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Credit card pros and cons

Most of us have a credit card, but are they really all they are cracked up to be? Here we take a look at the pros and cons of having a credit card…

The plus points

Credit cards are very flexible – you can pay only the minimum amount outstanding or you can pay your balance off in full
You get an interest-free period on purchases, which can be around 56 days’ if you time it right
You have the freedom to buy remotely, such as online
If you are looking for short term borrowing, credit cards can work out cheaper than a long term personal loan as you pay interest only on the remaining debt and not on the whole loan amount You will also have no early redemption penalties which you get when you pay a personal loan off early
you get many additional benefits, such as free travel accident insurance, cash back, discounts etc

The negative points

if you use your credit card to withdraw cash, it will be expensive as you are charged interest from the day you withdraw it
it is easier to get into to debt as paying with plastic is not like paying ‘with real money’
you may not be able to get the amount of credit that you want
credit cards are more open to fraudulent use

Credit Cards Rate : pay as you go credit cards ... allow card holders to collect a set number of points for every pound spent ... generally work is that when you take out a charity credit card with the credit card provider, the charity

Credit Card Application : top credit card rates ... (debt negotiation) – debt settlement is a process whereby most creditors will agree to accept less than ... are several companies who don't charge this fee, so look out for this benefit when choosing cards

Best Credit Card Company : credit cards ... if they pay off their balances each month, they are not paying interest anyway ... use your credit card to withdraw cash, it will be expensive as you are charged interest from the day