Using a credit card can be one of the smartest ways to manage your finances if you do it correctly. Unlike cash or debit cards, credit cards offer a range of benefits that can enhance your purchasing power and add value to your everyday spending. These include access to credit lines for larger purchases, rewards programs, and additional protections like purchase insurance and extended warranties that aren’t typically offered with other payment methods. Certain types of purchases, in particular—like online transactions and big-ticket items—are best paid for with a credit card due to these benefits.
However, the key to unlocking the full power of your credit card lies in how you use it. All credit cards come with a variety of fees and charges, from interest rates and annual fees to late payment penalties and foreign transaction costs. If you’re not careful, these fees can quickly accumulate, eating into the potential savings and rewards your card offers. That’s why managing these aspects wisely is crucial for optimizing your use of your card without falling into financial pitfalls.
Maya, a leading provider of digital financial services in the Philippines, understands the importance of smart credit card usage. As part of our commitment to helping Filipinos stay on top of their financial management, Maya offers expert advice and top-tier services. In this article, we’ll explore some expert tips for maximizing the benefits of any credit card while keeping fees to a minimum.
Use Your Rewards Wisely
Many credit cards offer rewards programs in the form of cashback, points, or miles; these additional perks are often the most attractive features that allow them to edge out over other payment methods. However, not all rewards are created equal, and the value you get out of them largely depends on how you use them. Be strategic about your redemptions to maximize the return on your spending. For example, travel rewards might offer better value when redeemed for flights or hotel stays rather than gift cards or merchandise. Likewise, cashback rewards can be particularly effective if you use them to offset future purchases or reduce your balance, rather than letting them accumulate without purpose.
For those who want a card that truly excels in rewards, the Maya Landers Cashback Everywhere Credit Card is an outstanding choice. It’s the only card that allows you to earn at least 1% cashback on qualified purchases—and this is in addition to the 2% cashback you’ll earn when you dine out and the 5% cashback you can enjoy at Landers when you reach a minimum total credit card spend of PHP 50,000. Since this Maya Bank credit card also functions as your Landers membership card, you’ll also gain access to exclusive perks like a discounted membership fee, premium grocery shopping deals, and much more.
Study Your Card's Terms and Conditions
To avoid unexpected charges and fully benefit from your card, you’ll need to understand the fine print of your credit card agreement. Many people skip reading the terms and conditions, only to be caught off guard by fees or limitations on rewards. Familiarise yourself with details like interest rates, grace periods, and specific transaction fees. With this knowledge, you can make informed decisions that help you avoid costly mistakes and take full advantage of the perks your card offers.
Holders of the Maya Landers Cashback Everywhere Credit Card enjoy the privilege of not having to worry about annual fees or minimum spending requirements. The primary Maya credit card payment fee you’ll need to keep an eye on is our late fee, which amounts to either PHP 1,000 or the unpaid minimum amount due, whichever is lower. Overlimit fees, meanwhile, are PHP 750 for each occurrence. You can find a full table of fees and charges associated with the Landers Cashback Everywhere Credit Card on our website.
Keep Your Credit Usage Low
A credit score is a number that rates your creditworthiness—that is, how likely you are to repay loans in a timely manner—based on your credit history. You’ll want to maintain a low credit utilization ratio to boost your credit score; most experts recommend aiming for around 30% of your current limit at most. High credit usage can signal to lenders that you may be overextending yourself, which can make them disinclined to offer you advantageous interest rates or loan terms. In contrast, keeping your usage low positions you as a responsible credit user and makes you more attractive to potential lenders.
Pay Off Your Balance Every Month
Paying your credit card balance in full each month is one of the best ways to avoid interest charges and maintain a healthy credit score. If you carry a balance from month to month, you’ll be paying more for your purchases due to accruing interest, which can quickly negate any rewards you’ve earned. With this in mind, don’t charge for anything you can’t afford to repay immediately, and settle your bills as soon as they’re due to establish yourself as a financially responsible borrower.
Monitor Your Spending
It’s in your best interest to keep a close eye on your credit card charges if you’re aiming to stay within budget and avoid debt. Modern credit cards make this easy to do, since most of them readily allow you to view your transactions and statements online or in a mobile app. Make it a habit to check your statements regularly, not just when the bills are due—this will also help you spot any unauthorized charges or errors early on.
At the end of the day, financial responsibility is key to making your credit card work for you, not against you. Apply the best practices above and you can turn any credit card into a helpful tool that supports your financial goals and encourages smarter spending. If you're ready to take control of your finances and maximize your rewards, consider applying for the Maya Landers Cashback Everywhere Credit Card or exploring Maya’s suite of services.
