There are so many advantages to being a credit card holder, from the ability to make changes quickly and easily in case of emergency to establishing a credit rating and credit score. In addition, credit cards from various institutions now offer lots of rewards and incentives that can even save you money on purchases as far-flung as airline tickets, hotels, Amazon purchases and more. If you use your credit card prudently and don’t accrue too much debt, you may find yourself able to squeeze lots and lots of value from the perks which your card offers. You just need to know how to do it!

If you are a credit card user, as so many in Singapore are, you will want to make efficient use of those perks. Since most Singaporeans have at least three cards, it’s only about knowing how to determine the best rewards cards and getting the most out of what they offer.

 

How To Make The Most Of Your Credit Card Perks1. Request a Higher Limit

Many people who have a credit card that offers rewards points like to use it to purchase everything. That way they can rack up those points and redeem them for merchandise or services, or participate in other incentives. But if you have a credit limit that is relatively low, and you are reaching it almost every month, be aware that this may come back to bite you later. By increasing your credit limit on that card, you can still spend as you like, earning those points, but you’ll have a bigger cushion as you move ahead.

2. Change Your Payment Due Date

If you find that you cannot make your credit card payment by the date that the company has set for you, due to your payroll schedule, you can always call them to change it. This is quite easy to do and can save you a lot of trouble and late fees. Get your payment due date set to fall immediately after your payday so that after you get your paycheck, the credit card bill is the first thing that you pay.

3.Double Those Reward Points

If you have your card and you determine that you can get rewards for it, then you most definitely should. The great thing about rewards bestowed by credit card companies is that you can sometimes earn double the rewards just by using a particular provider. If you book a vacation through a third party who offers reward points on cards, you can charge your room and flights with the card and get increased points from the company. You can earn double-points which can be redeemed at a later date.

4.Be Smart

This tip does not refer merely to spending wisely and not exceeding your credit limit, but also to choosing the card that will get you the most valuable points. If, like the average Singaporean credit card user, you have three cards, and one gives you a certain percentage of points or cash back when you buy petrol, use that one to pay for filling your tank. Strategically planning how you use your individual cards will help you get the most value out of them.

5.Use the Right One When Traveling

If you are thinking of going abroad for a trip, it’s smarter to use your credit card than to carry a lot of cash. But you need to identify and use the card that will accrue no transaction fees when used overseas. Those little fees can add up quickly, so it’s best to charge the card that carries no fees. That will help keep your trip stress-free, and when you go to pay your next bill, you won’t need to worry about having any extra add-ons.

6.Shop Around for the Best

Getting a credit card for the first time, or identifying another new credit card can take a bit of homework on your part. You’ll want to find one of the best ones that give you rewards, helps you get some cash back and also offers you competitive interest rates. You’ll want to examine all of their terms before choosing the credit card that will best work for you. And with so many to choose from in Singapore, you should make sure you do enough research.

Once you’ve got a card, you’ll want to make sure that you’re smart about using it and getting the most out of it when you do use it. An appropriate card could give you so many extra rewards that would not be possible if you didn’t have a decent credit card. Look into all that is offered on your card and see just how you can capitalize on it.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).