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A Reason Nearly All Purchases Should Be on a Credit Card
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The reason nearly every purchase should be made with a credit Card
Credit cards are secure and convenient they can help you build credit, they make budgeting easier and also earn rewards. No, you aren't required to take on debtand do not have to pay interest.
by Virginia C. McGuire Virginia McGuire was previously a credit cards writer for NerdWallet. She is a journalist who has covered personal finance and real estate, business, architecture and design. Her writing has appeared in the Philadelphia Inquirer, The New York Times, The Awl and Mental Floss.
and Paul Soucy Lead Assigning Editor Credit cards, credit scoring, personal financial planning Paul Soucy has led the Credit Cards content team at NerdWallet since the year 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 business with a focus on business and personal finance. He was editor of USA Today Weekly International Edition for six years and received the top honor of the year from ACES: The Society for Editing. He has a bachelor's degree in journalism and a Master of Business Administration. His home is in Des Moines, Iowa, with his wife, two sons, as well as the dog Sam.
Updated Nov 3, 2022
Edited by Paul Soucy Lead Assigning Editor Credit scoring, credit cards Personal finance Paul Soucy has led the Credit Cards content team at NerdWallet since 2015. He worked as an editor at USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for over 20 years. He also developed a highly successful freelance writing and editing business with a focus on personal and business finances. He was editor of the USA Today Weekly International Edition for six years and received the top distinction by ACES: The Society for Editing. He holds a bachelor's degree in journalism as well as a master of Business Administration. His home is in Des Moines, Iowa, with his fiancee, his two sons and the dog Sam.
The majority or all of the products we feature are provided by our partners who compensate us. This influences which products we feature and where and how the product appears on the page. However, this doesn't affect our opinions. Our opinions are entirely our own. Here is a list of and .
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Cash used to be king. The majority of people paid for their purchases with cash or checks (which are functionally equivalent to cash) and stored credit cards for huge frequent purchases -if they had credit cards at all. Nowadays credit card transactions are accepted nearly everywhere, and some do not carry cash at all.
The general rule is that NerdWallet recommends whenever possible:
Credit cards are safer to carry around than cash and offer stronger fraud protections than debit cards.
You can earn significant rewards , without having to change the way you spend money.
It's easier to track your spending .
A responsible use of credit cards is one of the simplest and fastest ways to earn credit .
Using credit cards . Spend your money as usual, pay your balance in full every month, and you'll enjoy the many benefits of credit cards without being in debt or paying any interest.
The top credit card for 2023.
Cash back or 0% APR balance transfer -- shop our Best-Of Awards to see the top credit cards of the year.
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Credit cards are safer to carry and use
When you loose your wallet, or are taken hostage, the money you were carrying is likely to disappear for ever. If thieves go on a shopping in your credit cards there is a chance that you won't be held responsible for fraudulent purchases. It may take some time to sort out the resulting mess, but you won't lose any of your money.
Debit cards, too, pose a risk. If your credit card is misused in a fraudulent manner it is the issuer that loses money. If your debit card is used in a fraudulent manner, . Assuming you notify the fraudster promptly you'll get your money back -at some point. It could take some time until things are sorted out. In the meantime there is a chance that checks will bounce. automated payments could be rejected due to lack of funds and you may have a hard time covering your bills.
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Credit cards earn easy rewards
Credit card rewards exist to make it easier for users to use their credit card, and are highly persuasive. With a flat-rate credit card that pays the same amount for every purchase, you could earn back 1.5 percent, or even percent of each dollar you spend, whether in cash, points or miles that you can redeem for travel or other things. If you spend $1,000 per month and you can make between $180 and $240 each year, without any effort.
Other cards earn greater rewards for specific areas of spending, such as food, gas or dining out. Combine a handful of cards, and you'll boost your rewards significantly.
For example, say that a family has four top cash-back credit cardsthe, the and . 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 a month
* 5% for 3 months
* 3.3% for nine months
$81
Gas
$100 per month
* 5% for six months
* 3% for 6 months
$48
Amazon.com
$100 per month
* 5percent for six months
* 2.2% for six months
$42
Streaming media
$50 / month
6%
$36
Travel
$1,000 / year
5%
$50
Everything else
$1,000 / month
2%
$240
TOTAL
$785
See how the rewards are earned
Groceries
The Blue Cash Preferred(r) Card from American Express earns 6% cash back up to $6,000 a year in spending in U.S. supermarkets, then at 1% (terms are applicable -- check ).
Restaurants
For three months: It(r) Cash Back program for three months: it(r) Cash Back earns cash back of 5% on up to $1,500 per quarter of spending on categories you can activate and 1% on all other purchases. In 2020, restaurants were an area that earned 5% for a single quarter.
For nine months, the Chase Freedom Flex(sm) earns 3% cash back at restaurants.
Gas
for three months. Chase Freedom Flex(sm) earns 5 percent cash back up to $1500 of spending in categories for quarterly that you can activate. The year 2020 was the last time Chase had gas stations as a category that earned 5% for three months.
In three consecutive months In 2020, it(r) Cash Back was a part of the It(r) Cash Back program was introduced. it(r) Back Cash Back included gas stations in an 5% category for three months.
For six months: The Blue Cash Preferred(r) Card from 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 an 5% category for three months apiece.
The card is valid for six months. Citi(r) Double Cash Card earns you 2% cash back on all purchases . You earn 1cent when you purchase and 1% when you pay it back.
Media that stream
The Blue Cash Preferred(r) Card offered by American Express earns 6% cash back on selected U.S streaming and streaming service subscriptions (terms apply).
Travel
Chase Freedom Flex Chase Flex Flex(sm) gives you 5% cash back on travel booked through Chase.
Everything else
Use the Citi(r) Double Cash Card and earn 2% cashback.
A word of caution however: Don't overspend more than you would just to get additional rewards. The little cash reward will not make up for the additional $100 at the supermarket shop or that additional $250 worth of clothing. And if you carry a balance from month to each month and pay interest, it will more than take the value of your rewards and you should pay it all in full whenever you can.
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Credit cards allow you to track your spending
Maintaining a budget can be difficult no matter how you make use of your cash. However, determining where your cash went is particularly difficult. It's easy to lose receipts and then there's no record of how much you spent or the location the money went. Checks? You've missed registering one in your check register and you'll have be patient for your person who received it to cash it before you can track it (and certain people are known for storing checks for months).
Credit cards are a great way to ensure that everything is reflected on your account online in near real-time. Additionally, many issuers automatically classify purchases by merchant
Purchases made with a Chase credit card are categorized by categories.
Many major issuers will offer reports that allow you to see how much you've spent in various categories during the month you're in, for the year to date, or for a period that you choose:
Report on spending for an Chase credit card.
If you use a budgeting application like Mint or You Need a Budget, you can import information from your credit card and bank accounts. It's easy to put each purchase into a budget category and see where you're overspending and the best places to splurge a little.
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Credit cards can help build credit
There is no requirement to use an account with a credit card in order to have good credit and you certainly don't have to carry a balance. However, judicious use of a credit card is the most effective way to improve your credit scores and a good credit score opens many opportunities. It makes it easier to find homes, whether a prospective landlord is checking your credit before giving you the keys or you're seeking a loan to purchase a house. Cell phone providers, insurance agents and utility companies also may use your credit score in determining your suitability, and even your rates. It could even increase your chances of landing an employment opportunity, since many employers run credit checks on prospective employees.
If you do own a credit card, making regular small purchases, keeping your balances low and paying your bill promptly will increase your credit score over time.
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It is not advisable to make use of a credit or debit card
When you'll have to pay an extra fee 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 other costs associated with doing business. But sometimes a merchant might charge the customer directly, by adding an upfront charge or "convenience fee" to use cards with credit. In these instances, you'll probably want to pay in another way in the event that your credit card rewards are sufficient to be able to offset the charge.
If you don't want to force the merchant to pay fees: Similarly, you may prefer not to use credit cards for smaller merchants you especially want to support. They might appreciate it if you pay in cash or via cheque, since they don't have to pay the processing costs. Even debit cards are better than credit cards issued by merchants' standpoint, because processing fees for debit cards can be less than what you'd have to pay for a credit card transaction.
When you don't want overspend: Some people are unable to keep their spending under control when they use credit cards. A credit card limit of five figures might make it hard to remember the reason you shouldn't spend your money on the latest gadget. If you're nearing your credit limit, or worried about racking up an excessive credit card balance You might want to reach for your debit card or use cash.
There are many positive benefits for credit card users. Do your research to find the best one for you. Just make sure you're able to budget your money wisely, whichever method of payment you choose.
>> MORE:
To see rates and fees of the Blue Cash Preferred(r) Card from American Express , see .
The authors' bios: Virginia C. McGuire is a former credit cards author for NerdWallet.
Paul Soucy is the lead credit cards editor of NerdWallet. He's worked for USA Today and the Des Moines Register and holds an MBA.
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