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You use a 3-1/8 by 2 1/8 plastic identification and information card to charge purchases or services to your account. The credit card company sends you a monthly bill. It also usually charges an annual fee and interest fees on purchases and cash advances.

Advantages of a credit card:

These are the 8 advantages you get out of your credit card:

  • 1. Avoiding the risk of carrying cash. For large purchases, you do not have to withdraw a large amount from your bank and carry it around while shopping because you run the risk of being robbed. A credit card is easy, convenient, and safer than carrying so much cash in your bag or pocket.

  • 2. Avoiding inferior products. If you purchased a product and find out that it doesn’t work as expected, and the seller tells you they will just replace it, or they assure you that it is under warranty, don’t waste your time. Send a letter to your credit card company that you are not honoring and will not pay for the transaction. Then tell your seller that they could get their product back and return the charge slip you signed. Don’t waste your time taking the inferior product several times to the shop for warranty repair. That’s how easy it is to reject a product that has not delivered its marketing promise.

  • 3. Keep Records of your expenses. Aside from official receipts, credit card statements make a good record of your expenses.

  • 4. Cash Back and Rewards Points. Most credit cards have a rewards program that you will find useful in your store transactions.

  • 5. Convenient Online Purchases. Some credit card companies have begun issuing extension cards exclusively for your online purchases. This separates your online purchases from the purchases done with your main credit card. This card usually has a smaller fraction of your total credit limit.

  • 6. Building a good Credit Standing. If you use your credit card properly, you will improve your credit score/ credit rating in the financial community. If you have a high balance in your credit card you lose your credit score points. Having a good credit standing entitles you to higher loans.

  • 6. Cash Advance. You could get some cash from your credit card. Just stick it into your ATM machine and key in your pin; or go inside the bank and file a cash advance at the counter.

  • 7. Cash Advance. You could get some cash from your credit card. Just stick it into your ATM machine and key in your pin; or go inside the bank and file a cash advance at the counter.

  • 8. Other Benefits Most cards offer other perks such as travel insurance, extended warranty plan, roadside assistance, travel planning, international travel emergency assistance and even personal concierge services. Take the time to look through the fine print that came with your credit cards. You’ll probably find a few features that could be useful.

  • Disadvantages of a credit card:

    Your credit has certain disadvantages, too. These are the 8 disadvantages of using a credit card.

  • 1. Fraud. There are a number of theft and fraud that are committed using cards – whether your card is stolen or not. Be vigilant.

  • 2. Overspending. A credit card is a risk for going into debt.

  • 3. High Interest Payments. Your monthly bill has a monthly interest fees.

  • 4. Annual Fees. On top of the monthly interest fees that your bank earns from you, you are also charged an annual fee. If you have multiple credit cards, you will be paying multiple annual fees.

  • 5. Late Payment Penalty. If you miss the payment due date, the bank charges you a high penalty.

  • 6. Cash Advance Fees. Interest fees on your cash advance are a lot higher than the interest on your monthly purchases.

  • 7. Error with the Monthly Statement. Yes, it happens. So check your statement against the receipts. If you find an error, inform the credit card company promptly.

  • 8. Lost card. Don’t lose your card. Be careful the finder could use it illegally. But if that happens, inform your credit card company promptly.

  • Having multiple cards also has advantages and disadvantages. It is difficult to track purchases and payment dates for multiple credit cards unless you have an efficient monitoring system. You have to know your own needs and decide if having many credit cards is actually helpful or not.