With all the bad press they receive you may wonder why people use credit cards at all. Its true, use them without a little bit of self restraint and you can very easily find yourself in a position where, because of the accruing interest, you are unable to reduce the outstanding amount you owe. However, aside from the horror stories, when used sensibly there are many advantages of credit cards that make them one of the best spending options around.

One of the best (and possibly the worst!) things about credit cards is the convenience and flexibility they allow. Now almost all shops, restaurants and other establishments accept your little piece of plastic for goods and services provided making it the simplest way to pay for anything.

When you spend on any of the major credit cards you also have the added bonus of up to 59 days of interest free credit meaning that with a little planning you can leave the necessary funds to cover the purchase cost in your current or even savings account to accrue lots of lovely interest until you get the bill – an advantage that is just not possible with cash or debit payments.

Many companies now offer 0% on purchases for as much as 12 months meaning that when you make payments for larger, more expensive buys on your credit card, the cost can be spread over several months without costing you anything.

However, if you’re going to use your credit card for this purpose you should ensure that you note down when the 0% offer expires and either plan your repayments so that you will have cleared the debt by that time, or apply for a 0% balance transfer card in advance and transfer the funds so that you can continue to enjoy interest free borrowing (although you should bear in mind that there is likely to be a handling charge when you move your funds).

Sometimes it can be a good idea to make larger purchase on your credit card as anything between the value of $100 and $30,000 either fully or partially paid for by card is protected by consumer friendly legislation that states that when you make a purchase by card the liability falls jointly between the merchant or service provider and the credit card company.

This means that should your goods not materialise, be faulty or different to what you ordered your credit card provider shares responsibility in resolving the issue (although it’s usually best to go back to the merchant first if you have a query). This Section of the Credit Consumer Act can be especially reassuring if you are purchasing items online or whilst you are abroad, especially as this Act does not extend to debit card purchases.

Other benefits available with selected credit cards include travel accident or family travel insurance (although it’s always important to check the level of cover provided to ensure its sufficient and whether there are any special conditions before you jet off), fraud, identity theft and purchase protection.

Additionally, many credit cards offer you the opportunity to earn cashback or other rewards when you spend on your card. If you regularly clear your balance each month this can be a fantastic way to get a little extra back that you would have done if you’d have paid cash.

So, in conclusion, as long as you use them wisely and pay off your balances when they’re due (or at least choose a card with a 0% interest offer), credit cards can provide an incredibly beneficial way to spend your hard earned cash.

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