Discover the Top Credit Card Features You Might Be Missing

Overview

Credit cards are well-known for their various promotions and convenience. However, many people are unaware of the features that facilitate transactions, such as reward points, air miles, and more. Additionally, credit cards offer security features that protect transactions.

For an understanding of the features offered by credit cards, consider the explanation below.

12 Essential Credit Card Features for Optimal Utilization

Abundant Promos

Undoubtedly, one of the most appealing aspects of using credit cards is the array of promotions they offer. Credit card issuers vie to present the most enticing deals. Common promotions provided by these issuers typically include discounts, cashback, and zero-percent installment plans.

Typically, this promotion is applicable when you conduct a transaction through your EDC machine or shopping app. However, the promotion can also be awarded post-transaction. This implies that the bank issuing the credit card offers customers the chance to convert their bills into installments following the transaction, which can be processed via the bank’s mobile banking application.

Point Reward

Reward points are a key feature often highlighted in credit cards. Customers earn these points by making transactions with their credit card. Thus, the frequency of transactions made using a credit card directly increases the number of reward points accumulated.

Reward points can lower the cost of transactions or even make them free. Therefore, it’s unsurprising that many individuals enjoy using credit cards to accumulate these points.

Air Miles

Travelers should be aware that traveling can incur significant expenses, particularly for transportation and accommodation. While traveling is often perceived as a luxury hobby, it does not necessarily have to involve substantial costs.

Utilizing air miles is a smart strategy, particularly for those who frequently travel by air. Each time you purchase an airline ticket with a credit card, you earn air miles. Similar to reward points, these miles can provide you with transaction discounts or even complimentary services. Additionally, air miles can be used to upgrade your seat class from economy to business.

Autopay

Credit card bills aren’t solely from purchase transactions; they can also stem from recurring expenses like insurance, electricity, water, internet, and telephone bills. Utilizing the autopay feature ensures you don’t have to stress about making these payments each month, and it also allows you to know the precise amount of your monthly expenses.

Contactless Payment

Offline credit card transactions typically involve using an EDC machine to swipe the card or enter its details. However, many credit cards now offer a contactless payment feature that requires simply tapping the card near the EDC machine, eliminating the need to enter a PIN or provide a signature.

Mobile App

When utilizing a credit card, it’s natural to want to monitor the amount of your limit that has been utilized, the transactions that have been charged, and other related details. Waiting until the statement date can result in a lengthy delay.

You won’t have to wait much longer. Nearly all credit card providers now offer a mobile app. Within these apps, you can find your credit limit, track transactions billed in real time, and even convert your bills into installment plans.

QRIS Payment

One convenient feature in transactions is QRIS Payment. Several credit cards offer this service, which is accessible through mobile applications.

For transactions, there’s no need to pull out a card from your wallet anymore. This feature simplifies the process significantly. Simply launch your credit card provider’s mobile app and access the QRIS Payment feature. Scan the provided QRIS, and then choose your preferred source of funds.

Cash Withdrawal

A cash advance is a feature that allows you to obtain cash using your credit card. Similar to debit cards, credit cards can be utilized at ATMs for cash withdrawals.

Nevertheless, this feature should ideally be reserved for emergency situations. This is due to the fact that the withdrawn amount will appear on the credit card statement. Moreover, the fee for cash withdrawal is considerably high.

Credit Card Loans

In addition to cash withdrawals, credit cards can provide cash through a loan feature. Many credit card providers offer loans to their customers, which are typically invitational. This means that the provider extends the offer directly to the customer, rather than the customer applying for it.

Due to the nature of the invitation, this feature will be extended exclusively to customers who regularly use credit cards. Furthermore, the offer is typically made to those who have a record of timely credit card payments.

Balance Transfer

The balance transfer feature allows you to transfer the outstanding balance or remaining bills from one credit card to another. By utilizing a balance transfer, you can settle the remaining bill using your new credit card.

Typically, this feature is utilized when you close your credit card and obtain a replacement from the same provider. For instance, if your credit card is compromised, you may request a new one. Consequently, the credit card provider will issue a replacement card and transfer the outstanding balance from the old card to the new one.

However, before proceeding, you should verify with your credit card provider. Confirm whether this feature is available for use on your credit card.

Installment

Any charge that appears on your credit card statement can be converted into installment payments. This option can make your bill more manageable in the subsequent month.

Additionally, it’s important to verify the installment system with your credit card provider, as many set a minimum nominal amount that can be paid through installments.

Credit Card Insurance

Similar to general insurance, credit card insurance offers protection to cardholders. This protection typically includes the waiver of the obligation to pay outstanding balances in the event that the cardholder suffers a misfortune, such as a physical disability due to illness or accident, or in the case of death. Thus, insurance can safeguard not only individuals and property but also financial obligations like credit card payments.

The Conclusion

Credit cards offer a range of features designed to enhance the customer experience during transactions. These include options that alleviate bill payments, like installment plans and promotional offers. Additionally, features such as contactless and QRIS payments add convenience to transactions. Moreover, some credit cards provide protection for your bills in the event of a disaster leading to disability.

Upon learning about the various features of this credit card, you’ll likely want to utilize them to their fullest potential. However, despite the convenience and numerous features that facilitate transactions, it’s important to remain vigilant against overspending. Ensure that you use the card within your financial means to comfortably pay off your bills each month.

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