It seems no matter where you go these days some merchant, bank or retail company is asking you to sign up for a new credit card. Some waive the application fee while others eliminate yearly fees altogether. Before you sign up for a new credit card, or decide to get rid of the ones you already have, it's time to learn what makes credit card use advantageous.
Fraud Protection
Credit cards offer consumers protection under the Consumer Credit Act, which means every time you use your credit card, or someone who is not authorized to use it makes a purchase, those goods and services are protected against fraud. This protection is not guaranteed with other payment methods including some debit cards. If a fraudulent purchase is made, you must contact your credit card company immediately to cancel the card.
Bonus Incentives
Credit card companies offer card holders bonus incentives such as frequent flyer miles, merchandise, cash back, reward points and affiliate discounts. A card holder is eligible for these and other bonus incentives just by swiping his card. The more a card holder spends at the register, the more bonus points or rewards he can earn. You can track each rewards programs by going to the credit card company's website or viewing your billing statement.
Proof of Purchase
Cash is easy to lose and can attract thieves when kept in large amounts or when traveling in a foreign country. Consumers should also use credit cards in place of cash when purchasing items for work or when purchasing items for which reimbursement is required. If you lose your original store receipt, it is easy to request a billing statement or copy of the merchant's receipt from your credit card company. Either document will show proof of purchase.
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