It can be easy to make impulse buys when you have a credit card, so it helps to have a set list of things you can buy with it. This can include insurance, travel expenses and household appliances. If you want to buy something big that isn’t on the list, take time to consider if it’s something you need at this time.
When you buy something on credit, you're actually saving up for it in the future. So it’s important to make sure that what you’re buying is something you can also realistically afford through saving. If you can’t afford to pay your credit card bill in full by the due date, you might end up paying much more than the purchase price because of the interest rate.
If you already use your card for daily purchases, be careful that you don't exceed your credit limit with a big purchase. This can make it difficult for you to pay for the smaller purchases you need, especially if you have automatic recurring payments.
With the proper precautions, credit cards can be a convenient way to make big purchases. Looking for a credit card that will maximise your benefits? Check out our selection of CIMB Credit Cards that offer cash rebates, bonus points, CIMB 0% Easy Pay and more.
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.
