What are the advantages and disadvantages of having a credit card?

@jengrin (947)
Philippines
March 22, 2007 11:05pm CST
Some of my friends own a credit card but some are happy with it but some are not. Do you think it is useful to have it or it's safe to pay your goods in cash? What do you think is the advantages and disadvantages of being a credit card owner?
11 responses
• Canada
27 Mar 07
The disadvantages are that it's too easy to spend money you don't have, because all you have to do is present the card, and sign for it. It's really easy to get into debt. The advantage of a credit card is that you can order on line, and that you don't have to carry a lot of cash in your wallet. I have figured out a way to have the best of both worlds. I have a pre-paid credit card. I got a cred it card with no money on it, and I had to put money on it from my bank account. I use the card till the money's goine on it, and then I put more money on the card. This way I don't get a bill at the end of the month, and I don't spend money I don't have. If you are going to get a credit card, get a pre-paid, otherwise known as a "secured" credit card.
1 person likes this
@jengrin (947)
• Philippines
30 Mar 07
That's a great idea. I do hope some credit card company will make that kind of credit card so people won't get into debts every month. They just need a card to make it safe of not bringing money but won't spend too much that they have. Thanks and keep posting!
@jengrin (947)
• Philippines
30 Mar 07
I'll give you a plus for that.
@romel_ece (1290)
• Philippines
23 Mar 07
Actually I don't have a credit card of my own.I could say that it is safer to pay our goods in cash.All credit cards have an additional interest value every time we used them.I think the major disadvantages of this one is that the accumulated value of interest every time we lapse on paying our credit.The main advantages of this one is that you don't have to worry bringing big amount of money everywhere you go.
1 person likes this
• Philippines
28 Mar 07
it helps you during emergency, and if you need to buy something, or something you always wanted, you caan have that thing right away, but you can pay it for installment. that's some of the advantages. the disadvantages are, you will pay for the interest, and if you fail to pay on due dates, they will penalized you with higher interest until you can't move on... lol!
@jengrin (947)
• Philippines
28 Mar 07
Thanks for the response. So are you using credit card? How much is the interest for that? I still don't know if it would be great to have it. Again thanks a lot for responding. Keep Posting!
• Philippines
28 Mar 07
mine is HSBC & BPI credit card. both are 3.5 percent interest per month. good luck to you... lol!
@easy888 (10405)
• Australia
24 Mar 07
It is convinient when you get a credit card, you do not need to bring so much cash when you go out which is safer ,and you can also buy something online or bid somethign in ebay which you may not be able to find it in local market. However, you may lose control when you are shopping becasue you do not need to pay cash, you may forget how much youcan really afford,and may end up with credit card debt at the end of the month, also there may be a risk of identity theft when shooping online.
@jengrin (947)
• Philippines
25 Mar 07
hey thanks for the response. Yeah that's one thing i don't like in a credit card, you sometimes lose control with your budget using your credit card. And aside from the fact that you have to pay for the interests. It may be safe unlike bringing some cash but it's hard to control.
• Philippines
23 Mar 07
I don't own a credit card and I don't intend to have one. Why? because there is greater disadvantage in having one. My budget will be derailed. The greater is my expenses, because of the interest carried into it. One advantage is the convenience of not bringing cash at all. I can do without a credit card. Others cannot because the feeling of wanting but not needing is very much strong when you have a credit card. Until finally you will realize in the end that you are already drowning with your debts.
@jengrin (947)
• Philippines
23 Mar 07
Thanks a lot for sharing your idea. maybe you're right if i don't want to wake up one day drowning with debts much better not to get at all. I'm not comfortable of buying in credits anyway. Again thanks!
@Jennifer21 (2476)
• United States
23 Mar 07
It has it's advantages and disadvantages. For one, you can buy anything you want with it, but, you have to pay it back and then some. You have to pay interest and that can get pretty exspensive. And if you miss a payment by a day, you get a huge fee added on to your bill. I'd say do not get one, I'm in debt over one right now.
@jengrin (947)
• Philippines
23 Mar 07
Thank you for your advise. I'm not really planning to get one but my friends says it's nice to have one. I don't buy If I don't have money so if I like something I wait until I have enough cash to buy it. I don't want to borrow money just to get what I want.
@moudas (259)
• India
14 Apr 07
once worked for American Express and we went through an extensive training on different types of cards. First, you can do a search online to get more information on credit and credit cards. Otherwise, there are two main types of cards: Credit and Charge. One you can make payments on and the other you pay in full each month. A credit card is a responsibility as well as a priveledge. It gives you freedom to "pay later" if an emergency comes up or if you need something and don't have the money right then. In example: you're waiting on your paycheck at the end of the week but you need gas in your car (this is ONLY an example) and groceries. A credit card will allow you to get both and then will send you a statement each month with a balance due, minimum payment due on that balance, and what purchases were made, your fees, etc.
@cutepenguin (6457)
• Canada
27 Mar 07
Having managed to accumulate credit card debt, I don't want to use credit cards anymore. I think I would use them while traveling just for convenience.
• Philippines
26 Mar 07
I have a creidt card and for me it's so useful everytime I ran out of cash. When I go shopping for clothes and grocery, I always use my credit card because I don't have much money at hand. But I always see to it that I could be able to pay it at the end of the month. I don't want the interest rate would be increasing that much. As much as possible, I would only purchase the necessary things because one disadvantage of having a credit card is you would be in debt especially if you would always purchase here and there. :)
@mschiqui (1284)
• Philippines
23 Mar 07
i dont know much of the advantages and disadvantages of having a credit card cause i dont have one..but as per feedback of some office mates and friends, there is a lot of disadvanatgaes than advantages they had experienced.They complain on some billed item, they dont purchased, and billing tah increases.
@susan50 (110)
• United States
23 Mar 07
Credit cards are very useful and come in handy when online. If used wisely, a credit card can have very good advantages and it's a life saver when cash is a bit short. You have to be very careful and conscientious when using a credit card. Most of them have high interest rates and could take forever to pay off. You can easily go very far in debt with them too, especially the ones that give a high credit limit. They can just as easily turn a good credit score to a very bad credit score in a short time. Personally, I like my credit cards, I only use them when I absolutely have to, then whatever is spent on them, I try to pay it when the bill comes in that way you don't have an interest charge to pay in addition to the payment.