Use these credit cards for a better Hari Raya!

Updated 04 Oct 2017 – By Loanstreet


Hari Raya Aidilfitri, also known as the festival of Eid, marks the end of the holy month of Ramadan. It is one of the most celebrated festivals in Malaysia, where Muslims come together to enjoy the company of their friends and loved ones, along with an amazing array of food.

Before that joyous event takes place though, there are plenty of preparations that need to be done such as purchasing the cloth for the new ‘baju’, grocery items and home décor pieces to name a few. To help things go smoother while you’re going about your buying sprees, why not take advantage of the benefits that a credit card is able to bring?

With essential knowledge and proper planning, a credit card can be more than a replacement for cash. As Hari Raya Aidilfitri is nearly upon us once again, let us highlight some of the benefits that you would be able to receive before you immerse yourself into the merriment!

1) It’s a jetsetting lifestyle for me

Overseas
There are a lot of credit cards in the market that come with additional overseas spending rewards such as extra points when making a payment overseas using your credit card. With the rewards points you have collected, they can easily be converted into a variety of attractive products, such as air tickets, hotels, and essential items for the home.

In addition, having a credit card that comes added on with travel insurance is a plus for you and even your entire family.

Locally
Don't forget to redeem your cashback on petrol, especially if you are planning to go on a road trip for your ‘balik kampung’. It’s one of the features that could save you a lot of money in the long run! Even though there is usually a limit on the cashback you receive every month, the little bit will add up.

Keep in mind that only some petrol rewards come in the form of cashbacks, others may offer attractive extra rewards points. So keep collecting those points for you to be able to redeem some fantastic items before the start of the festive season.

2) Don’t stop shopping till you drop

Shopping enthusiasts, listen up! While you are on your shopping spree, did you know that you may be giving up many incentives by not fully utilizing the credit card benefits?

For example, one of the most useful features for shoppers is the interest-free period whereby you can delay your payments up to the interest-free days after the billing date. By doing so, you will be allowed more time to pay back your bills. This is especially useful if you only receive your salary after the billing date.

Other than the interest-free period, there are always a great number of promotions and cashback options being offered all year round. Do your homework and check out the respective websites to make sure that you do not miss out on those great money-saving opportunities.

3) When shopping gets really pricey!

We’re sure that some of our readers would be able to identify with a scenario where family members are keen to purchase more costly items such as electronics, jewellery or furniture for the upcoming celebration. The huge repayment on the upcoming bill might come as a shock for many, especially if they have been swiping that piece of plastic without keeping track.

Here is where a credit card’s 0% Easy Payment Plan comes into play. The plan allows you to split the lump sum bill into multi-period installment payment without incurring any interest. By doing so, your family gets what they want and you have more leeway to control your cash flow. A single call to your banker will do the trick.

4) Eat, drink, and be merry

This can require a bit of effort. There are a lot of channels or websites where you can look out for various offerings such as restaurant promotions and movie privileges. These would usually only be available with the use of your credit card. By going to the right participating outlet and using the right card, you and your loved ones would be able to continuously enjoy these benefits, in addition to freeing up extra cash for more entertainment!

5) Don’t want something big this time

In an economy that is not doing particularly well at this time, it’s understandable if you would prefer to have a low-key celebration with just your loved ones. Just good food, lots of laughter as well as plenty of moments to reminisce and catch-up; that’s where the simple joy lies.

However, we would still encourage you to use your credit cards for some of your normal expenses, such as groceries, weekly petrol runs, and other retail spending. One of the main reasons is because these plastics often have a cashback policy, reward points or promotions which you could utilise during this month when considerable spending may occur.

Small piece of advice:

We have always heard that credit cards can lead to many problems in the aftermath of impulsive buying. The simplest way to tackle this: walk into your bank and ask for a decrease of the credit limit! When you choose to do so, then you’d be more aware when swiping that piece of plastic instead of thinking that “there’s still a bit more credit left”. You might not know you can do this because banks simply do not like to encourage you to do so. Thoughts?

To conclude

What more can we say, except to spend wisely and to keep to a budget so that there will be no unpleasant shocks when the bill arrives at the end of the month! Before Hari Raya Aidilfitri begins, may we wish upon all our readers that this holy month of Ramadan brings forgiveness, great happiness and the love of family. Selamat Hari Raya!

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