RICHMOND, Va. (WWBT) - Credit cards can be dangerous if you don’t have discipline. But if you are diligent and careful you can make credit cards work for you.
During this pandemic, credit cards are helpful in keeping many of you afloat. So, we wanted to point out some of the ways they work for you.
First, having a credit card and using it responsibly helps you build a credit history.
If you are able to pay off your balance each month in full, meaning, avoiding interest charges, credit cards have some valuable perks.
They may offer sign-on bonuses and even give you cashback.
And they can protect you from fraud because credit cards inherently offer more protections than debit cards.
“It’s really kind of somebody else’s money if you want to kind of think of it like that versus when you’re using your debit card. If in fact, they get access to your direct account, you could be out thousands of dollars. and it would take a process of 7 to 10 days usually to get reimbursed,” said Cherry Dale. She’s a financial coach with the Virginia Credit Union.
She says the Fair Credit Billing Act offers all sorts of protections for you. She says you should use your credit card instead of a debit card for any online purchases. That way you are protected if your credit card number gets in the wrong hands.
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