Wednesday, January 16, 2019

The pros and cons of credit cards

Are you planning to get a credit card? This article will offer you helpful information on the pros and cons of credit cards.

The following are the pros and cons of credit cards.


1. A credit card can come in handy should you get an emergency. If you’ve ever experienced an emergency, then you know that emergencies don’t give prior warning. A credit card offers you a quick payment option when you don’t have money at hand or access to a fast loan.

2. Allow you to use them now and pay later. Most credit card companies will give you a reasonable period to settle your debt. If you don’t have the money in lump sum, you can also choose to pay back in small installments that you can afford.

3. A secure way of carrying money. Carrying large sums of money is not only cumbersome but is also insecure. A plastic credit card allows you to carry your cash around conveniently.

4. Acceptable globally. Planning to travel? Countless merchants across the world accept credit cards.


1. The interest can accrue if you miss a payment. One payment can set you back with the credit card company slapping you with various charges like late payment, bounced items, etc.

2. Most companies charge an annual and joining fee. Regardless of whether you use your credit card, your credit card company will still collect a joining and annual fee from you.

Credit cards are not bad, but knowing the pros and cons of credit cards will help you avoid their pitfalls.