Pros and Cons of owning a credit card.

You are absoutely right friend. I also thought that owning more credit cards increase our status and got credit cards from all the banks. But later only realised that it wont increase our status but would increase our debts. If a person does not have self control, then its better that he dont get a credit card. I am a person who does not have self control and i used my credit card to the core. Now I realised the consequence of that and i started closing my credit card one by one. Its better to hold only one credit card and we have to use that only when it is so important. Also we need to clear pending dues as soon as possible. Also, one thing I learned from Credit cards is than never make a late payment. Late payment fee will be more that the interst.

I think credit cards have encouraged a huge number of people to get badly in debt. Its far too easy to get one, they make no checks on how you will pay it back, and they keep upping yoru limit so you are encouraged to spend more. We had one and the interest was so high in the end we upped the mortgage to clear it and never ever use it now. We just keep it for real emergencies, and hope we won't need it. Its useful to have it available, if the car broke for exampel it would mean we could get it fixed before payday, but I wouldnt want to use it everyday for any reason at all.

I think credit cards are good in the sense that you only use it if you really needed it. For example, you're short on cash and you really need to pay your bills. You can use the credit card first and just pay it off when you have the cash. The bad thing is that when you just buy things that you really don't need like luxuries. This results to overspending and being in debt. What I can advice is that if are an impulsive buyer, don't get a credit card or have only 1 credit card for emergency use. If you have a lot of self control and very disciplined then go ahead and have as many cards as you want. I know that these kind of attitude won't tempt you to overspend or buy uncontrollably.

I wish I could go back to when I was in college, when I was offered all these credit cards before I could really comprehend how much damage they could do, how to handle them correctly, and know what I was getting into every time I used on. Hindsight is 20/20. I don't have any right now for a variety of reasons and although around certain holidays I might wish for one I'm just as glad I don't. They can really cause you to have trouble.

it is good to own a credit card but to a extent if you miss use it its not good therefor a credit card has some prons like they are miss used some of us can not take care of them so its good not to have these credit card if we can not use them wisely and keep them safe and proper

pro.....you have buying power...con...you have to pay for it later!!!!!!

Sometimes credit cards are not a good idea, I think the pro's of having a credit card is that , if you keep up on the payments that it will help with your credit score, especially if you pay ahead of time will be good if you plan on buying a house in the future or a car.. basically something large..You need good credit for everything now a days.. And its good to use if you have an emergency.. needing to buy food or put gas in the car.. the bad part of having a credit card is that if you can't make the payments on time or skip payments it goes bad on your credit report.. and your score will go way down.. and then the credit card company will start adding charges for late fees or over the limit charges.. So there is good and bad..

I own 2 mastercard right now and I don't intend to add more even if my other banks are encouraging me to apply for other cards. Because sometimes if I have it and I saw something that I want to buy even if I don't have the cash then there's a tendency that I will buy it because of the card. But I am thankful that my card has low credit limit and I left it at home most of the time. I will only put it in my wallet if I really need to buy something even if I don't have the cash.

A credit card can be efficient in buyin items online. Do not disclose credit cards information to anybody. Always try to purchase from renowned secure sites.

I own a few credit cards. I say they are bad if you like to spend money. Because you think you can buy it now and just pay for it later. But then it starts adding up more and more and then the interest adds more to it. But I think it's a good thing for people who need to build credit. And it's good if you have one and only use it for emergencies. I look at it as if you don't have the cash then don't buy it. But if your car messes up and you have no other way to work and you only have the option to fix it then I say put it on the card and pay it off immediately. So I think they can be good and bad.

I think you and others have the cons covered! Pros: If you are wise you will treat your credit card and pretend it is a debit. Pretend it comes right out of your bank account, and maybe even write in your checkbook when you use it. That way, you can always pay it off when the bill comes b/c you already calculated it so that you can! I charge EVERYTHING I can, but I pay it off each month and never carry a balance. Perhaps if I were buying something like furniture I might carry a balance, but I will try not to. Most cards now offer rewards points, so every purchase I make gives me points, and the points add up to free cash! That makes it worth it. I only have 2 credit cards, one Visa and the other is for a clothing store I love. I try to avoid spending money in general, but if I am definitely buying something, I'll charge it so I can get the points. Finally, it does help your credit score if you have a good history of paying it off. People with no credit cards, no loans, no anything, will have a hard time getting approved for a car or house in the future.

For me I own four credit cards, three Visas and one Mastercard. I do agree with you that we shoud be very organized in managing our credit cards. Well in our modern and high-tech world, it's the easiest way to use to satisfy our needs as well as our wants. Financially, yes, you have that great opportunity and flexibility with regards to your buying power, but always keep in mine using our credit cards is still debts that we should pay soon, and the more delayed in paying those debts the more we are at risk to pay more than it is paid in cash. Credit card companies do offer online services, to manage our credit cards accounts in a 24/7 basis, perhaps that's the best way to keep track of our purchases and future payables. In this way, we will be aware when to pay our payables, monitor our purchases, and check our available credit limits. Further, credit cards companies do educate their cardholders accordingly, and we should take those advises from them seriously. The best ways for us not to be trapped in the pitfalls of credit cards is that we should seriously minimize our wants, and do pay cash to our purchases as much as possible and available.

I have tons of credit cards and there are no cons to having credit cards in and of themselves. There are cons in people believing they have to speand right up to their credit limit or lacking discipline in paying the money on time every month or thinking that having more credit cards means you have more money to spend. Credit cards take discipline, so if you aren't disciplined, they will always become a con for you. However, if you are disciplined and don't spend beyond your means, no matter the number of cards you own, they will more than likely be a pro to you. As far as pros, it is a pro to me, because the more credit I have, the more responsible I look to FICO, if I am not screwing up the large amounts of available credit that creditors have entrusted me with

there are several advantages as well as disadvantages of using a credit card. the advantages are that u dont have to carry physical money with u to purchase anything u can also make purchases online using a credit card while the disadvantages are that if it gets into wrong hands can cause a lot of loss to the original owner can be misused by a hacker who gets the data from the internet by online shopping.

I personally think that one must take a credit card if required and not just for show off or status symbol.Credit card can be become the reason for a great financial damage.As correctly said by you if we have credit card we dont have control over our mind and we spend more than we have and when time comes to pay we fail and then have to pay interest like 30 to 45 percent which is too much and can cause bankrupcy. Also credit card is just a marketing strategy for increasing income in bank. But if one has control and can carefully use money for the credited perios then credit card is the best option.The only think is that we must have control over our mind.

I have a couple credit cards but I really only use one that gives me cash back rewards. I used to always pay off the balance and it never broke $200. But when we had our daughter and things got tight, I had to use that to get by for a while. It shot up and I asked for a credit limit increase just to get by. I got it almost all the way back down with Christmas money, but before I knew it it was right back up there. It didn't help that I splurged on a new computer with my tax refund before I even got my W2. I used to think credit cards would never be a problem for me because I was paying them off right away and reaping all the rewards. A lot of people get a hold of a credit card and installing get into deep, but for me it took me 2 years. Now I don't even pay attention to the total, I just sign the slip. It's getting to the point where I really wouldn't mind cutting it up just to have one less thing to worry about.

ive got a debit card. there much better although u need 2 have moni in ur bank account to use it ya know

Yo have to be responsability of your spends. But with a credit card you can buy without money. It´s great.

Yo have to be responsability of your spends. But with a credit card you can bay without money. It´s great.