Take a look around whenever you are out shopping or at a restaurant. Do you notice how many people no longer use cash or checks? It 's virtually everyone!
Just think about that VISA commercial where everyone is using their credit card, and when someone decides to pay with cash, everyone looks at him as if he 's from another planet. Yes, that 's the power of plastic.
Credit cards have quickly become the fast and convenient way to pay for everything, from parking tickets to online purchases. With one easy swipe or the punching in of a few numbers, you can make a major purchase now and pay for it later in monthly installments. It 's that easy.
But everyone has also heard horror stories about credit card usage. Some people are thousands of dollars
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Here are a few reasons why credit cards can be good for you:
You can purchase expensive products and services now and pay for them over time. These can include student loans, cars, furniture, electronics and even a home.
Credit cards are much easier to deal with and carry around than a handful of dollar bills or a bulky checkbook. When you 're in a rush, credit cards come in super handy.
You can make purchases online, such as for plane tickets, hotel reservations, or car rentals, without having to go to the business or speak to a representative in person.
You can make payments online without having to send a check. If you decide to make a payment on a business website, all you have to do is input your credit card information and the business will charge your account.
Many credit cards come with extra benefits, such as discounted gas purchases and hotel reservations, and they may even offer cash-back bonuses, frequent flier miles, and
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If you don 't have enough money in your checking account, you can use your credit card to pay for an expensive emergency, such as replacing a flat tire, paying for a hospital bill, or buying a ton of school textbooks.
You can establish a good credit history. As long as you always pay off your minimum payment requirements and make them on time, then your credit history will remain on good terms. Then you will be more financially set for future credit card purchases.
The Bad and Worse Side of Credit Cards
Credit cards can be a financial blessing, but they can also be a credit history curse. Just as there are many good reasons to get a credit card, there are also many things you should try to avoid when you use them.
Here are some of the bad aspects of credit cards:
High interest rates and fees can pull you deeper into debt. Every time you make a credit card purchase, your future payment for the purchase will have an added fee attached to it. If you rack up too many expensive purchases, you might end up paying double the original price. You should always choose a credit card with the lowest interest
No one likes a bad credit score and many people put a lot of effort in managing their scores in a better way. However, many times, willingly or unwillingly, they make mistakes that negatively affect this number. Such mistakes have long-term consequences and if not rectified properly, can adversely affect your credit score. And it will take a long time to improve once it goes down for any reason.
Improving your credit score can be a difficult and frustrating process that takes plenty of patience. It is important to build strong financial habits that will increase your score over time. When you find yourself dealing with credit from the past, this process becomes even more complicated, but this is when it is most essential to take charge and begin to work on these steps.
Credit cards are something that are almost needed in everyday life now, as most dont have the money available to purchase a car or house and so need credit, thus needing credit cards to help build that credit. Those cards are hard to handle, and receiving applications in the mail daily, and commercials appearing on television don’t seem to make the struggle of staying away any easier. This starts to spark an interest. So people begin to think, "I think I 'm responsible enough to get a credit card, I 'll only use it for emergencies." Then the application process begins and it may take a couple times to finally be approved for one. This only makes it worse, of course, because realizing how long a credit card wasn’t applicable to life, but now
pay with your credit and debit cards without having to take them out of your wallet. This is one
When choosing and selecting a credit card it's important to remember that your introductory rate will only last for a specific amount of time before increasing. This change usually takes effect after six months to a year. Many consumers are attracted to theses low-interest rates unaware the issuer will later increase their rates. I think it's also important for credit card holders to know how to avoid paying interest on purchases. Unaware of these charges, consumers can quickly acclimate fees. They will not charge you any interest on purchases if you pay your entire balance by the due date each
Credit card debt, can be easy to get into, but yet can take years to get out of. Credit card usage has become an increasing occurence in the 21st century for any person above the age of seventeen. Carrying cash has become uncommon for the average man or woman and unlike cash where someone is limited to only what they have in their wallet, credit cards can have upwards to thousands of dollars on them. Granted, there are great things about owning a credit card. For example, in case of an emergency and there is not enough cash to cover the expense, a credit card can be a great back up plan. However, with all the positives there are negatives, the biggest one being, a person can wind up in debt. Thus, credit debt is an individual’s fault, derived
We all need money to buy commodities and meet other needs. This is the reason why you need to need to build your credit score. You will note that if you have a bad credit score can hinder you from getting money when you need it. There are instances where you can access a loan when your credit score is poor. In this case, you might repay the loan with a high interest.
The Importance of Building Excellent Credit What is credit and why is it so important. In short, credit is borrowing money from lending institutions to purchase items we do not have the cash for. Unless you have a substantial amount of money saved up, you will need credit at some point in your life. Not only will you need credit, but you might want to have excellent credit for the lowest possible interest rate. Additionally, credit scores are important; credit scores are the difference between individuals paying hundreds of dollars versus thousands.
and get the card in your name with no intention of making payments. Credit card
It doesn't take a great deal of effort to derail your credit but it takes a great deal of effort to build it up. Beginning the process at an early age gives you a head start over many others who will find themselves in trouble by not being as financially prudent as you will be.
When it comes to convenience credit outweighs cash. It’s always easier just to pull out a card and swipe rather than pull out cash and should give exact change. Swiping a credit card is also less time consuming which can be convenient when running low on time. Credit also lets you keep track of your transactions, that way you know where your money is going. I know personally that keeping track of my
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore.
If we don 't have credit cards, we can’t build our credit history. If we don 't have a credit history, we aren 't allowed to buy cars or houses with low monthly payments. Having credit cards is a cycle in life because without one thing, we can 't have the other. When people have credit cards they have to use them. It doesn 't help that banks offer many credit cards to people, ending in high debt. Banks also encourage low monthly payments. If people pay low monthly payments, they will never end up paying their credit card debt off. They will probably end up paying for the objects they bought, two or three times. People aren 't forced to pay high monthly payments in order for it to take longer to pay the card off. If it takes longer for a person to pay a credit card debt, the credit card companies will be making a lot of money. I can definitely say I have experienced this because I am always offered to get a credit card. There are many stores that carry their own credit cards, and offer them for their customers. Offers are tempting and they can add to a future of credit card debt.
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question we might ask ourselves is what is a cashless society? What are the implications of living in a cashless world?