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Advantage & Disadvantage of Credit Card
Manage episode 329630885 series 3346141
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A credit card has become an indispensable part of our lives, with its ease of use and convenient pay-back options. The discount offers and deals that a credit card offers are unmatched by any other financial product and spell a bonanza for the wise user. However, credit cards can become debt traps if not used correctly, or if you spend more than you can repay when the bill comes around.
Click on the link to know more about the advantage and disadvantages of credit cards: https://karannegi2.blogspot.com/2022/05/advantages-disadvantages-of-credit-card.html
If you’re new to the world of credit, here’s a list of the advantages and disadvantages associated with your little plastic card.
Benefits of Credit Cards:
1. Easy access to credit:
2. Building a line of credit
3. EMI facility
4. Incentives and offers
5. Flexible credit
6. Record of expenses
Disadvantages of Credit Cards:
1. Minimum due trap
2. Hidden costs
3. Easy to overuse
4. High interest rate
5. Credit card fraud
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