The Pros And Cons Of Credit Cards

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The Pros And Cons Of Credit Cards

What do you consider the pros and cons of having credit cards in your opinion?

You can use them to purchase things that you can pay for long term, when you don't have available cash on hand, But you must be responsible and disciplined in your spending. Do not abuse the card by piling up debt.

Yeah piling up debt on a credit card will cripple your financial situation quick. I wnet through it! But i think that a repsonsible person will have no problems managing a credit card.

After being credit card free and using Visa debit only for more than a year now, I'm having trouble coming up with any pros. :-)

Nah, that's not entirely true... if it would be a major purchase like an appliance, it would be nice to pay for it over a number of months. To use my debit, I'd be using cash I already loaded onto the card. So if we're talking a major appliance for like $1000 or so, I can see it being better to use credit and keep the debit "cash" for essentials or emergencies.

I like the idea of using the card for emergencies. Ultimately i think that should be the only reason to use a credit card. The credit card should be something you use as a last resort.

The most important pro of a credit card is that if you use it responsibly, your good history shows up on your credit report and then you can get home loans and auto loans, or rent an apartment.

Once I realized that I wasn't going to be able to rent an apartment with a thin credit file, I got a credit card and started using it to pay my phone bill, then paying it off quickly. After 7 months, I'm seeing a big difference in my TransUnion credit score.

Perhaps the consequences could be high interest rates and charge back fees without a certain amount of notice. One of the pros of having a credit card is a reward incentive. Plenty of charge cards offer rewards to those who run up debt by spending more. The brand new BankAmericard Better Balance Rewards card, however, rewards customers when the pay their bills on time and when they pay more than their minimum necessary repayment. Sources:

The Pros And Cons Of Credit Cards | ConsumerFu


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