Pros and Cons for credit card

[KatherineLee88]

Originally Posted by Codav Enterprises

Credit Cards. You can’t live with them, and you can’t live without them. Some people would say that’s kind of like….never mind. In many ways it’s true. Some people think that if you don’t have credit cards, you can’t get into debt. well, maybe.
but here’s the catch. If you don’t have a credit card, you have a very difficult time establishing credit. In addition, there are things that you absolutely can’t do without a credit card. Try making airplane reservations without a credit card. How about reserving a hotel room? A credit card is sometimes accepted as a 2nd form of identification. Last but now least, using a credit card is the best way to establish your credit.
Credit is important. If you want to buy a house or get any kind of loan, you have to have credit. You have to be able to show lenders that you are a good credit risk. You do this by having a good credit score. So how do you establish a good credit score without getting into debt? Simple. Get a credit card. charge as little as $10 a month on that card. when the bill comes, PAY IT!

Two thumbs up on this one!
The facts are that you credit cards are a good way to build credit. If you avoid credit because of the assumption that you will fail to manage it wisely, you are hurting yourself and setting yourself up for potential issues down the road.

[jonathanpaul]

Hi there,

We have talked about this in a different forum site. I will provide you the link so that you can check the forum and get to know the pros and cons of having a credit card.

Go to this site canadian-money-advisor.ca

You can also check other thread that are talking different topics and get valuable information or advices.

[primaryinvest1]

Credit Cards are similar to a short term loan and can be good if you:

Pay off your balance BEFORE the due amount
Use the rewards for your benefit
Use the benefits that credit card companies offer such as rental insurance, free warranties on many items that you bought on your card, free flight cancellation or rebooking etc...

[ideasonfinancing]

The advantages of having a credit card are only applicable to those who are disciplined enough to know their financial responsibilities. Do not even bother getting one if you know that you do not have a stable source of income. You will surely get into deep trouble if you are not ready.

[Hopwood04]

I use credit cards simply for the reward points. I pay the card off every month and I collect reward points that I can use to purchase anything from a magazine subscription to a flight to Asia. Did you know that you can even get reward points to pay for your kids tuition.

[eded918]

Credit cards are great if used carefully, but can become a nightmare if you allow them to take control!

Using balance transfer credit cards can be a supply of cheap (free!) finance if you are organised, careful and disciplined.

[danielhermann]

Credit cards are beneficial to us if we use them in the right way. In time of need we use the credit cards for something useful. But we should repay the credit once we have the used amount so that we don't incur undue heavy interest which is billed in the statement if the used amount is not paid within the due time. Also if you use the credit in a good way it establishes credit for yourself which will be useful while taking loans for your house or for any other needs. Also you can search for insurance companies who gives coverage to the amount of credit you may have used but unable to repay back. But that may come with a heavy premium. So it is better that to use the credit card in the best way possible.

[rahulscorpion2000]

credit cards gives ease of life,
recently read an article on best credit cards for travel.....
domoneymatters.blogspot.in/2013/11/best-business-credit-cards-for-travel.html

[Richard Johnson]

Credit cards wouldn’t be nearly as popular as they are today if they weren’t so maddeningly convenient. Paying at the store, at the pump, or at the ballgame is significantly easier with a piece of plastic that takes no immediate bite out of one’s pocketbook.

[VaibhavDhanawade]

These are some Pros and Cons of Credit Card :

Pros :
- You can use credit card practically everywhere, especially overseas.
- It can boost your purchasing power because they can be used to buy goods and services over the phone, through the mail and online.

Cons :
- Credit cards can have their disadvantages, though, especially when they're used in an unwise manner.
- Some consumers feel compelled to spend more money than they have.

[GDS International]

Or you might consider Mobile Wallets:

Watch the Video:
http://bit.ly/1nSobAw

[EllieFraser]

Pros- Can improve you credit score if used correctly.
Cons- Can ruin your credit rating if not!

[argonassetmanagement]

Prose :
1. Purchasing power
2. Rewards
3. Pay later
4. Build credit
5. Emergency protection
6. Fraud protection

Cons :
1. Interest
2. Late fees
3. Ease of spending
4. Destroy credit

[coeywong88]

Hope to enjoy in this forum

[Landell]

Originally Posted by eded918

Credit cards are great if used carefully, but can become a nightmare if you allow them to take control!

Agree. It requires some self-discipline.