Money dominates the society we live in today and there’s no getting around that fact. So many of the things we do and aim to complete are done with money in mind; working, for example, or paying for day-to-day things we need. Nearly everything comes at a cost these days and that’s why we need to make sure our finances are always in a good place.
To make sure of this, a lot of people take out credit cards to help them along the way. However, in recent times, a variety of other options have arisen and could even be better than these conventional cards. Mastercards are one of these and have proven to be a popular alternative, but what actually are they? Are they a better option than credit cards? Read on to find out.
Go and visit https://instabank.no/instapay/mastercard to learn more about the options you have when applying for a mastercard.
The first major differences between credit cards and mastercards are the interest rates. Interest rates are always a pain but they are an inevitability; that’s why companies give out loans in the first place.
However, in the majority of cases, credit cards tend to have a much larger interest rate. This means if you opt to go down that path, you’ll have to pay back a considerable amount more; most credit cards have an interest rate of around about 22%- if not higher.
However, when it comes to mastercards (if you buy from the right company) they could go down to as low as 15%. This means that when you apply for one of these cards and begin to spend with it, you won’t have to pay back nearly as much. It’s only a few percent, but the difference this makes to your finances can’t be stated enough.
Mastercards are also a better option than credit cards if you prefer paying back your money over an extended period of time. It’s all about what your personal preferences are; if you like paying money back quickly, a credit card could be a better shout.
If you do like to take your time, though, mastercards are the way to go. The structure they have and the way they function means you can set up a good extended plan to pay back any money you borrow. You can suit it to your own needs and focus on the kind of payments that you prefer.
This is the case for both kinds of cards, but with mastercards you can also access any information you need online very easily.
All of the money you’ve withdrawn and paid back will be stated clearly on a form somewhere where you can constantly check it; this means you can always stay on top of things and make sure you’re not missing any payments. If you work hard to make sure your finances are under control, a mastercard could be a great option for you.