Today, many parents like to provide their children with the necessary money for them to purchase things they need while away at college or for children in high school to learn how to manage money. The problem comes in when they do not pay attention and rack up a huge bill and find themselves in real trouble or at least their parents now have... Read more
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The biggest pro to having a credit card is the ease of use. You can buy, swipe, and go. You no longer have to hold the line up at the grocery store writing a check. You can swipe your card and you’re done. This may one of the best reasons for having a credit card. Another great aspect of having a credit card is to be able to order online. Many people dread going shopping with the long lines and the time it takes to get to their favorite store, especially if it is an hour or so away. You can sit back, relax, and shop online at your favorite store. Credit cards are now offering many benefits to having one. You can get cash back or store up points and get free travel miles and much more. Another great aspect is the protection you receive that you do not have with checking accounts or cash. If someone makes a purchase with it, you will not be held responsible for it if it is lost or stolen. Check your rules for your credit card because some companies have a liability limit attached and a time frame to report it lost or stolen. These are just a few of the great advantages to having a credit card. Now here are a few bad things with having a credit card. One bad thing about credit cards is that if you can’t pay the balance every month you will incur high interest charges. If you make one late payment, some companies double or triple your interest rate without notice. Stay away from two-cycle billing. This is where they calculate your interest by every two months and not just one month. Check your grace period. This is the time they give you before they charge interest. Used to be 30 days now many have gone to 22 days. You never get any on cash advances. Transferring balances may come with a high fee. Check yours before you do this. Make sure no one gets your card number and security code because you could become a victim of identity theft. It has gotten easier and easier these days. With that in mind, the credit card companies have also beefed up their security as well. They are trying to stay well ahead of the cons. Well there are a few of the good and bad of credit card ownership. You will have to decide if this is for you. There are many advantages to owning one, which one is what you will have to do research on.
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