Pros And Cons Of Having A Credit Card

23 August 2012 14:30 - Which Way to Pay

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Pros And Cons Of Having A Credit Card

Being able to simple swipe a card and purchase anything you like makes credit cards extremely easy and convenient. However this ease and convenience comes with its pros and cons. If you are able to pay bills on time and not build up a huge debt, then a credit card is a great thing to have.

There are a number of advantages of credit cards; firstly you can use them practically everywhere even overseas. They can boost your purchasing power as you can buy goods and services over the phone, through the mail and online. Moreover if you need financial backup then a credit card will provide this for you. On top of this certain credit cards offer discounts in stores and rewards. For example if you make a purchase using a credit card you can the collect points; these points will build up and then often you can get free items like plane tickets. Furthermore credit cards can help you build up your credit history, they also keep a record of your expenses and which helps you pay your balance down.

However, there are some drawbacks and this is especially the case when they are used in a careless way. Some people think they can spend as much as they like on a credit card and donít consider the consequences. It is not free money! Additionally it is easy to roll over a balance for several months. Also when you default on credit card payments, you are charged with late fees and interest, increasing your debt load. Carrying a large amount of credit cards also isnít favourable in the eyes of the lenders.

So there are disadvantages as well as advantages of credit cards you just have to ensure you can control your spending.

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