Are Credit Cards My Best Option? – Benefits and Disadvantages of a Credit Card

Are Credit Cards My Best Option? What Is A Credit Card? A credit card is a plastic material, offered by banks or financial services companies, that lets users borrow funds to pay for items or services with merchants that accept credit cards as a payment option.

Are Credit Cards My Best Option?

That is to say, with a credit card, you can buy items without cash. a credit card can be your best option especially if you want to build a credit history. If you pay your balance in full monthly, it will help you build your credit history. A credit card is not for everyone. There are eligibility criteria needed to get approved for a particular card.

With a credit card, if you fail to pay off your debt each month, then get ready to pay for extra charges.

Are Credit Cards My Best Option

A CC can be your best option, looking at the massive benefits and perks that come with it. a credit card allows you to borrow funds that must be repaid. Getting it also gives you chances to build credit, especially if you don’t have a credit history. There are lots of credit cards out there that help people with no credit build or improve their credit history. You can apply for any of them, to begin with.

 Reasons To Have A Credit Card

There are lots of reasons why you will need a credit card.

  • Gives cardholders confidence to shop. As a cardholder, you’ll have this confidence whenever you want to shop. This is because your credit card is ready to pay your bills.
  • Cardholders get rewards, bonuses, points, cashback, and miles with most credit cards once they make eligible purchases. Find out more reasons to own a credit card in the benefits section below.

Benefits Of Credit Card

Find Out the benefits of using a credit card.

  • When you have an excellent credit report, you can buy a car, or house and also get the best interest rates.
  • credit card offers free insurance
  • It helps to protect your money.
  • Enjoy sign-up bonuses, with most credit cards.
  • Receive frequent flyer miles on qualified purchases. Cardholders earn miles light purchases.
  • It gives members peace of mind, with free additional consumer protection.
  • Provides amazing cashback. Some credit card comes with cashback rewards when they make purchases using the card.
  • Offers cardholders reward points on eligible purchases with the card.

Credit Card Disadvantages

Below are the disadvantages of getting a credit card

  • Some CC offer with an annual fee
  • Some businesses apply a surcharge when you pay using a credit card.
  • If care is not taken it can lead to overspending
  • Some come with high rates of interest
  • Gives you credit damage when you miss repayments.
  • Some fraud schemes attack credit cards.
  • Some credit cards request cashback fees and rates.

These are the disadvantages of using a credit card.

How Do Payments On A Credit Card Work

How does payment on a credit card work? Cardholders make purchases within their credit limit, and the bank that issued the credit card will pay the merchant, with the mindset that the cardholder pays back to them the amount plus the charges agreed.

Using a credit card to make payments is very easy. All you need is to know how to access your account and make a payment, after selecting the items you want to buy.

  • visit your search tool and search for the credit card
  • Locate the credit card homepage
  • Find the login box and hit on it.
  • Provide your login details.
  • Then click on login.
  • Find the pay/payment button and tap on it. Then provide the information required such as your account number, SSN, date of birth, amount, etc. Follow the onscreen directives.

Best Credit Card For Personal Use

Here are the best credit card for you

  • Blue cash everyday card from American Express
  • American Express Cash magnet
  • Capital One Quicksilver Cash Rewards.
  • Credit One bank platinum rewards visa.

These are some of the top credit cards best for you.

 Best Credit Cards To Build Credit

Here are credit card that helps users build credit

  • Discover it secured
  • Deserve Edu MasterCard
  • Petal 2
  • OpenSky secured Visa credit card
  • Discover it student cashback
  • Capital One Platinum
  • Discover it Student Chrome.

The above list is the top credit card best for building credit cards.

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