Sep 22, 2008

Credit Where Credit Is Due

I'VE been converted to one of the credit-worshipping masses. Well, not so much worshipping as using. And desiring more of. The story is basically that after using cash all my life, and then taking to debit like a fish to water, using a credit card feels like a natural progression.

Of course, before I applied for one I was full of apprehension. I mean all I knew about them was the high interest rates, and the bunch of fine print that could get me if I didn't read it properly. And of course, the fear of being without a job and stuck with the card bills.

But the thing is, the card company sends you a clear, bold-highlighted bill with a due date each month. Just like any other company which bills you monthly. If you pay off the amount due on time, you're in the clear.

What that means is I actually have to track how much I spend and make sure I actually have that much money in my chequing account. Also, future expenses that I'll have to pay off before I get my next paycheque.

If I can do that, I can reap a lot of benefits--freeing up cash flow for almost a month, earning reward points and cash back, insurance on trips paid for with the card, and so on.

Now, if only I can convince the banks here to give me some more credit....