The main feature of the credit card is instant access to money for cardholders, who can pay in full or in installments. But card providers also offer different perks for clients of credit cards, most of which are not offered to debit card holders, such as:
• Waived membership fees on cards for the first year of use. Through this, banks are encouraging cardholders to use their cards without thinking much about fees.
• Bonuses such as free airmiles and rebates depending on how much a cardholder has spent.
• Rewards points that can be exchanged for free items and perks.
• A balance transfer feature you can use when you want or need to transfer your credit card debts from one card you own to another card with a lower interest rate. Take note that you can only take advantage of this feature for a few months, after which the rates go up again on balance transfer credit cards depending on a bank’s terms.
• Zero-interest charges on some purchases. You usually see this offer in appliance, furniture, and gadget stores.
• The ability to advance up to a certain amount of cash, subject to cash advance fees that may make you think twice about doing that. Best used in cases of emergency.
• A companion virtual credit card facility connected to your existing card. This feature, which serves like a supplementary card with numbers different from the original card, allowing you to safely shop online using your credit card without the fear of leaving your account details vulnerable to fraudsters.
• Free travel insurance for certain credit cards which is either converted to airmiles points or Air Asia BIG Points.