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CREDIT CARDS: Is it worth the hype?

by Charles Adato and Andrea Agnazata

A credit card is a small plastic or metal card issued by a financial company. It allows a person to borrow money up to a certain amount in order to make purchases. The credit card issuer sets a credit limit on a credit card. A person's credit limit is the maximum amount of money that a cardholder can borrow. Credit cards are different from charge cards and debit cards. With a debit card, the money comes directly from the cardholder’s bank account. A charge card, on the other hand, requires the cardholder to pay the entire debt each month. When people apply for a credit card, they are effectively applying to borrow money. Before approving any application, the issuer will check the applicant's credit history. A credit bureau will provide information on whether the application is a good risk. Applicants with a poor credit history are frequently turned down by the issuer. In other words, if a person's credit score is low, the issuer will be less likely to approve their application. Every month, the cardholder receives a bank statement. All of the transactions on the card are detailed on the statement. It also specifies the amount owed by the holder. The minimum amount of payment and due dates are also included on the statement.

Credit cards are split into different types. First is the standard credit card, the most common and simple type of credit card. This type of card does not offer any kind of frills nor rewards. It only has an established credit limit and corresponding finance charge to monthly outstanding balances. Second, rewards credit cards – from the term itself, these cards offer rewards on credit card purchases. Rewards may be in forms of cashback, points, and redeemable vouchers. Moving on, balance transfer cards allow cardholders to transfer existing debt from one card to another, typically offering as low as 0% interest rate for a set period. Next, purchase cards are most likely used in expensive purchases. These cards offer interest-free periods, making borrowing practical. Furthermore, travel credit cards are used when going overseas. These cards can reduce the cost of international credit card use in another countries. Meanwhile for cardholders who have low credit score, credit builder cards can help them prove lenders their reliability, in exchange for low credit limit and high interest rates. These are just some of various kinds of credit cards widely used worldwide.

Credit cards are very convenient for in-store payments, where it can simply be swiped. When used responsibly, credit cards can be useful for earning rewards, traveling, handling emergencies or unplanned expenses, and building credit. As stated in the previous paragraph, a rewards credit card does exactly what its name implies: it rewards the cardholder for making purchases. Rewards vary depending on the issuer and card type – cashback, discounts on gas station purchases, and even travel miles are some of the benefits offered. Earning rewards is one of the key benefits of credit cards for people who use it frequently, as cardholders may redeem them for goods they were planning to buy otherwise, as well as the occasional treat. Credit cards provide additional security in the form of insurance for purchases made with the card that may be lost, damaged, or stolen. Some credit cards provide fraud alerts as a safety net if there is situation that a card or information is stolen while traveling. In an incidence of possible fraudulent action, a phone call, email, or text message alert can be delivered, and the transactions can be blocked; when a credit card is not linked to a checking or savings account, there is less risk of the thief having access to the money stored in the account.

Despite the convenience that credit cards offer, the cost of borrowing is considerably greater than a regular loan. Many have high annual percentage rates (APRs), service fees, and late payment penalties. These additional financing charges can easily increase current debt if a cardholder does not pay his or her full balance every month. Furthermore, many cardholders allow to obtain a cash advance if he or she needs immediate cash, however, the interest rate imposed on these advances is often higher than charged on purchases. Payment history, current balance owed, duration of credit history, new credit, and types of credit used are all factors that affect credit score. While using few cards on a regular basis and paying them on time will help to establish and enhance the credit score, there is a limit on how many cards can be reasonably opened. Many card applications might affect a cardholder’s credit score, and lenders may be suspicious if it appears that he or she access a lot of credit, and deny his or her application.

In order to avoid the scenarios caused by the disadvantages mentioned previously, these are some of the best ways to use a credit card.

Make payments on time. One of the most important variables affecting credit is payment history. Missing a monthly payment can negatively affect credit score, and late fee will certainly be charged. Thus, making payments on time can greatly reduce hassle from financing charges, and consistent on-time payments can show lenders a cardholder’s reliability.

Pay monthly bills in full. Hefty interest charges can be avoided by paying off the bill amount in whole. Interest charges and unpaid debt can accumulate, which can build up into a heavy liability. Hence, full-payments of monthly bills can avoid additional charges and save money.

Buy accordingly to buying power. Overspending can be a huge problem in terms of monthly bills payment. Spending only within the range of buying power can help a cardholder avoid hassle in paying monthly bills in full.

Stay well below credit limit. One of the parameters used to compute for credit scores is credit usage ratio. This refers to the total sum owed and the total credit limit on all of a cardholder’s credit cards. Low ratios are favorable, while high ratios can negatively affect credit ratings. Thus, maintaining a credit usage ratio of less than 30% is the best way to show reliability to lenders, and eventually increase credit score.

All in all, credit cards are great investments. Credit cards offer different perks and rewards which vary among different types of cards. These cards also do give convenience to cardholders in different forms. However, credit cards also require a good sense of responsibility and financial stability to avoid conflicts and difficulties. Albeit, credit cards are still considered useful by most cardholders and are recommended to individuals who can surely carry the obligations of a credit card holder. Despite the strict procedure of credit card application, it will surely offer countless benefits and advantages which are worth the application process.

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BAGUIO: Lugar ng Pagpapahilom at Pagpapahinga

Litrato mula sa Guide to the Philippines

Baguio City – isang lungsod sa lalawigan ng Benguet na kilala sa pagkakaroon ng malamig na klima at mababang temperatura. Ang naturang lungsod ay nasa humigit-kumulang isa’t kalahating kilometro sa itaas ng normal na lebel ng dagat. Isa rin itong 1st class highly urbanized city sa rehiyon ng Cordillera. Ang Lungsod ng Baguio ay minsang naging hill station ng Estados Unidos noong 1900. Ito lamang ang kanilang hill station sa buong Asya.

Mayaman sa iba’t ibang uri ng halaman ang lungsod gaya na lamang ng pine trees. Dahil dito, binansagan ang Baguio bilang Summer Capital of the Philippines at City of Pines.

Ang Baguio ay tampok rin sa iba’t ibang tanawin tulad na lamang ng Burnham Park, The Mansion, Minesview Park, Diplomat Hotel at iba pang mga atraksyon. Dagdag pa rito, kilala rin ang Baguio sa pagkakaroon ng maraming suplay ng presas, kaya naman iba’t ibang uri ng pagkaing hango sa presas ang mayroon sa lungsod tulad ng strawberry taho, strawberry jam, strawberry wine at marami pang ibang putahe at pagkaing nakasentro sa presas.

MGA ATRAKSIYON SA LUNGSOD NG BAGUIO

Litrato mula sa Wandering Goal Scamper

BURNHAM PARK

Isa sa pinakasikat na pasyalan sa lungsod ng Baguio ang Burnham Park. Noong 1904 inumpisahang gawin ang parkeng ito na dinisenyo ng isang Amerikanong arkitekto na si Daniel Burnham, kaya naman hinango mula sa kaniya ang pangalan ng parke. 

Mula sa mga luntiang puno at damo, maraming maaaring gawin sa parkeng ito at siguradong malilibang nang husto ang mga turista. Matatagpuan din dito ang artipisyal na lawa na nakasentro sa parke. Sumakay kami sa mga hugis sisne na bangka at naglayag sa lawa. Dagdag pa rito, nagrenta rin kami ng iba’t ibang uri ng bisikleta at trisikleta upang maikot ang parke.

Litrato mula kay KyleSy20 (Wikipedia)

THE MANSION

Isa pang tanyag na atraksiyon sa Baguio ay ang The Mansion na matatagpuan naman sa Leonard Wood Road sa silangang bahagi ng siyudad. Isa itong makasaysayang gusali na itinayo noong nakaraang siglo taong 1908. 

Sa labas ng mansyon ay unang bubungad ang malaki at magarbong tarangkahan. Napakalawak ng lugar na ito at sa unang tingin ay mapapansin na agad ang napakalaking kulay puting mansyon na matatanaw mula sa ibaba. Dagdag pa rito ang naglalakihang mga puno sa paligid na nagdadala ng malamig na simoy ng hangin. Bagama’t hindi kami pinapayagang mga turista na pumasok sa mansyon, mainam pa rin ang lugar sa pagkuha ng mga litrato at pag-rerelax dala ng malamig na klima at luntiang kapaligiran.

Litrato mula kay Paul Fabian (Flickr)

MINES VIEW PARK

Ang Mines View Park ay isa rin sa mga pangunahing pasyalang dinarayo ng karamihan sa lungsod ng Baguio. Ito ay mayroong daan o hagdang pababa upang makarating sa dulo ng bangin. Sa daanang pababa, makikita rito ang mga nakahilerang tindahan na nagtitinda ng samu’t saring mga pasalubong katulad ng produktong naglalaman ng presas at mga souvenir. Kaya naman naisipan naming bumili ng ilang keychain at iba pang souvenir bilang pasalubong sa aming pamilya at kaibigan.  

Sa ibaba naman, matatagpuan ang Benguet's gold and copper mine at ang nakapaligid na naglalakihang mga bundok. Nakalulula man ang bangin, nakamamangha naman ang tanawin mula sa itaas sapagkat kitang-kita ang napakalawak at luntiang mga puno. Narito rin ang mga katutubo mula sa Benguet, suot ang kanilang tradisyonal na kasuotan. Ilan sa kanila ay tumutugtog ng instrumento habang ang iba naman ay sumasayaw ng kanilang katutubong sayaw upang ipakita ang kanilang kultura sa mga dumadayong turista.

Litrato mula sa The Aswang Project

DIPLOMAT HOTEL

Ang Dominical Hill Retreat House o mas kilala ngayon bilang Diplomat Hotel ay isang abandonadong istruktura sa Dominican Hill sa lungsod ng Baguio. Ito ay itinayo noong 1913 at nagsilbing kanlungan ng mga pamilya at paring Dominikano noong panahon ng Hapon. Binomba ito ng mga Amerikano noong 1945; at ipinaayos rin sa kaparehang taon at naging Diplomat Hotel hanggang sa taong 1987. 

Ang aming pagbisita sa Diplomat Hotel ay nataong sa kalagitnaan ng araw, kaya naman hindi ganoong nakakatakot ang pagbisita. Masasabing tunay na luma’t abandonado na ang lugar. Bagama’t sinalo ng gobyerno ang istruktura noong 2005, ito pa rin ay nagbibigay ng impresyong maihahalintulad sa mga paranormal na karanasan sa iba pang mga abandonadong lugar. Dagdag pa rito, malawak rin ang hotel kaya naman hindi gugustuhin ng isang turista na humiwalay sa kaniyang mga kasama.

PRODUKTONG PRESAS

Dahil sa masaganang ani ng presas sa lugar, iba’t ibang pagkain ang inimbento ng mga taga-lungsod na mayroong sangkap na presas. Ilan sa mga ito ay ang strawberry taho, strawberry jam at strawberry wine. Ang mga ito ay mayroong presas bilang pangunahing sangkap. 

Litrato mula sa Ang Sarap

Ang strawberry taho ay mabibili mula sa mga naglalako nito – mapaumaga, tanghali, hapon o gabi man. Nakabili kami nito habang kami ay nasa labas ng mansyon. Nang amin itong matikman, ito ay bago sa aming panlasa. Bagama’t lagi kaming bumibili ng ordinaryong taho, kakaiba pa rin ang strawberry taho sa Baguio.

Litrato mula sa KartonPH (strawberry jam); SmartAngPinoy (strawberry wine)

Ang strawberry jam at strawberry wine naman ay mabibili sa mga pasalubong center sa lungsod; at isa sa mga kilalang pasalubong center sa lungsod ay ang Good Shepherd.

Bunsod ng mainit na panahon sa Pilipinas, ang Lungsod ng Baguio ay isa sa mga madalas puntahan ng mga lokal na turista. Ang Baguio ay mayroong payapa at sariwang kapaligiran. Tunay ngang hindi maipagkakaila ang kagandahan at katanyagan ng lungsod ng Baguio. Mula sa ipinagmamalaki nilang mga pagkain at malamig na klima hanggang sa mga iba’t ibang atraksyon o pasyalan na nagpapaganda rito. Kaya naman hindi na nakapagtataka kung bakit dinadayo ito ng mga lokal na turista at maging mga dayuhan mula sa iba’t ibang bansa. Dahil dito, talagang maituturing na isang lugar ng pagpapahilom at pagpapahinga ang naturang lungsod.