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What is the advantages and disadvantages of a credit card?

This is the first time I m gonna apply for a credit card. I m still confused should i apply for a credit card or not???

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17 Responses to “What is the advantages and disadvantages of a credit card?”

  1. keepcm said :

    Good things: Shopping when you don’t have money. Being able to get things in emergency situations when you don’t have money. Internet ordering payment made easier.
    Bad things: THE INTEREST for this convenience makes it bad. Most credit cards charge big interest and it’s hard to get them paid off ever. BE CAREFUL!

  2. Hot Pink - yummy mummy to be said :

    there are no advantages – DONT DO IT! its a rip off and you’ll regret it!

  3. Jenny B said :

    Credit is crazy. It’s a Catch-22. You can’t easily GET credit, without HAVING credit. You should get one to build up your credit. but DON’T use it foolishly. Whenever possible pay off your entire balance each month so that you don’t carry a balance. Doing this regularly is the best way to drive your credit score up.

  4. Danny said :

    It has the advantage of helping you build a credit history. If it is used responsibly it is a very positive thing. The disadvantage comes if you overspend & cannot pay it back. You will pay a lot in interest & potentially hurt your credit rating.

  5. James said :


    you can get money when you need it
    you dont need to pay by cash


    if you spend over the limit on the card you have to pay it back

  6. H mom of 3 said :

    NO, I would tell you to not do it. Any time that you use your credit card to buy something you are living beyond your means. The only way that a credit card is beneficial is if you have the ability to pay it off at the end of each month. If you can’t pay it off by the end of each month, it’s not worth having. Also, if you do get one and you can’t pay it off at the end of each month you are actually paying double sometimes triple for that item that you charged. My husband and I have 2, one that we pay off each and every month, and the other stays locked in a safe for emergency use only. Also, if you do get one do not get one from Target, Sears, Home Depot, because you will end up paying over 20% in interest each month and would be a waste of money.

  7. pinklilywish said :

    I always think the disadvantage is your spending money that isn’t yours….but then again a credit card can be a hugh credit builder, a Bank is the best place to ask questions.

  8. Sharon F said :

    Adv: being able to purchase now and pay later

    Disadv: not being able to pay

  9. DOXTER said :

    Advantages of credit cards

    • Credit cards can work out cheaper than a short term personal loan.

    • Credit cards can offer a high degree of loan flexibility i.e you can pay the minimum amount or the whole debt.

    • No redemption penalties for early repayment of loan.

    • Many credit cards offer an interest free period.

    • Credit cards offer online purchasing power.

    • The key benefit to credit cards is really the added protection you enjoy when making purchases.

    • Many credit cards offer enticing additional benefits such as insurance cover on purchases, cash back, air miles and discounts on holidays.

    Disadvantages of credit cards

    • Cash withdrawals via ATM can be very expensive.

    • Credit cards offer readily available credit which can entice you into purchases you really can’t afford.

    • Credit cards do have weaknesses in terms of potential fraud, particularly when used online.

    On the other hand, credit cards can:

    1. Cost much more than other forms of credit, such as a line of credit or a personal loan, if you don’t pay on time.
    2. Damage your credit rating if your payments are late;
    3. Allow you to build up more debt than you can handle;
    4. Have complicated terms and conditions;

  10. laura c said :

    My advice to you is don’t get one, they will get you in debt,
    I should try the good old fashioned way and just save up if you need something! xx

  11. aztrain23 said :

    The advantages are that you can buy something now if you don’t have the money for it.

    The disadvantages are that you can buy something now if you don’t have the money for it.

    Don’t use it unless you pay it off EVERY month, interest charges aren’t worth it.

  12. leece said :

    there are no advantages, and the disadvantages is you have to pay it back plus more in interest so when you do pay, only a tiny amount of your money comes off and you pay more off your interest, its devastating when you see the balance. Dont get one.

  13. Alice D said :

    Having a credit card tend to make shopping easier, that will entice you to spend more.
    If you have discipline to pay out balance every month it is all good.
    If you can not do that, it can be bad to worse depend on how one use the card.
    High interest rate, over spending, penalty fee…once you start carry balance the cost of the card spiral up.

  14. Anthony M said :

    I have had Credit Cards for more years than I can remember, those that say there is not an advantage for having the card are wrong, if you need to shop on line, or over the phone, if you do not have the cash on you for that bargain you have just spotted, then the card comes into it’s own, however, if you are looking to, taking the CC for granted, then you are on a slippery slope, if you can always pay off your CC, every time the payment is due, without in curing any interest, that is the advantage, preferably by DIRECT DEBIT. (BUT REMEMBER,IT IS VERY EASY TO GET YOUR SELF INTO DEBT) use it for your purpose, not the Banks

  15. Kristen said :

    You should apply for the credit card. You should start building credit when you’re young (I’m assuming you’re young). It’ll be harder to get a car loan if you don’t have any credit history. If you do get a car loan the interest will be higher. Get a credit card, pay it off every month. Don’t charge so much that you won’t be able to pay it off in the next two-three months. Like everyone has said interest rates can be high (lower if your credit is good), so you’ll be paying a lot more for items if you’re allowing interest to build. Also, interest rates can and will go up if you miss payments. So if you’re responsible enough to pay off the card on time, then you definitely should go for it. Also, they’re nice to have in case of an emergency (like expensive car repairs, etc).

  16. heybulldog said :

    A credit card is good for nothing but getting into debt.

    Pay as you go.
    Live on less money than you make and you will have money. You can save up an emergency fund without payments.

    True, you can build credit. But, all thats good for is borrowing money and getting into more debt.

    The only time you might have to borrow money is for a home. You can do that without a fico score. It’s called manual underwriting. It’s not a sub prime loan. It’s the way loans where givin’ before all the fico score worship. You can get the lowest rates available.

  17. greg g said :


    If you get a intrest free one you dont have to pay anything for the durnation then every 12 months or what ever it is you can transfer the balance and have intrest free for the rest of your life…………….. more than less its well better than a loan!


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