Lucred 103 — Reasons to use Credit

2 min readMay 23, 2022


Having access to credit is convenient and makes budgeting easier. If properly used, credits could just be your ticket to achieving great financial well-being.

Cash used to be king. People paid for everyday purchases with cash but carrying cash comes with its disadvantages If you lose your wallet or get robbed, any cash you were carrying is almost certainly gone forever.

How can credit help you come out ahead? Read on.

1. It builds your Credit Score

Credit scores, taken from records of your financial activity, are essential if you plan to borrow money. These scores come partially from your credit card history. Unlike cash or debit card use, credit card use is reported to the bureaus that monitor scores. A track record of paying a credit card balance on time helps your score immensely. And the longer you use credit cards, the more you’ll build your credit history, improving your score even more. With a good credit score, you can apply for an even larger loan in the future for business or personal use.

Don’t worry we will discuss Credit Scores deeply in our next article

2. Credit earn rewards & cashbacks

When you make purchases on cashback credit cards, you earn a small amount of money back. This feature is coming to Lucred very soon. The cash reward can be anywhere from 0.5% — 2% of your total spending. Over time these rewards can add up to a sizable bonus. Some credit cards use a point system to calculate your rewards. Whatever system your card provider uses, you are sure to earn some money back from using your credit card.

3. Credit is safer to use (and carry)

As we stated earlier, If you lose your wallet or get robbed, any cash you were carrying is almost certainly gone forever. You can block your card before the thieves go on a spending spree with your credit cards. It may take some time to get another delivered to you, but you won’t lose any of your money. If your card is fraudulently spent online, you can notify the card company of the theft, they’ll put a hold on your card and investigate and any order made with the card will be canceled.


If you can use a credit card responsibly, there’s really no reason not to. They offer rewards, protection, and convenience, and report to the credit bureaus making it easy for you to build your credit. Lucred was created with all these benefits in mind so visit to join our waitlist and get started.




get up to ₦200,000 in credit and pay back as low as ₦17 daily as interest. also get rewarded for using your credit and paying back promptly