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Credit Cards, the pros and cons

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A credit card should always be treated as an easily accessible emergency fund, and never as a spending licence. Having a credit card is a good way to keep your credit score positive, provided you do not deplete the balance and pay it consistently.  Below are the pros and cons of having a credit card:

 

Pros

  1. Knowing you have access to money in an emergency, such as a car breaking down.
  2. Travelling is made easier. Although most travel companies and hotels will accept a booking without a credit card, it is easier and more convenient to do so through a credit card. Provided you replace the money immediately.
  3. It makes online shopping easier, as most online retailers prefer credit card payments as opposed to systems like Paypal.

 

Cons

  1. Credit card theft and card cloning can result in unforeseen expenses and a lengthy battle with the credit company.
  2. Reckless and impulse spending can empty a credit card and leave with you a hefty monthly bill.
  3. Hidden fees and changes in interest rates can cause payments to increase, and these payments may not meet the consumer’s budget.
    Ultimately most credit experts and debt counsellors advise against a credit card with a high balance, insisting instead on starting with a credit card that has a small amount available and gradually increasing the credit available.

Article written by: Andrea van Tonder 02-2013


When others can't help... Debt-Problems.co.za can - Your Financial First Aid

When others can't help... Debt-Problems.co.za can - Your Financial First Aid           When others can't help... Debt-Problems.co.za can - Your Financial First Aid When others can't help... Debt-Problems.co.za can - Your Financial First Aid              

 

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