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When Should You Get A Credit Card In Kuwait?

When Should You Get A Credit Card In Kuwait?

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There are many reasons why one should not get a credit card – irresponsible use is a major one. But there are also times when you benefit from having a credit card. There are some good reasons to get a credit card in Kuwait, especially if you:

* Pay bills online. The best reason to get a credit card in Kuwait is if you habitually pay your bills online. Leading banks in Kuwait offer credit cards that let you automate your payments, or allow you to get reward points for booking flight tickets, etc. These reward points can be redeemed at a later date, based on the offers that the bank puts out. Leading banks have tie-ups with famous restaurants, malls, movie theatres, airlines and even lounges of prominent airports. You can use your points to get discounts on purchases, or redeem against an existing offer, or even accumulate enough miles to buy a free one-way journey.

* Like cash back on your purchases. Everybody likes to have an incentive to shop. If you shop online or even go to the malls regularly, and use your credit card to pay for all your purchases (from groceries to clothing), then you expect that the card will offer you a reward for all the money you spend. The good news is, leading credit cards in Kuwait have regular cash back offers on minimum amount of purchases. These cash back offers end up putting money back in your pocket – just where it belongs! Plus, this is a great way to save money on your purchases.

* Want to safeguard yourself against online fraud. A major, often underrated benefit of using credit cards in Kuwait, is that you can protect yourself against online fraud. This benefit cannot be secured via a debit card. For example, suppose there is a fraudulent transaction on your debit card. You have not authorised the transaction, and some online thief has managed to transfer money from your account. Now if your debit card details were used for this, then you would lose money directly. But if your credit card was used for the theft, you simply notify your bank or credit card issuer about the fraudulent transactions, and the bank/company takes care of the issue. You simply don’t pay the money in this case!

* Want to maintain a good credit score. A surprising reason to get a credit card in Kuwait, is if you wish to build a good credit score. Your credit score is the first thing the bank scrutinises when you wish to take a loan. If you are relatively young and have not borrowed a loan yet, then you will not have a credit score that the bank can check – and hence, you might be considered a bit of a credit risk when you do wish to borrow a loan. Instead, take a credit card but use it responsibly so that all bills are paid on time, and no loan is taken against the card. This way, you can start building your credit score.

* You want a wait period when you spend money. If you use a debit card to make purchases, the money is debited immediately from the account. If your account balance is lower than the sum of money you wish to swipe the card for, then the transaction is simply declined. But when you pay from your credit card, the money for the purchase remains in your account till the time you settle your monthly credit card bill. This allows you some grace period, during which your funds sit in your account. You also get time to replenish the account with more funds if needed.

* The credit card is universally accepted. Though debit cards have gained a lot of utility in recent years, there are still some times when vendors and companies insist on a credit card for the funds. This can happen when you wish to book a flight ticket, or swipe for a purchase in a foreign country, or make a hotel deposit.