The Pros and Cons of Having Credit Card

You might love your credit card or hate it but you really cannot deny its importance in your life nonetheless! Credit cards are the smart way of spending money but it comes with a fair share of drawbacks too! In this article, we talk about credit cards and all the pros and cons that come with having one in your wallet. At times people have multiple credit cards at the same time. Whilst there is no harm in having more than one card at a single time – it is best to know everything good and bad in relevance to credit cards.

Pros of credits cards

As per rule, we will first talk about the good things that come with having or owning a credit card. Let’s take a look at the benefits of owning a credit card.

  1. Purchase options

The first benefit of having a credit card is that it comes with multiple purchase options. This way you can buy things wherever and whenever you want to without worrying about how you will pay for it. You can always pay through your credit card and do not have to worry about paying in cash always.

  1. Avail occasional discounts

Shopping with credit cards means that your bank will offer you occasional discounts as well. You will get seasonal rewards and discounts on the purchases you make which are unlikely to happen with cash.

  1. Emergency payments

There are times when you do not have cash with you or do not have enough amount of money to pay. This is when you can use your credit card to make emergency payments in times of dire need.

  1. Zero tax payment

When you pay in cash for certain things like bills in the restaurants, there is always tax that is applicable on the overall expense. Using a credit card will definitely save you from this untimely tax charges on your payments.

Cons of credit cards

Fortunately, the cons of credit cards are much less in comparison to the pros but it certainly is not wise to completely overlook them. Let’s take a look at all possible cons that are associated with owning a credit card so that you are aware of the letdowns if you have one in your wallet as well!

  1. You can end up overspending

The fact that you do not have to pay right away in cash and you can spend as much as you want to without having to worry about the total bill (at least for the moment) can make you overspend on things that are actually not as important or worthy.

  1. The credit continues to pile up

The credit card means you are actually spending money that is on loan and you haven’t actually earned yet and you will have to pay it afterward along with interest. However, people who use credit cards tend to sometimes overlook this fact temporarily and as a result, their credit continues to pile up.


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