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Credit Card DOs and DON'Ts
06 Oct 2022

Today’s spectrum of banking products exposes you to an array of opportunities that can make your daily life easier. As you start to build your finances, you begin to think about the next steps.

Thinking about acquiring a credit card is one of these important steps. Your credit card provides you with several benefits such as the ability to pay at numerous outlets worldwide, a minimum credit limit of €700, an easy and convenient way to pay and the ability to withdraw from ATMs locally and abroad.

At the same time, you need to understand what using a credit card means, how it works and whether you’d be able to handle it or not. Here are some Credit Card DOs and DON’Ts to help you decide better.

DOs

- DO start by analysing IF and WHY you need a credit card. It is important to evaluate what purchases you will make with a credit card, why a credit card can be a helpful product and why you shouldn’t go for the safer option of debit cards instead. 

- DO research the several types of BOV Credit Cards, to better understand the terms & conditions of each card and clearly match your particular needs to the best credit card fit.

- DO keep records of PIN numbers, card limits and expiry dates.

- DO revert to a credit card when settling large payments instead of withdrawing large amounts of cash from an ATM.

- DO set a budgeting plan to allocate monthly credit card payments, to schedule bill payment dates and strictly adhere to settle all payments on time.

- DO analyse your card statements. This is an opportunity to better understand your spending patterns and verify if you need to revisit your budgeting plan.

- DO dispose of any card statements in a secure manner to ensure that no one steals your details.

DON’Ts

- DON’T think you MUST get a credit card if you don’t necessarily need it. Treat this as another product by knowing its full commitments and benefits.

- DON’T register for a credit card unless you have a clear budgeting plan, knowing how this commitment will impact your monthly expenses.

- DON’T apply for multiple credit cards at once. Start off with one until you get used to it.

- DON’T pay your card bills late or exceed the card limits. These actions may not only lead to unnecessary charges but also develop patterns of unwanted debt and a lack of financial stability.

- DON’T wait too long to contact your bank if your card is stolen, lost or compromised. Remember that BOV offers a 24-hour Emergency Line for credit card problems.

- DON’T lend your credit card to anyone else or expose its details to anyone.

- DON’T apply for a credit card until you know the full benefits, costs, terms & conditions of all the different BOV Credit Cards.


By joining BOV Club, you can get a credit card with no annual fee for the first year. Get started with us.

 

 

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).