Cons And Pros Of Credit Card

Discussion in Credit Cards started by ACEP • Oct 1, 2017.

  1. ACEP

    ACEPMember

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    The ease in swiping a credit card for a purchase has its pros and cons. It may either help when handled properly or become a detriment. If you are able to pay your bills on time every month and not carry over a balance, credit cards are a great convenience.
     
  2. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    I'd like to start with the pro, part of having a credit card.
    • You can get things on sale, big things like washing machines, that you'll need from time to time.
    • It gives you easy payment plans to repay what you bought with your credit card.
    • Provides for emergencies you may come across, like a funeral that suddenly came up that you must attend.
    • Many hotels and car rentals accept credit card payments only so having a credit card will be very handy in time of need. You could get cash from your credit card.
    • Safety to have a credit card than cash on you when you're out and about.
    • You'll have a credit rating so you can buy bigger things like a house easily.
    The cons of having a credit card.
    • The ease of using will sometimes have the ease of buying, which you got to have a good deal of discipline not to over spend using your credit card.
    • Credit cards are something you'll have to repay even after death, so you'll have to make provisions for repaying credit card debt when you pass.
    • Credit cards if not paid in full when the statement comes, you'll have to pay interest too aside of what you have racked up with your credit card purchases.
    • Along with ease of using your credit card there are charges for using your credit card if you use an ATM that's not your banks's ATM.
    • If your secondary user and other users are not thrifty if using your credit card you'll have a very big balance that the primary will be responsible to repay the bank even after death, so your executor or executrix will be responsible for repaying your credit card debt, if any.
    • There are things like data breaches where your information could be compromised, where in you'll have to be vigilant in protecting yourself and your credit cards.
    These are somethings to consider when you are thinking of getting a credit card. You can also research about it online is privacy too for the questions you may have. Your banker is another good source of information that's safe too. Good luck in your decision about getting a credit card. You could ask about the terms and conditions of the credit card and interest charges from the bank you're considering for your credit card.
     
  3. Zero

    ZeroActive Member

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    To be honest i don't there are disadvantages or cons to owning a credit card since you are fully in control of how what you spend it on.
     
  4. Shine_Spirit

    Shine_SpiritActive Member

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    I think the good thing is the convenience of not having to use money and the bad thing is the are the fees that some companies charge for customers to use the cards
     
  5. Alexandoy

    AlexandoyWell-Known Member

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    Credit card is good if you know how to handle your finances. There are lots of cases where the credit card holder have mounting unpaid debts such that the interest also piled up and had ruin the finances even more. But if you are good in balancing your expenses vis-a-vis your capacity to pay, the credit card is one good facility for spending because you can buy what you need even if you don't have the cash. I currently have 4 credit cards but I am only using 2 because I am not really a frequent spender.
     
  6. nangk08

    nangk08Active Member

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    I think if we are able to think prudently and be constantly aware of our financial situation, then a credit card is actually a boon to us. Credit cards allow us the freedom of traveling or shopping without having to carry a lot of cash which can be quite risky. They also let us buy anything that we want from places that we cannot go to, offer us a wide selection in that way. But the hitch to it is that we MUST pay the bills on time and clear it every month or else the interest rates on pending bills are more than enough to drive us to bankruptcy!
     
  7. luri

    luriActive Member

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    One of the advantages of using a credit card is you will never run out of money. You can buy things even if you don't have money, or withdraw cash from ATM even if you don't have money in your account. One of the major disadvantages of using credit card is your spending will be uncontrolled. As long as you have not crossed the limit of your card, you can continue to use your card, this will increase your debt.
     
  8. Vinicius Souza

    Vinicius SouzaMember

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    Credit card is a good resource to pay when you do not have enough money. Moreover, when you wish go out without high amount of money to buy for example a laptop or a TV.

    However, it is necessary to take some care. Inasmuch as, many people believes who has a money any time, this way, they lost the control and buy of any manner and forgot that they need to pay the debt after.
     
  9. Zero

    ZeroActive Member

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    Credit cards should not be used by people who are easily swayed into buying useless things and then end up in large debts in life.
     
  10. Theo

    TheoWell-Known Member

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    A credit card is useful when booking things like holidays or when buying furniture because if anything goes wrong, then you can claim and get your money back. My friend had a rip in the couch she ordered and the company refused to do anything. If she had paid on a credit card the company would have refunded the cost as it was faulty. The same with airlines and if a company goes bust, if you paid by card you will get your money back otherwise it would be up to the creditors.
     
  11. NinetyEighty1

    NinetyEighty1Active Member

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    The pros and cons really depend on how you really use the card. The pros of having a credit is that you have money ready for if.win you get in any tight spots in life. It can help you buy items that you normally wouldn't be able to buy. The cons of having a credit is you will eventually have to pay it all back.