sincityq
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Pros:
If done properly, it allows you to establish your credit and provides a means of aquiring goods that can be paid for orver a period of time.
Cons:
If you have no self control to abusing it, a credit card can and will bankrupt your finances and place you in a fiscal purgatory. |
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ligiersaredevilspawn
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the only pros to a credit card are the ease at which they can be obtained and that they can seriously help boost your credit rating if you keep on top of them
credit cards are the most expensive way of borrowing money, consider personal loans or talk to the bank about overdraft terms. be aware aswell that many credit card firms are now contracting peple to a tie in period similar to mortgages to stop you jumping ship for better deals/0% periods with other providers. The charges are often stupid aswell!!! |
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kalee_dawg
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Pros is that you will have credit to buy things you want but cons is that they will charge you interest for loaning you that money.
Becareful and use that money wisely like cash. If you don't have cash.. than you won't be buying stuff.. |
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regiroux
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The Cons have been outlined above, the trick is to Pay off the Card each month, NEVER carry a balance! If you carry a balance, you might as well borrow money from Guido!
So, Pay it off every month, which means do not spend more than you can pay, and get a card with a low, or no annual fee, and pays you 1-5% cash on what you spend. |
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james.chorley@btinternet.com
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DEBT !!! |
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DazB11
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Pros are if you time it right you can make purchases and not pay for them for upto 6 weeks,cons are if you don't settle every month you will be charged interest.If you use them correctly and settle every month they are excellent,if you get silly and load them with unecessary purchases which you can't pay off,they can cause misery. |
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redunicorn
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Pros--You don't have to carry so much cash. You can buy online. You can make time payments for something you need now. It helps for emergencies such as car repair.
Cons--You pay big interest for the convenience. It is easy to borrow too much and have problems paying it back. If stolen, your finances are tied up. |
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zeus_daughter2
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pro builds your credit if you pay your bill in a timely manner
con interest and annual fees |
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jessigirl00781
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PRO: You can buy things and then pay them off, you can establish good credit if you pay on time and can help you buy a home/car in the future, If things get really bad- you can charge something to just get by
CON: If not paid on time you get fees upon fees and ruins your credit, Paying Interest on items you don't need, paying fees you don't need to if you spend just cash
One of the best things is that you can establish good credit. Once you have good credit....you can do almost anything. |
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Roxy
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There are plenty of cons and no pros unless you want to accumlate debt for the rest of your life. |
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icsowesmemoney
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THERE IS NOT ONE PRO ABOUT GOING IN TO DEBT, NOT A SINGLE ONE. THE CON'S ARE WAY TO MUCH TO LIST---
INTEREST
PAYMENTS
POSSIBLY LATE FEES
ANNUAL FEES
FEE FEES
AND MORE FEES |
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MR R SOLE
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interest rates, some are 30 apr... |
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austria_honeybunch
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Pro: get to buy things on credit con: you have to pay for your purchases a month after. |
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J.D.
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There are both pros and cons but it's relative to how you manage yourself.
The pros are that in today's world everybody needs a credit reference. Without it you may have to pay a premium in order to acquire high-dollar items. Many car-leasing companies will not allow you to rent a car without a credit card... even if you're paying cash. Credit card purchases sometimes have benefits like doubling the original manufacturer's warranty automatically.
The cons are that if you do not manage your finances and watch your spending and keep the charged balances paid off / current, that history can hurt when it comes time to buy a house, a new car, or anything else relevant to financing.
Best practice? Start off with a minimal amount with a good, reputable company. Only charge what you know you can pay-off at the end of the month in-full. Always mail your payment so it gets there on-time. Protect your card just like it was cash, because essentially it is. Guard your credit info carefully to prevent ID theft. Shred any statements, mail offers or personal data documents that you don't want to keep. |
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moonface
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pros-
1.dun haf to bring a lot of cash
2.u dun need traveller check when travelling
3.u can buy anythin' online
3.credit card company will reward you for using their card
4.u can cherish your love one-(taken from visa ads)
cons-
1.debts(no doubt about that)
2.u'll spend unwisely
3.u jz wanna buy anythin',everythin'
blah...blah...blah.. |
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mye77
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There are pros...if you pay the entire balance each and every month. Doing this, you will not pay any interest charges. At the same time, you will boost your credit score. There's also the opportunity to get cash back on purchases. I know people who buy everything with a credit card, pay it off monthly, and receive quite a bit of cash back annually from the CC company. |
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interface2008
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Credit cards are great, they give you money even if you don't have any and then when you maxx it out they increase your limit for the cold winter ahead (if you live south) so that you can spend even more money that you don't have, and if that's finnished you can always use your budget account wich will really kill you the next month, unless you opt for the pay over 5 years option with super high rates.
They are great if you don't use the budget faccility and can afford the monthly payback system.
Depending on credit card a visa with say a R3000(south african) limit, you will only need to pay about R200 every month on it. |
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ladyblackboots
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pros being able to get what you want when you want
cons having to pay it all back at the end of the month
it's better to save up for the things you want rather rhan skint yourself out paying it off out of your salary every month. At least you can say you own the things, not the credit card company. Sure youi want what you want, when you want it, but at the end of the day until you pay that balance off it aint technically yours. |
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Cool Girl-Asia
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Pro's
1.You can easilly buy what you want by using it without cash.
2. Convenient to use.Especially when you buy big amounts.
3. You can pay the same amount before due date.
Con's
1. It has annual dues.
2.If you don't have discipline in buying you may have a big credit.
3. If you can't pay for it before due date, You will be penalized an interest monthly. |
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mikec1452001
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Pro's- being able to buy things you really want at any time.
Con's- like what I did, starting to buy items that cost more than you make and telling yourself, as long as I pay so much a month I'll eventually pay it off. But then you buy more and more things. |
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toe poe gee gee oh
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Pro: Buy whatever you want now.Pay for Christmas and holidays. Prebook everything with a credit card you can reserve your hotel months in advance. Pay bills over the phone. Use to pay restaurant bills. If you keep your payments on time you build up more credit. You can keep credit cards for emergencys like medical, dental or airfares etc. Most credit cards have no interest if you pay in full in one month.
Con: You could be tempted to spend more than you earn and get behind on the payments and the interest never stops growing and you end up paying more for an item than it was worth. That $100 dinner could end up costing you several hundred. The worst case scenario:bankruptcy. |
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Shonsay
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Its a good way to get money fast for a big purchase. My advice would be to go for one which offers 0% interest on balance transfers for the longest time - some are around 9-12 mths. Once the 0% time nearly runs out, if you have not yet cleared the debt, transfer to another credit card company that offers 0% and pay off your existing credit card balance with it. That way you wont have to pay interest. Dont go mad with the credit card though. I would only use mine in an emergency or for a large purchase I would not use it for retail therapy ! |
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nep1293
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Pros- Dont need to carry cash around, build your credit for the future, ability to buy internet porn (not me),
The only con is if you're not responsible and treat it like free money. I use mine basically like cash, if I don't have enough to pay the purchase off i don't buy it. As long as you pay it off on time there really isn't any problems. If you let the interest start to pile on there could be problems |
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elmox
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there are pros such as ul have mon and u wont need to pay it till the end of the month but to be honest there are more cons. I got a credit card 4 years ago and i thought it was a brill idea. I certainly dont think that now i got myself into huge debt but i am lucky im finally getting rid of it now. the best thing to do would possible be to get a debit card at least u will then no the payment will be taken there and then |
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Keira
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I have never owned a credit card and have no desire to. But here goes...
Pros:
You can buy that thing you always wanted/needed that you can't afford now and pay for it later.
You can transfer balances from other credit cards to get better rates or no rates of interest.
The more you use and better you are at settling the bill, you get good credit ratings which can be very useful for all sorts of things.
Cons:
It can become addictive, many get into debts by buying way over their limit, and haven't got a chance of paying back, very easy to do.
The interest rates can be riddiculous
My advice is stay clear of them. You can get credit in otherways but credit cards are lethal. I know someone who has over £30K or $15,000 if you are american in debt at the grand age of 24 yrs! My motto is spend what you can afford, if you can't afford it in real cash, then save up until you can. Hope this helps. |
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Jack L
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If you can keep one without getting seriously in debt then your a pro, cos basically the whole things a con, |
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pi3141
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up to 56 days int free credit
Convenience
Easy to manage - especially with on-line banking
You can pay for things over thphone, net etc such as cinema or concert tickets
Some cards give you special offers such as 1% cashback or air miles or Nectar points or support charities
Bad points - make sure you pay on time and be disciplined in your spending.
Try and stick to just 1 credit card |
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