Using Your Credit Card Wisely

(NC) – While many Canadians may have a “love-hate” relationship with their credit card, it can be a valuable financial tool.

“Contrary to popular belief, credit scores measure how well you manage your accounts and when used wisely can provide you with valuable benefits,” said Prashant Sharma, vice-president, Retail Credit Cards, RBC. “If you make monthly payments and keep it handy for unexpected events, your credit card can help you save time, money and build your credit history.”

Sharma provides five benefits to having a credit card:

• Building credit history – A credit card is an efficient credit-building tool. Make regular monthly payments to ensure you’re set up for future financial success.

• Budgeting and expense tracking – Paying with your credit card allows you to easily keep track of your spending by checking your transactions and reviewing your statement.

• Shopping online – While shopping online without a credit card is now possible, you still may need a credit card to fulfill these types of transactions. You also benefit from the added security and protection measures offered by your credit card company.

• Renting a car – If you want to rent a car but don’t have a credit card, things can get a little tricky. Now that many credit cards include auto insurance, you could save time and money when renting a car.

• Getting out of a bind – Flat tire? Whatever your emergency, your credit card can be your safety net whenever the need arises.

For more information, visit: www.rbcadvicecentre.com.