For many Filipino consumers, credit cards have evolved to become more than just a convenient payment option for everyday purchases and larger expenses alike. These days, they provide an efficient way to manage one’s finances while also offering a range of promotions that can help users meet their financial goals. These promotions include cashback offers, rewards points, and attractive interest rates, all of which make it easier to save money or derive benefits from purchases one would make anyway.
However, to fully leverage credit card promos, it’s important to align them with your personal financial objectives. Whether you aim to save money, manage debt, or earn rewards, you can utilize your credit card to support your financial journey.
Here are some recommendations to help you navigate credit card offers and maximize their potential.
1. Select the Right Credit Card that Aligns with Your Financial Goals
The first step in aligning credit card promotions with your financial goals is choosing the right credit card. To do this effectively, make sure to assess the features of various cards based on your specific objectives. For instance, if you are focused on earning rewards, look for cards that provide points for categories you frequently spend in.
For example, with the Landers Cashback Everywhere Credit Card from Maya, the Philippines’ number 1 digital bank, you earn up to 5% cashback on your purchases at Landers Superstores. It’s a very useful card for individuals who regularly shop at Landers or even for those who simply like getting the most out of their every purchase. You can then convert these cashback points into vouchers that you can also redeem at any Landers branch nationwide in the future.
2. Be Strategic with Your Spending
Once you've selected the right card, being strategic with your spending can significantly impact your financial goals. This involves using your credit card intentionally by matching it to specific purchases.
With the Landers Cashback Everywhere Credit Card, you have the opportunity to earn 2% cashback on dining spends and 1% for all other qualified transactions.* If you have this credit card, make it a point to use it for restaurant visits and other purchases instead of a card that gives lower cashback points or provides no rewards at all. With this approach, you can maximize the rewards you earn from your credit card without changing your purchasing habits dramatically.
Additionally, implementing a budget that accounts for credit card spending can help you avoid overspending while optimizing rewards. It will also help accelerate your progress toward achieving your financial objectives. Having said that, make sure to keep track of your expenses by leveraging your credit card’s spending limit features. With the Maya credit card, you can easily do this through the Maya app. This feature adds another level of control to your credit card purchases by allowing you to set a daily spending limit that you can customize for different transactions. This includes limits on online purchases, contactless payments, foreign transactions, and cash advances.
3. Take Advantage of Introductory Offers
Many credit cards come with enticing introductory offers, which can serve as a strategic advantage when aligned with your financial goals. These offers may include bonuses for signing up or waived annual fees. For example, taking advantage of bonus points for signing up can give you a substantial head start toward a rewards milestone.
Additionally, choosing a card with no annual fee, like the Landers Everywhere Cashback Credit Card, can help you save money upfront. This can be particularly useful if you have planned expenses, such as home improvements or travel, as you won’t have to pay for additional fees.
4. Manage Debts with Loan Offers
Credit cards can also be an effective tool for managing debt, particularly through balance transfer offers and promotional loan features. If you have high-interest debt, transferring your balance to a card with a lower interest rate can significantly reduce your interest payments. This lets you pay off your debt more quickly, alleviating the financial burden of existing loans.
Moreover, some credit cards offer personal loan features that allow you to consolidate various debts into a single, manageable payment. As a result, you can simplify your finances and potentially lower your overall interest costs, which makes it easier to focus on achieving your long-term financial goals.
5. Pay Your Credit Card Balance On Time and In Full
If you want to fully maximize credit card promotions, be sure to pay your balance on time and in full. This approach helps you avoid accruing interest, allowing you to keep the full value of the rewards you've already earned. Additionally, timely payments positively impact your credit standing. This will make you more likely to be offered better credit card offers and lower interest rates in the future.
6. Regularly Review Your Credit Card Usage
Your financial goals can evolve, so make sure to regularly review your credit card usage. This strategy involves assessing your current credit card's alignment with your financial objectives and determining whether it continues to meet your needs. For instance, if your spending habits change or your financial goals shift, consider exploring credit cards that offer more suitable promotions.
Moreover, staying informed about new credit card offers and benefits allows you to adapt your strategy. If your credit card issuer offers new and more advantageous promos, maximize your card effectively to enhance your financial journey significantly.
When you align credit card promotions with your financial goals, you have better chances of maximizing their benefits. Additionally, you can use your credit card as a tool to get closer to your financial objectives. Consider the strategies mentioned above to enjoy the rewards and benefits that come with smart financial management.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
