In today’s world, many people have wallets full of credit cards rather than cash. Many people will argue the pros and cons of credit cards but at the end of the day, it comes down to preference and making financially wise choices.

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Benefits of Using Credit Cards

Your credit card should offer convenience, not high costs. Don’t spend more on fees and interest charges than you have to and discover the savings of a MidSouth Community Visa^® Credit Card.

Consider these four pros of using credit cards:

• Helps build credit history – Responsible use of credit cards can help your credit score. When you have a track record of on-time payments or pay off your balance in full, your credit score increases because you are proving yourself financially trustworthy.
• Safer than cash – For the most part, paying with credit cards is considered safer than paying with cash. If you were to lose or misplace cash, or if it were stolen, you’d have little chance of recovering it. With a credit card, on the other hand, replacement cards are easily obtained and your liability for unauthorized purchases is generally limited depending on the terms of your creditor.
• Boosts spending availability – Cash only works in person. However, credit cards are accepted via mail, phone or online, which provides a huge advantage to those who need to make a purchase. Additionally, some merchants will only accept certain types, such as Visa®, so having an acceptable payment method will ensure your convenience and satisfaction.
• Allows you to purchase high-dollar items – If you need to buy something expensive and can’t afford to pay for it all at once, then a credit card is ideal. A credit card allows you to pay for the item in full and then spread the costs over a number of months, by making a series of payments to clear the balance. As long as you pay this total off before the end of the interest-free period then you won’t get charged anything for using the card in this way. But miss this deadline and you will pay a penalty in the form of interest being added to the balance each month.

Lost or Stolen Credit Card

A frustrating part of life is a lost or stolen credit card. If this happens to one of your MidSouth Community Visa^® credit cards, call us and we can cancel your card immediately so that no one will be able to use your credit card.

Regardless of your preference, keeping an eye on your credit activity and personal budget will help determine what method of payment works best for you. If you’re financially smart and keep track of your spending, using a credit card can be extremely beneficial. Apply for a VISA® credit card online at midsouthfcu.org, or by calling 478.475.7819.