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Advantages and disadvantages of using credit
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Advantages and disadvantages of using credit

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  • 1. Advantages to using Credit Cards Convenient payment tool Useful for emergencies Often required to hold a reservation Able to purchase “big ticket” items and spread out payments Protection against fraud Opportunity to establish a positive credit history Online shopping is safer than using a debit card because of the Fair Credit Billing Act protection Possibility of receiving bonuses, such as frequent flyer miles or cash rebates Advantages
  • 2. Disadvantages to using Credit Cards Interest can be costly when a balance is revolved Additional penalty fees may apply Tempting to overspend Risk of identity theft Responsible for lost/stolen cards Applying for multiple accounts can lower your credit score Disadvantages

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