what are the the pros and cons of having a credit card??

It's plastic money you see. Without having to make your wallet look the ancient obese way with lots of cash (for the rich, of course:)), you have the convenience now to carry the same monetary value in your wallet with this card. And nowadays, credit card is almost indispensable with the rapidly evolving e-Commerce platforms. Soon, a day will come when you will get to see your hard earned money in cash, may be once in a decade :-) But yes, I completely agree with the previous responses that it must be used with care and more importantly, with a calculative mindset.

PROS: -Consumes less space in your wallet -Instant cash anytime! :D -You have grace period so you have time to accumulate money and pay for the balance. CONS: -Of course you cannot use them in establishments that don't accept credit cards. :D -The finance charge/interest can be pretty overwhelming if you don't pay the balance full. Plus there are other charges like the "late payment charge". -Can get you addicted to impulsive shopping; credit cards, as much as possible, should only be used for things that are very important only. I don't have a credit card, and no one in the family has; we just discussed about this in my Math subject.

not too many pros, mostly cons. its easy to go shopping with credit because you dont have to worry about how much money you have with you. in fact, its too easy.

Hiya sunu, Credit Cards can be a Godsend in some cases where you need to pay something that you would normally pay in cash and find that you can´t. I would only every use a Credit Card for that one time. Even then I would make sure I have enough money beforehand to be able to put back into the Bank on time instead of letting them charge me extra interest. I would make sure I have at least three quarters of what I have got to pay ready and make sure that I can get the other quarter into the Bank pretty quick. Otherwise Credit Cards for me are a no no.

Pros, you can get things without having to pay for them right away. Cons, you miss a payment and you'll be paying off for a long time.