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The reason nearly every purchase should be made using a credit Card

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The reason nearly every purchase should be made using a credit Card

Credit cards are safe and convenient They help to build credit, make budgeting easier and also earn rewards. No, you don’t have to go into the debt trap, and you do not have to pay interest.

Written by Virginia C. McGuire Virginia McGuire was previously a credit cards author for NerdWallet. She is a journalist who has covered personal finance and business, real estate, architecture and design. Her work has appeared on the Philadelphia Inquirer, The New York Times, The Awl and Mental Floss.

as well as Paul Soucy Lead Assigning Editor Credit cards, credit scoring and personal finance Paul Soucy has led the Credit Cards content team at NerdWallet since 2015. He served as an editor for USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for more than 20 years. He also established a profitable freelance editing and writing practice with a focus on personal and business finances. He was editor of USA Today Weekly International Edition for six years and won the highest award of the year from ACES: The Society for Editing. He holds a bachelor’s in journalism, as well as a Master of Business Administration. He lives in Des Moines, Iowa, with his fiancée, his two sons and a dog named Sam.

Nov 3, 2022

Edited by Paul Soucy Lead Assigning Editor Credit cards, credit scoring personal financial planning Paul Soucy leads the credit cards content team at NerdWallet. He was an editor with The Des Moines Register, USA Today and Meredith/Better Homes and Gardens for over 20 years. He later establishing his own successful freelance writing and editing business. He edited his work for the USA Today Weekly International Edition and received the highest award of the year from ACES: The Society for Editing. He has a bachelor’s degree in journalism as well as a Master of Business Administration.

Many or all of the products we feature are provided by our partners, who pay us. This impacts the types of products we write about as well as the place and way the product appears on the page. However, this doesn’t affect our assessments. Our opinions are our own. Here’s a list of and .

Cash was once the king of the world. The majority of people paid for their purchases with cash or checks (which are in essence equivalent to cash), and they saved credit cards for big frequent purchases -if they even had credit cards. Today the credit card is accepted virtually everywhere, and many people never carry cash at all.

In general, NerdWallet suggests whenever it is possible:

Credit cards are more secure to carry than cash , and are more secure against fraud than debit.

You can reap substantial rewards without changing how you budget.

It’s easier to monitor your spending .

Responsible credit card use is one of the easiest and fastest methods to build credit .

Credit cards are a great way to spend money . Spend your money as usual, and pay the balance in full each month, and you’ll enjoy the many benefits of credit cards without carrying debt or paying any interest.

The top credit cards to be used in 2023.

Cash back and 0% APR transfers of your balance — check out our Best-Of Awards to find the year’s top credit cards.

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Credit cards are safer to carry and use

If you lose your wallet or get stolen, the cash you carried will probably be lost for good. If thieves are on a spending in your credit cards it is unlikely that you will be held responsible for the fraudulent purchases. It may take some time to clean up the mess, but you’ll not be able to recover any of your funds.

Debit cards, too, pose a risk. When your credit card is used in a fraudulent manner, it’s the card issuer that loses money. If your debit card is used in a fraudulent manner, . Assuming you report the fraud immediately and you report it to the authorities, you’ll receive your money backeventually. It may take a while until the issue is resolved. In the meantime the checks could bounce, automatic payments might be denied due to insufficient funds, and you may face difficulty paying the cost of your expenses.

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Credit cards earn easy rewards

Credit card rewards encourage you to use your credit card, and they’re very persuasive indeed. With a simple flat-rate card that charges the same amount for every purchase, you could earn back 1.5 percent, or even% of every dollar you spend, whether as cash or as points or miles to redeem to travel or for other items. Spend $1,000 a month and you can earn between $180 and $240 per year, without any effort.

Other cards pay more rewards in certain areas of spending, like food, gas, or dining out. Combining a few cards, and you can increase your reward significantly.

For instance, let’s say the family has four cash back credit cards — the , the , the and the . Using them strategically, that family could make hundreds of dollars each year in cash back:

Spending

Rewards rate

Annual rewards

Groceries

$400 per month

6%

$288

Restaurants

$150 / month

*5% per 3 months

* 3.3% for nine months

$81

Gas

$100 / month

* 5 % for six months

* 3% for 6 months

$48

Amazon.com

$100 per month

* 5 % for six months

* 2.2% for six months

$42

Streaming media

$50 per month

6%

$36

Travel

$1,000 per year

5%

$50

Everything else

$1,000 / month

2%

$240

TOTAL

$785

Learn how rewards are earned

Groceries

The Blue Cash Preferred(r) Card from American Express earns 6% cash back up to $6,000 in annual spending on U.S. supermarkets, then 1percent (terms apply — see ).

Restaurants

For three months: It(r) Cash Back program for three months: it(r) Cash Back earns 5% cash back on up to $1,500 per quarter when you spend in categories you select, as well as% on other purchases. In 2020, dining out was the only category that received 5% cash back for a quarter.

For nine months, the Flex(sm) from Chase Flex(sm) earns 3% cash back at restaurants.

Gas

For three months: The Chase Freedom Flex(sm) earns you 5% cash back on up to $1,500 in spending in quarterly categories that you choose to activate. In 2020, Chase had gas stations as a 5% category over three consecutive months.

Three months in a row: 2020, it(r) Cash Back was a part of the it(r) it(r) cash Back included gas stations in an 5% category for three months.

The card is valid for six months. The Blue Cash Preferred(r) Card of American Express earns 3% cash back at U.S. gas stations (terms apply).

Amazon.com

For six months: In the year 2020 Chase and Discover had Amazon.com as a 5% category for three months at a time.

In the course of six months, Citi(r) Double Cash Card earns 2% cash back on all purchases . You earn at 1% when you buy and 1 percent when you pay it back.

Media streaming

The Blue Cash Preferred(r) Card offered by American Express earns 6% cash back on certain U.S streaming services (terms must be adhered to).

Travel

Chase Freedom Flex Chase Freedom Flex(sm) is a 5% cash back on travel that is booked through Chase.

Everything else

Utilize the Citi(r) Double Cash Card and earn cash back of 2.

An important note of warning however: Don’t spend more than you normally would in order to earn extra rewards. A little cash back will not make up for the additional $100 at the supermarket store or that extra $250 worth of clothing. And if you carry an unpaid balance from month to months, the interest you pay can more than eat up the amount you earn, so pay in full whenever you can.

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Credit cards can help you monitor your spending

Maintaining a budget can be difficult no matter how you spend your money. But figuring out where cash went is especially difficult. It’s easy to lose receipts and you’ll often have no document of the amount you spent, and the location the money went. Checks? You’ve missed registering one in your account for checks, and you’ll have to wait for the recipient to cash it before you can track it (and some people are known for storing checkbooks for several months).

With credit cards, everything appears on your account in close to real time. Additionally the majority of issuers automatically classify purchases according to the merchant:

The purchases made on a Chase credit card are categorized by categories.

Many major issuers will let you generate reports to see the amount you’ve paid for in various categories during the month you’re in, for the year to date or over a certain time that you define:

Spending report for a Chase credit card.

If you use an app for budgeting, such as Mint or You Need a Budget, you can import the data from your credit card and bank accounts. This makes it easy to put each purchase into the budget category and to determine where you’re spending too much, and where you can stand to splurge a little.

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Credit cards aid in building credit

There is no requirement to use a credit card to have excellent credit score, and certainly not to keep an account balance. However, careful use of credit cards is the best method to increase your credit scores, and good credit opens many doors. It can make it easier to locate homes, whether a prospective landlord is checking your credit prior to giving you keys or trying to get a mortgage to buy a home. Cell phone providers, insurance agents and utility companies could use your credit history for determining eligibility and even your rates. It can even boost your chances of getting your dream job, as the majority of employers run credit checks on applicants for jobs.

If you do have credit cards, using them for regular purchases of small amounts making sure your balances are low and paying your bills promptly will increase your credit score in the long run.

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It is not advisable to make use of a credit card

If you’ll need to pay an additional cost The merchant pays processing fees every time you use a credit card. Most of the time, those fees are rolled into the price of the merchant, just like any other expense associated with doing business. But sometimes a merchant might transfer the cost of processing to you directly by adding an upfront charge (or «convenience fee» for using your credit card. In such cases you’ll likely need to pay some other way, unless your rewards on credit cards are enough to cancel out the surcharge.

If you don’t want to force the merchant to pay fees: Similarly, you may want to avoid using credit cards from smaller businesses that you are particularly inclined to support. They may appreciate it if you pay in cash or via check, because then they don’t have to pay the processing fees. Even debit cards are better than credit cards offered by merchants’ perspective, since the processing charges for debit cards tend to be less than what you’d be charged for a credit-card transaction.

When you don’t want overspend: Some people are unable to keep their spending in check when using credit cards. The five-figure limit on credit cards might make it hard to remember the reason you shouldn’t buy that shiny object. If you’re close to your credit limit, or worried about running up the credit card debt, you may want to reach for your debit card or cash.

There are many positive benefits for consumers who use credit cards. Do your research to find the best one for you. Make sure that you’re able to budget your money wisely, whichever method of payment you decide to use.

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For rates and charges associated with the Blue Cash Preferred(r) Card offered by American Express , see .

Authors’ Bio: Virginia C. McGuire was a former credit card editor for NerdWallet.

Paul Soucy is the lead editor of credit cards at NerdWallet. He has worked at USA Today and the Des Moines Register and holds an MBA.

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