Are you now caught up by the so-called “credit card era”? It seems to be on everybody’s lips today. Almost no problem is unsolvable with credit cards. Are they all that beneficial to us, or is it just a facade to conceal their identity? Let us try to assess the pros and cons of having such cards to find out what they really are and what they can do for our financial status. Which do you think outweighs the other?

Pros

- No need to carry heavy cash all the time! Carrying so much cash whenever you go out increases the chances of robbery, misplacement, and the like. With these plastic cards, you are safer when it comes to carefree travel and shopping.

- Totally a lifesaver! Close your eyes and put yourself in a position where you are shopping at a mall with all your desired necessities and suddenly you realize that you do not have enough cash on hand! In times like these, there is only one thing to turn to and that is your credit card!

- Losing cash is far different from losing a plastic card. Whenever a card is lost, you can just inform the bank about your situation and the bank will then be responsible for freezing or blocking your account.

- Absolutely everywhere and anywhere!

- Loans are made much easier to process!

Cons

- Not everybody can have one. You need to meet the eligibility criterion to own one. Unfortunately, to increase sales, companies and private banks are now giving away these cards even to those who meet only the least of the terms and conditions.

- These plastic cards charge the highest interest rates, especially for loans! The more you withdraw, the higher the interest rates become.

- The incentives are just lures. Once you get used to these “lures”, you are already in a very big, hard-to-fix mess!

- It is so addictive! People use it even for unnecessary purchases that can very well be avoided if you never owned a plastic card!

- Debit cards are not always for debit. They can also be used for credit and mind you, banks still do charge fees with this kind of credit cards as well.

Before getting yourself one of these plastic cards, it is wise to seek consult from an expert. Know the interest rate, rebates, monthly and annual payments. Brand names are just brand names so do not get carried away in an instant. Decide when you are ready to decide and not because you are doing it on impulse.

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