The Merit Credit Card for people who are building or re-establishing their credit offers a great way to earn useful rewards. Whether you’re looking to jump-start your credit journey or manage your finances in a more rewarding way, this card offers a simple, cost-effective way to meet your goals.
Here’s how to get the most out of your Merit Credit Card.
- Using Your Card Most of the Time
To get rewards and build credit with your Merit Credit Card, you must use it frequently. But that doesn’t mean you need to go overboard; on the contrary, maintaining healthy spending habits is a must. Use the card for common purchases such as groceries, gas, or online shopping. Provided that you pay off the bill each month, you’ll not accrue any high-interest charges and earn rewards on every transaction.
- Make Timely Payments
The first step to establishing good credit is paying your bills on time. The reporting of your payment to credit bureaus will help increase your credit score if your bill is paid on time. Use a reminder setting or automatic payments so you never get a due date wrong. And those late fees, even if they seem small, can negatively impact your credit score and lead to you paying more in the long run.
- Maintain Low Credit Use
Credit use is the amount of your available credit that you’re using. Experts say it should stay under 30%. By maintaining a low balance based on your credit limit, you demonstrate to creditors that you are capable of managing credit responsibly. The merit credit card has a relatively small credit limit, which, if you use it responsibly, makes it even easier to keep within this ideal range.
- Get Points on Every Purchase
The rewards you earn are the key benefit of the Merit Credit Card. With each purchase you make, you’ll earn points that can be exchanged for a scope of rewards, including cashback, travel perks, or merchandise. The best way to get the most you can out of this card is to use it for all your expenses you can normally cover, but also remember to pay this baby off every month so you’re not charged interest fees.
- Leverage Sign-Up Bonuses
The Merit Credit Card may come with a sign-up bonus for new cardholders. These incentives most often mean you have to charge a certain sum of purchases within the initial couple of months of owning the card. If you can meet the having spent requirement, you might earn a lot of rewards right away.
- Monitor Your Credit Score
When you use your Merit Credit Card, you should monitor your credit score. Free credit score tracking is offered by many credit card issuers to help you to understand how your credit usage affects your credit. Keeping an eye on your score can also help you catch any errors or fraud on your account so you can address problems quickly.
- Use Rewards Smartly
Getting your rewards is one thing, but utilizing them is just as vital. The Merit Credit Card encourages flexible redemption sources, so consider your long-term financial goals with point redemption. Choose rewards that fit your lifestyle, whether it’s saving on your next vacation, receiving cashback, or gift cards to your favorite stores.
Conclusion
The Merit Credit Card has a simple process for training your credit and earning rewards, with no complicated terms. Just remember, by using the card responsibly, timely payments, low balance, and maximizing your rewards, you’ll not only be working toward improving your credit score but also enjoying perks in the process. This card can be a great tool for anyone new to credit or anyone wanting a better way to manage finances.
