Fatimah grew up in a big household where her five siblings, parents and grandparents lived under one roof. Her parents worked hard but constantly struggled with mounting debts from credit cards and loans. Growing up, she remembered the unopened bills, which created an atmosphere of constant anxiety for the family.
Using the knowledge she gained, Fatimah unlocked three secrets to smart credit card use.
Firstly, Fatimah learned about the importance of using credit cards wisely. She got her first credit card with a low limit and used it sparingly. Each month, she paid off the balance in full to avoid interest charges and used it to earn points.
Firstly, Fatimah learned about the importance of using credit cards wisely. She got her first credit card with a low limit and used it sparingly. Each month, she paid off the balance in full to avoid interest charges and used it to earn points.
Finally, while traveling, Fatimah made sure to inform the card issuer of her travel plans to avoid any issues with using the card abroad.
Fatimah’s responsible credit card usage did pay off. Years later, she was able to purchase her first house - a property in the city where she was able to host many gathering and events for her big family. Reflecting on her journey, she had successfully broken the cycle of financial struggle that had defined her childhood.
Like Fatimah, you can take charge of your financial future by learning about personal finance and credit card management. Instead of relying on the warnings from family and friends about the dangers of credit card and debt, equip yourself with first-hand knowledge.
Fatimah’s responsible credit card usage did pay off. Years later, she was able to purchase her first house - a property in the city where she was able to host many gathering and events for her big family. Reflecting on her journey, she had successfully broken the cycle of financial struggle that had defined her childhood.
Like Fatimah, you can take charge of your financial future by learning about personal finance and credit card management. Instead of relying on the warnings from family and friends about the dangers of credit card and debt, equip yourself with first-hand knowledge.
A quick guide to credit cards
1. Understand the basics
A credit card is issued by a bank and it allows you to borrow funds to pay for goods and services with merchants that accept cards for payment. Why do you need one?
It’s convenient, as you don’t have to worry about carrying cash around or lining up at an ATM. In addition, using a credit card allows you to make purchases, especially big ticket items, and pay off the balance in full to avoid interest, while also earning rewards and gaining interest on the funds you keep in your bank account.
A credit card is issued by a bank and it allows you to borrow funds to pay for goods and services with merchants that accept cards for payment. Why do you need one?
It’s convenient, as you don’t have to worry about carrying cash around or lining up at an ATM. In addition, using a credit card allows you to make purchases, especially big ticket items, and pay off the balance in full to avoid interest, while also earning rewards and gaining interest on the funds you keep in your bank account.
You can also enjoy 0% interest when you convert your credit card purchases into easy instalments of 6,12, 18 or 24 months on Baiduri 0% Instalment Plan. Purchases must be a minimum of BND300 (or its equivalent) in a single transaction. Applications can be made through Baiduri b.Digital Personal mobile app or the 24-hour Customer Helpline at 2449666.
2. Choose the right card.
You can do this by determining your spending habits. Do you prefer to earn bonus points from gas or groceries? Or are you a frequent traveller looking to earn Royal Smiles miles? Look at each card’s terms and conditions to be aware of potential fees, payment due dates and restrictions to using benefits.
You can do this by determining your spending habits. Do you prefer to earn bonus points from gas or groceries? Or are you a frequent traveller looking to earn Royal Smiles miles? Look at each card’s terms and conditions to be aware of potential fees, payment due dates and restrictions to using benefits.
It’s important to note that that this isn’t an endless supply of borrowed money. Remember to spend what you can afford, understand the billing cycle, always pay your bill on time and in full. If you own a Baiduri Bank credit card, you can manage your billing requirements on the Baiduri b.Digital Personal app. By setting up a standing instruction to deduct your outstanding payment, you don’t have to worry about forgetting to pay your bill.
If you don’t have a standing instruction set up for your credit card payments, you will need to choose one of the following options:
- Pay the total amount due: This is the full balance shown on your last statement.
- Pay the current outstanding: This includes the amount from your last statement plus new transactions.
- Pay the minimum payment: This is usually 8% of your total amount due. Paying this will help you avoid late fees.
4. Maximise the rewards and benefits.
By spending money using your credit card, you can earn rewards which can come in various forms. Cashback allows you to receive a cash reward for making purchases with your card, and with a Baiduri credit card, you can benefit from cashback during promotional periods. Credit card holders can also enjoy privileges like discounts during their birthday month or airport meet and greet services.
By spending money using your credit card, you can earn rewards which can come in various forms. Cashback allows you to receive a cash reward for making purchases with your card, and with a Baiduri credit card, you can benefit from cashback during promotional periods. Credit card holders can also enjoy privileges like discounts during their birthday month or airport meet and greet services.
The unfortunate reality today is that fraudulent attempts are on the rise. Credit card fraud occurs when an authorised person gains access to your credit card information and uses it to make purchases or through ATM skimming. There are various ways a fraudster can gain access to your information, so it is essential you report a lost card immediately and ensure you customise your notifications to receive SMS alerts on transactions. If you notice anything suspicious like a transaction you didn’t make, contact your card issuer right away to dispute it.
In conclusion, with these “secrets” or best practices in place, you will not only protect your financial health but also set yourself up for long-term success and stability. Smart credit card usage isn’t just about managing debt; it’s about building a solid foundation for your financial future.
Ready to start your smart credit card journey? Click onto our online application portal to explore our range of credit cards and find your perfect fit.
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