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Savings & SpendingFeatured

The Benefits of Using Credit Cards

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The next time you buy a frequently purchased item like groceries or gas for your vehicle, you will likely have several different payment options. Using your credit card can have several benefits if you use it responsibly.

Fraud / unauthorized use protection

Most major credit card networks provide zero fraud liability coverage, meaning you are generally not responsible for unauthorized, fraudulent charges on your credit card if you promptly report the charge. SECU offers Visa® credit cards with Visa Zero Liability Policy1 protection at no extra cost. In addition, SECU and many credit card issuers monitor for potentially fraudulent purchases and may decline suspicious transactions.

Improve your credit score

Using your credit card responsibly may help improve your credit score, especially if you have limited credit history or a low credit score. You don’t have to spend a lot or accumulate a lot of debt on your credit cards to raise your credit score. Consider making small purchases with your credit card, and then pay the total bill when your statement arrives. Making timely account payments may help improve your credit score.

Stay aware of your credit limit

Carrying a balance on your credit card accrues interest, which adds to the amount you owe. Try to keep your total balance to no more than 30% of your credit limit to reduce interest charges, maintain access to credit for emergencies, and protect your credit score. Higher use may negatively impact your credit score.

Make your payments on time

Credit bureaus consider making on-time payments one of the most important factors impacting your credit score. Sign up for auto-pay options to ensure your payments are made on time.

Don’t use a credit card if you are struggling to make your payments

Adding more debt on top of what you already owe just makes it worse. Stick to paying with cash to avoid over-spending and focus on paying down your debt first.

Watch out for hidden “convenience fees”

Some payments made with credit cards accrue extra fees, like for utilities and other services. Make sure to read and understand the fine print before you use your credit card in these instances.

SECU offers a variety of low APR and rewards Visa credit cards that come with convenient benefits and no annual fee.

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  1. Visa’s Zero Liability Policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholders must notify their issuing financial institution promptly of any unauthorized use. Contact your issuer for more details. For more details on the Visa Zero Liability Policy visit their website.