Phone Places That Dont Care About Your Credit When Financing Advantages and Disadvantages of Credit cards

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Advantages and Disadvantages of Credit cards

A credit card is an automatic advanced card, when you use it, you can get the goods you bought without paying for it. Credit cards are a widely used source of convenient credit for restaurants, hotels, mail order, on-line shopping, gasoline stations, grocery stores, dental and medical care, church markets, as well as telephone and television advertised products. There are many advantages and disadvantages to using a credit card, but the consequences of misuse can be harsh and painful.

advantage

Credit cards eliminate the need to carry large amounts of cash

If you’re away from home without cash, you can often get a cash advance or have the option of buying a traveler’s check with a credit card.

Questionable places of personal checks often take credit cards.

Credit cards act as short-term loans if you find something that’s a deal and don’t have the cash or balance in your checking account to pay for it.

If you move to a new place, credit cards give you purchasing power until you establish yourself as a good risk in the new community.

If you charge an item or service that costs $50 or more in Colorado (or within 100 miles of your home) and later find out it doesn’t work or has other problems, you can stop payment from the credit card company if you’ve tried. said Resolve problems with merchants.

If you use your credit card for purchases and your ATM card to get cash, you often get the best exchange rates when you travel to foreign countries. Check with your card issuers about surcharges before you go on your trip. A two to three percent surcharge can eliminate this advantage.

Credit cards can help coordinate receipts for tax purposes.

Billing against checks is reduced to one monthly bill.

Disadvantages

Some people have been scammed by giving their credit card numbers to unscrupulous salespeople over the phone.

It becomes a loan when the credit is due and you don’t pay for it.

Adding monthly interest charges means paying more for goods and services.

Consumers often have more than one credit card and each has a credit limit. When the credit limits for all the cards are added up, the total can be in the thousands of dollars. Consumers may get into the habit of using credit cards to increase their income.

Even when a loan from a credit union, bank or other financial institution can provide funds at a lower interest rate, using credit cards is easier than applying for a loan.

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