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Optimize Banking Cards Strategically

Banking cards like credit, debit, ATM and pre-paid card give the client access to funds, either through a credit account of the bank or from the client’s own account normally. These cards will physically have the name, a unique card number and magnetic chip on the back that enables various machines to read and access information. You can create your own password that allows you to use the credit card or debit cards online. So, you use these cards to withdraw cash, make purchases, pay bills and more. Here are some techniques to optimize the banking cards.

Take 50 day credit on your credit card:

If you want large sums of money urgently and don’t have the money at that moment, you can use the credit card. With a card, you can get an advance or the superfast loan from the bank at any time. You cannot use ATM card like that because you need funds in your bank account. But, the card allows you to repay in this loan in installments if you have the credit card, giving you a stronger buying power. However, exploiting this 50 day loan is a bad choice as you may have to repay high interest credit card debts that you cannot afford. It is a great tool, if you use it wisely.

Use prepaid cards to limit shopping expenses:

The pre-paid cards have the limited purchase ability. You can make purchases, pay bills, etc. But you have to use your account’s funds with such cash cards. So, it is limited to the amount of money that is present in your pre-paid card. This mostly prevents you from spending excessively. If you use the credit card to make these expenses, your credit history may get affected. You may or may not be able to repay all the credit card debt back in the near future. This can be a really good practice for shopaholics. It is also a great way to help young teenagers understand about the money and the control. Most of the banks offer various types of prepaid card based on your need and you can even gift a prepaid to you relative or a friend.

Use credit or debit card to make online transactions:

You can use debit and credit card to make all kinds of purchases online. If you have sufficient funds in your account, you can pay utility bills, insurance EMIs and make purchases from e-commerce websites easily. You can use it as the ATM card too. But, if funds are tight, you can use plastic money for the much needed expenses. These kinds of transactions save time and funds, but overuse may harm your credit history considerably. All banks offer ATM cum debit card based on the type of your account and one can also apply for credit cards as per the needs.

Enjoy the special rewards on credit cards:

The advantage of having a credit is the reward programs. With these reward programs, you get an added privilege and exciting incentives when you buy certain products from certain places. There rewards are exclusive to the card holding members only. These rewards are like the monthly offers; some offer a discount or freebies for using credit card in select organizations; some offer cashback for making purchases.