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

India
August 5, 2010 7:18am CST
after having a credit card u can pay without hassle but sometimes u r tempted to pay for useless things!!
5 responses
• India
6 Aug 10
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.
• India
6 Aug 10
you are pretty much right. you need not take your wallet every where. And i like your point of e-commerce. You can buy and pay bills so conveniently . But there are dangers of theft of your money also. You know the online spam and all that. But we will save a lot of trees by seeing cash in a decade though.....
• India
6 Aug 10
"But we will save a lot of trees......." very well and truly said !!!
@mjcookie (2275)
• Philippines
5 Aug 10
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.
• India
5 Aug 10
me and my family doesn't have one either.......
• India
5 Aug 10
b ut my point is all the points can be done with a debit card too. (surely you have to have enough bank balance though) but this can keep the cons at bays ...so why not a debit card instead of a credit card?
• United States
6 Aug 10
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.
• India
6 Aug 10
superb and straight-forward answer...thanks for your reply...there are really very much reasons to use a credit card but i still think a debit card is much better than cash or credit card...what say?
• Pamplona, Spain
19 Aug 10
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 canĀ“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.
@cher913 (25895)
• Canada
6 Aug 10
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.