Personal Finance – Use of Credit Cards

Author: Bob Mertig, Claims Consultant

Most professionals and experts in the field of finance would recommend using your credit card to purchase “high dollar” items and pay off the bill upon receipt to avoid interest charges..  Use of the credit card provides protection for you if the merchant or business does not follow through on the purchase or satisfy any complaints you may have about the item.  Your credit card may also provide additional warranty coverage on the purchased item.  If the merchant or business fails to provide the service or product immediately contact your credit card company and request their assistance.  In many instances they will credit your account seek restitution from the merchant.

It is also, in most instances, best to use a credit card when paying for a rental vehicle since many cards afford coverage for your collision or comp deductible in the event you are involved in a wreck. The coverage applies whether you may or may not be at fault in the wreck.  During travel overseas it is also beneficial to use your credit card for any and all purchases,  Research and make sure your credit card does not impose a “foreign currency surcharge” when used for purchases outside the US.

Needless to say if is best to use a credit card that benefits you but do not let your use benefit the credit card company by paying interest on a balance due.  Plan on paying off the balance each month.  This way you use the credit cards money for 30 days interest free.

About the Author: Bob Mertig is a claims consultant working under the supervision of Petersburg car accident lawyer Paul Hux. Bob assists clients in resolving their personal injury claims including truck accidents in Petersburg, Hopewell, Colonial Heights and Southern Virginia .