The COVID-19 pandemic has forced everyone to change how they manage their finances. Digital banks became a trend, mobile wallets became a necessity, and personal loans became a commodity. But one financial product you shouldn’t ignore in the new normal is the trusty credit card. That’s right, you should apply for a credit card now.
It might sound unnecessary at first, but credit cards are as essential as any other financial product right about now. Here are some of the compelling reasons why.
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Why You Should Apply for a Credit Card Now
Save Money on Grocery Shopping
Grocery shopping has become a sport in today’s new normal. Gone are the days when you can leisurely shop for groceries whenever you want. You need to schedule it (preferably once a week), prioritize the essentials, and shop faster to avoid the long lines. More importantly, you need to score the most savings if you want to keep up with the price hike on goods.
That’s why you need to apply for a credit card now. Apply for rewards or cash back credit cards if you spend at least PHP 5,000 a week on groceries. Not only will you save money, you will also maximize your spending, courtesy of all the rewards points you can receive in a single grocery run. Buy essentials, save money, and earn rewards—all in one swipe.
- Cashback vs Rewards Credit Cards: Which Should You Get?
- 10 Credit Cards with No Interest in the Philippines
Make Online Shopping Safer
Shopping online has become a popular COVID-19 coping mechanism. But the common mistake people commit is that they use their debit cards or mobile wallets to pay for their purchases. Use a credit card instead to consolidate all your online purchases into one payment channel. Plus, you can also earn rewards points and get exclusive discounts while you’re at it.
Another reason why you should apply for a credit card now is for you to have a secure online shopping experience. Don’t risk exposing your debit card or mobile wallet information to lurking hackers. Coupled with some online shopping best practices, using a credit card for your next shopping spree will be a secure and seamless endeavor.
Read more: The Best Payment Options for Online Shopping
Save Money on Fuel Price Hikes
Before Metro Manila transitioned to a more relaxed quarantine implementation, oil companies already launched huge price hikes to recover their losses. A good way to respond is to use a credit card the next time you fuel up. Because if there’s a specific expense that could use more discounts and rewards, it’s definitely fuel products and other car-related expenses.
Apply for a co-branded credit card that will give you plenty of discounts on gas stations. Aside from fuel discounts, these credit cards also have car-related perks like discounts on repairs and car accessory purchases, among others. If you don’t own a car, get a credit card that offers discounts on P2P bus services and ride-hailing services.
Practice Contactless Payment
Social distancing is all the rage these days, and for good reason. Contactless payment is a good reason to apply for a credit card now. Imagine not carrying that much cash anymore. All you need is your credit card and some spare bills. No need to count change in front of the counter while everyone waits in line at your local coffee shop. Just swipe and done!
It’s also good for your health because as it turns out, paper bills and coins can carry and transfer bacteria to your hands. And it’s not like you clean your money, do you? In a time when cleanliness is a must, minimize the risk by slowly eliminating the use of coins and bills. Practice contactless payment—start with getting a credit card.
Build a Good Credit History
If you’re planning to own a home or buy a car in the future, you’ll need a good credit score. Unless you can afford cash payment, paying for these properties require the help of banks and lenders to finance. So apply for a credit card now and start building a good credit history. Improve your score while you’re at it, along with accomplishing other loan requirements.
Because when the time comes that you will apply for a life-changing loan, your credit history will help determine the success of your approval. Your credit card accounts, installment, and non-installment contracts will show the bank how responsible you are as a borrower. So swipe responsibly, pay your balances regularly, and try not to max your credit.
Take Advantage of Welcome Gifts
To encourage people to apply for a credit card now, banks offer welcome gifts and other introductory promos to potential cardholders. This can come in the form of cash credits, interest rebates, free reward points and air miles, gift certificates, and even free trips to exciting destinations. You can have any of these just for getting approved. Neat, right?
Consider these welcome gifts when choosing a credit card. Especially now when the economy is a bit on the rocks, banks will run more exclusive offers to encourage everyone to apply. But be careful not to choose a credit card solely for its introductory offers. You don’t want to be saddled with an expensive credit card, no matter how amazing the gift was.
Earn More Air Miles Quick
If there’s another thing that’s more exciting than a reward point, it’s definitely an air mile. Most credit cardholders will know how precious air miles are. If you love traveling or you travel most of the time as part of your job, get yourself a travel credit card the soonest. Choose a credit card that will give you the best chances of earning more air miles in every swipe.
But you might wonder why you should apply for a credit card now. It’s the new normal, after all, and most travel destinations are closed due to quarantine protocols. But who said you will travel now? It’s not like the pandemic will never end. Eventually, the world will open once again. Earn as much air miles as you can now by using your credit card primarily every day.
Read more: The Perks of Using Credit Cards for Travel
These reasons should be enough to make you consider getting a credit card. And once you finally decide to apply for a credit card now, don’t forget to use an online comparison platform to find the right card for you. Don’t just pick without thought. Consider your budget, spending habits, and purpose for getting one in the first place.
-  Another big-time fuel price hike set this week (CNN Philippines)
-  Coronavirus in your wallet? How safe is cash these days? (The Jakarta Post)
Ricky is the zaniest Senior Content Writer at Moneymax, with over five years of writing experience in the digital marketing industry. He is a huge fan of pro wrestling, smartphones, and binge-watching. Follow Ricky on LinkedIn.