[Finterest] Credit card 101: How does it work, and which one is for you?

Rappler talks with UnionBank to explain the benefits of credit cards for different market segments, guidance on getting started, and tips for responsible usage

This is AI generated summarization, which may have errors. For context, always refer to the full article.

To help simplify and explain how a credit card works, Rappler spoke with UnionBank cards product management head Carissa Sindiong.Essentially, credit cards are issued by banks or financial institutions to allow you to borrow money up to a certain limit to pay for goods and services. When you use a credit card, you are basically taking out a short-term loan, which you agree to pay back by a specified date.

“To simplify, it’s really a tool for customers to effectively manage their finances. It helps you track your expenses,” Sindiong told Rappler. “The fact that you don’t have to put out cash, you don’t have to count coins, you don’t have to count bills – all you have to do is just tap it at a merchant.”. You can pay for bills and purchases more conveniently online, and you can just tap your card at stores instead of bringing around a bulky wallet.

Usually, customers can earn points every time that they spend a certain amount on their credit cards. These points can be redeemed for cashbacks, discount vouchers, donations, and other rewards. Each credit card offers unique point conversion rates and promotional offers.that are tailored to different customers: shoppers, value-minded customers, frequent flyers, and high net worth clients.

“As a cardholder, you need to be able to understand the basics of managing a credit card – your card terms and conditions, the fees that come with the credit limit granted, your due dates and remembering to pay on time,” Sindiong told Rappler.

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