGU Bldg) 6811 Ayala Avenue Makati City 1226

    CONTACT BPI AIA

    (02) 8 528 5501

    FACEBOOK MESSENGER

    15th Floor BPI-Philam Life Makati (formerly Ayala-FGU Bldg) 6811 Ayala Avenue Makati City 1226

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