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Merits & Demerits of Credit Cards

Are Credit cards good or bad? It depends on the ways of using them. First of all we will say about the good side of Credit cards. Credit cards ensure & allow you to make large amount of payments up to as much as millions of dollars. This is so for most laws in all states do not allow persons to carry a lot of cash with them but to use cheques or other means of payment. By this way credit cards serve is used as the alternative method that facilitates you to make such payments.

Credit card has another advantage. Online transactions are allowed to carry out by credit cards. This is very good especially when you want to travel you can pay for services such as car rentals and hotel accommodation before leaving for your travel destination. When you are traveling to abroad then your credit card will allow you to make purchases in that country as the funds in your credit card can be converted into the currency of that country using facilities such as VISA. That means you will be able to carry on making your payments as if you where still in your country. This is one of the important media of global exchange.

Your recreation can be possible through using Credit cards as payment. Such as pizzas and other takeaways, you can pay for items. Even in a casino, you can also use your credit card. In order to buy chips so you can gamble, casinos allow you to withdraw your credit card funds. After winning, you can have your money deposited into your account thus making it convenient for you for you do not need to handle any cash.

Now we will say about the bad side of credit cards. Credit cards make money look as though it were virtual. That is why most people are able to make huge payments when using a credit card of which if it were cash they will be able see that the money they are using is too much. This is one of the reasons why credit card holders are usually big spenders.

All your funds can be withdrawn that is also allowed by Credit and even you can get an overdraft such that your account goes to negative. This will mean that every month end you will be having a debt. This can be a problem for some people. This becomes a cycle such that either you cannot cover the deficit each time you pay or new funds get in they will be taken up by the negative balance so what you do is take another overdraft again. This can get so much out of hand such that such persons will start to sell some of their property just to offset some debts and in no time their lives will be ruined.

From the above analysis, we can conclude by saying that credit cards are good but Credit card owners’ cards have to exercise extreme responsibility. It should be noted here that, you must fall into a huge debt if you fail to budget that you will be unable to handle and you ruin your relationship with your bank. It’s very important thing.

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