What are the pros and cons of Credit cards

I would be very biased here, sorry. But, to me, there are more disadvantages than advantages having a credit card. For one, it only makes you spend money which you don't really have. So, later on, before you can even take hold of your hard earned salary, you hafta give it away. For two, it's nothing but debt. It's just a matter of time and you'll soon experience the consequence. For three, it only tolerates your unnecessary cravings. ...and the list can go on. But, well, I believe if you have discipline, you can make use of this and it can also be a big help. The words are DISCIPLINE and DISCRETION.

Whether a credit card has an advantage or a disadvantage depends very much on a person's situation and self discipline. A credit card can be of great value if you need something (NEED, not want) and don't have the money for it. If you can't borrow the money elsewhere, you can put it on a credit card and pay it off later. A credit card is a great temptation to many people because it seems so easy to charge things. It's easy to forget that all those things have to be paid for.

Pro: It does not feel like you are spending money Con: You are spending money

Having credit card is very convenient where you can use it anywhere and anytime which makes you be tempted to use it very often.

Credit Cards can be a sign of your credibility. For example, if I have a limit of 50,000 on my credit card, that says a lot about me. It means I am a good, reliable customer, I pay my debts on time, otherwise I would never have gotten such a high limit. Credit Cards are good if you are a organized and controlled person. If you have a tendency to spend more than you have, you should definitely not have a credit card. Credit cards are money loaned to you to buy stuff, until you can pay it back. The credit period is generally one month and payment delay of any more than that could result into high interest amounts or fees. You have to be a good planner and a practical person so you don't spend more than your next salary. They have many benefits. Credit cards can get you discounts at some places, they always have some discount or cash back schemes for credit card users. It is extremely important that if you have a credit card, you should pay its bill on time, because irregular payments will reflect badly on you if you ever require to apply for a bank loan for anything.

From research I have done on this subject - I wrote a few articles about it - if you have a credit card - always make a monthly payment, no matter how small. Always. Second, do NOT cancel the card - it will reflect badly on your credit rating. Believe it or not, a cancelled credit card lowers your credit score. Third - make a least one tiny purchase a month - that way, if you really need it for something big - like your car breaks down and you need repairs because it's your only mode of transport to work - the card will work and not be rejected from being inactive. Plus, a small monthly purchase that's paid off in full will give you a good credit score - something important if ever you are thinking of a major purchase such as a house or SUV. You can just buy a can of soda - it doesn't matter. And if you pay it off in full, there will be no interest or service charges due.

When credit cards are used in moderation, I think that they are a great thing because they do help you to build up positive credit. However, when they are depended upon I think that they are a bad thing. Our family used to depend on our credit cards too much and because of that we ended up with minimum payments that would have left us in debt for the rest of our lives. At that point we got into a debt management plan and our credit cards will be paid off in nine more months. During the time that we've been in the plan, we've also learned to live on less money than we are making and that does mean that we will never again have to depend on credit cards.

A credit card can be of help but you should know how to handle things so it would benefit you rather than bring you so much trouble. You should not purchase more than you can afford to pay. I am strictly following this rule until lately, I don't know what happened to me because I let my office mate use my card to purchase a cellphone. I know I made a wrong decision on that one but I have learned my lesson. However, I know that having a credit card is of great help to anyone, we just have to be responsible.

In the name of internet or fast banking, bank charges a lot for their atm service. So analog banking is good because its money saving.

oh my goodness. talking about past experiences. If you only plan to pay the minimum amount of payment monthly, then you are in deep trouble...it would only cough up a few pesos off your balance. plan to pay at least 1/3 of the balance...trust me, i was in deep trouble by paying only the minimum...:)

credit cards are basically cards that can let you buy things when you do not have cash on hand. So let us start discussing the PROS part of credit cards. Credit cards are really handy when you do not have cash. You don't need to have a lot of money in your wallet and there are also a lot of credit card promos. For example, in my country, whenever we use our credit card, we accumulate points and sometimes we can exchange those points to house appliances, gadgets or even plane tickets. There are so many perks behind the credit card. Now, the CONS side of credit cards. credit cards make you spend more. Since you don't feel like your losing cash because you are only swiping your card, then you will have the tendency of spending more. These bills will tend to pile up if you are not responsible and you will have a hard time to pay the debt of if the amount is really huge. Second, sometimes credit cards have hidden charges. Also, credit cards charge you an annual or monthly membership fee. And last, it is a pain if you lose your credit card because someone might use it and swipe away. So, I suggest, If you are not ready to have a credit card, do not force yourself in getting one. get one when your ready because having a thing like this requires a lot of responsibility.