Financial Perks of Credit Cards

Having credit cards is one of the most fascinating inventions ever. As consumers, we believe we are using credit cards, but in reality, banks are using us to generate revenue!

You receive a credit card statement every month, and if you pay the balance on time, that's fine. However, if you only pay the minimum balance due, you get caught in the interest trap.

Now, let's look at the actual advantages of a credit card:

Assume you receive a salary of $100,000 on the 1st of every month. You then go shopping and buy a smart TV worth $40,000 using your credit card. Your actual salary remains in your savings account, and banks typically offer 6% interest per year, meaning you will earn 0.50% interest in one month.

This allows you to keep the $40,000 in your account for about 30 days, and when the credit card bill is due, you can pay it off.

It's simple math: you buy something with a credit card on the 1st and pay the amount from your bank account on the 30th.

You get to keep your money in your account for an extra 30 days, and you earn interest on it. Plus, you get attractive offers with credit cards, which is an additional benefit.

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