5 Tips for Credit Card Beginners in Thailand

1. 5 Tips for Credit Card Beginners in Thailand

2. Intro • Thailand’s economy is fast-growing and is just getting stronger, and even though financial inclusion and credit card penetration is still low in comparison to other countries outside Southeast Asia, there’s a growth in the number of cardholders. • As this number grows we’ll have a bigger number of credit card beginners, and that’s why this article will share with you 5 excellent tips that will help you, because credit can be very useful but if you aren’t careful enough, then it can generate tons of problems…

3. Tip #1 – Understand That There’s a Cost • You need to understand that a credit card isn’t free, because companies in this industry aren’t here just to give free loans to everyone. For example, Umay+ is very clear in regards to what they offer and the costs attached to their cash card (interest fees). • By simply understanding this you’ll have more control over your spending with your credit card, so make sure to internalize this very well.

4. Tip #2 – Understand What Will Happen If You Max Out Your Card • Maxing out your credit card is one of the worst things you can do, because it will severely hurt your credit status and history. • That’s why according to experts you should never spend all of your credit available, and that’s why it is very important to set a strict budget (more on this in a bit) and stick to it no matter what.

5. Tip #3 – Have a Strict Budget • As a responsible cardholder you should set a very strict budget and stick to it. • Those who max out their credit cards are often people who don’t have a budget, and that’s the principal reason to set it, because without control you’ll just create many problems for yourself. • Sit down and set a max monthly spending based on how much you can afford. Not all of us have the same financial situation, so your budget must be 100% adapted to you! • It’s really important to people in Thailand, because many are fresh users and being tempted to over spend is quite common, so you better set up a strict budget as soon as possible and save yourself from the struggle.

6. #4 – Always Pay The Full Amount • When it is time to pay your balance, you should go ahead and pay the full amount. • Credit card companies often allow you to pay a minimum payable amount, but you shouldn’t go for that option because it will add more interest fees to your balance. • If you want to keep your credit under control, always pay the full amount, because otherwise you’ll face the consequences.

7. Tip #5 – Be Concerned About Your Credit Card Security • And finally but not less important, you should be concerned about your credit card security. • Never share your number and CVV with other people and always keep your PIN number safe.

8. Final Words These simple yet powerful tips will make of you a better a cardholder. Remember, credit is useful but pretty dangerous if you don’t know how to manage it. www.umayplus.com/CashCard