Merits and Demerits of Credit card.
December 10, 2006 8:47am CST
Please tell me Merits and Demerits of Credit card in detail.
• United States
19 Dec 06
The merits of Credit Cards: You don't have to carry cash with you (which means if you are robbed, all you need to do is phone to suspend the card and the thieves can't get any money). All the things you buy on a credit card are insured (again good if you are robbed between purchasing ajnd taking teh goods home). The card is convenient to use. Also, if you have a short-term cash-flow problem, you can use your credit card to tide you over. Demerits: There is the temptation to spend money you don't have, run up bills and incur high interest payments on the debt. Credit cards are like everything else - useful, but in the wrong hands dangerous. It's up to the individual to exercise control.
19 Dec 06
Almost all the sites where online business/purchase takes place demands credit card no. I have some quarries regarding it. 1 Is this safe to give them the number? 2 What is the guarantee that they will not withdraw excess money? 3 How much we have to pay annual charges to the issuing bank? 4 Can I use this as a ATM card also?