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By: Usama Khalid

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In this picture we can see the advantages that come with the usage of credit cards also known as incentives. One can receive air-miles which are redeemable for vacation purposes. You have retail discounts that can be accumulated with the usage of the credit card. And the dollar bill represents the cash back one can receive from making credit card purchases. I really appreciated this visual as it is simple, but reminds the audience of some of the perks that come with using a credit card.

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This visual is quite symbolic of credit card debt. Credit card debt is a big disadvantage of using credit cards, and arises if not used carefully. As some of the other websites we have researched have mentioned that overspending on credit can lead you to unpaid bills. If your bills are unpaid then you will most likely accumulate interest. And all this can cause a person to overwork themselves, and take burden on there lives financially. In this picture we see a person struggling to a carry a credit card on his back. The credit card represents the debt, and the person struggling represents his effort to pay back the huge bill of the credit card. This picture is great in giving people a perspective on how hard credit card loans can be to pay off; And to be careful when using a credit card.

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This picture can mean a lot of different things to different people. In my eyes this picture reminded me of some credit cards having hidden fees, or annual fees which can be a disadvantage. When we sign up for credit cards sometimes we over look the fine print, or the hidden fees. Due to this bad decision we tend to get trapped into paying these fees. Therefore one should do some research, and make a suitable decision before signing ups for a credit card.

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This video is great in providing a visual to represent the advantages, and disadvantage of credit cards. It elaborates on how a credit card is like an open ended loan. It increases you spending power as you have more money to spend then you may currently have. In times of emergency you have an instant loan you can depend on being your credit card. But again you do not want to overspend using your credit card, as the interest rate charged to a late fee is directly connected to how much you owe. So the more you owe the higher the interest. If you pay your full bill at the end of the month you will avoid interest, and increase your credit score. A credit card also helps you avoid theft as you would not have to carry money around. If someone steals the credit card, and makes unauthorized purchases, you can talk to the bank to settle your balance. A useful tip retained from this video is that one should keep there balance below of there what 30% of the credit limit would equal to. This will make you look good in terms of the banks perspective, and will make you avoid debt.

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Benefits of Your Credit Card brought to you by LendUp

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In the world we live today we have many substitutes for money. A credit card is used as a popular form of payment in today's day and age. In discussing this topic I will focus on the advantages, and disadvantages that come along with the usage of credit cards, and how to optimize the use of a credit card.

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Credit Card Canada is a great site that has amazing content regarding the usage of credit cards, and its advantages. According the website the Canadian Bankers Association stated that there are about 76.3 million credit cards in use within in Canada. I found this statistic quite eye opening as thats a drastic amount of people only within Canada who use credit cards. With the use of credit cards comes it advantages some being:
1) Sign up bonuses
2)Interest free periods
3) Discounts/promos
When one signs up for a credit card you can receive sign up bonuses such as discounts or cash back at specific stores. Some cards come with an interest free period for a certain time. During this time a person does not have to pay interest on there balance, until the interest free period is over. You can also receive discounts when you use specific credit cards at some retail stores, as it is a perk of some retail credit cards. This website really opened my eyes in-terms of how one can optimize credit cards for discounts. And that you should sign up for certain retail credit cards that offer cash backs, and discounts.

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When it comes to credit cards, there is no shortage of choices for consumers. According to the Canadian Bankers Association, there are 76.3 million Visa and MasterCard cards currently in circulation in Canada. Credit cards come in all different shapes and sizes - there are standard credit cards, premium credit cards, and retail credit cards to name a few.

It should come as no surprise retailers are looking to cash-in on the lucrative credit card business. Retailers can conveniently flog their credit cards at booths when you're shopping in their stores. While retail credit cards offer a way to save money at your favorite store, those savings come at a cost.

Advantages of Retail Credit Cards

Sign-up Bonuses: Signing up for a retail credit card can be an excellent way to score a discount at your favourite store. Often you'll a discount on your very next purchase just for signing up. As long as you use your retail credit card responsibly and pay your balance in full by the end of the grace period, this can be a great way to save.

Discounts & Promos: It's common for retail cardholders to get additional discounts or special offers. For example, you may be able to take advantage of an "additional 5% off" when you use your retail card during a sale. Just remember to stay on budget and don't buy more than you can afford to pay back.

Interest-Free Periods: Retail credit cards sometimes come with an interest-free period. For example, you might not pay a cent of interest over the first six months for when carrying a balance. This can be an excellent way to manage your cash flow, as long as you pay off your balance in full before the interest-free period is over. If you don't pay it off beware; interest will be calculated from the date you made the purchase, which can cost you a pretty penny, especially with the higher interest rates retail credit cards often carry.

Disadvantages of Retail Credit Cards

Credit Limit: While standard credit cards often reward you by offering you a higher credit limit, retail credit cards usually start you on a lower credit limit. For example, if your credit limit is $500, and you carry a balance of $250, your credit utilization will be 50%, which could lead to a lower credit score. If your credit limit only $500, you may only be able to spend $150 a month (30% of your credit utilization) without putting your credit score at risk.

Interest Rates: Retail credit cards usually come with higher interest rates. While the interest rate is 19.99% on a typical credit card, retail credit card interest rates may be as high at 30% at your favourite store. If you don't pay off your balance in full before the end of your grace period, be prepared to pay through the nose.

If you carry a balance of $5,000 and only make the 3.0% minimum payments each month, it will take you over 18 years to pay off your existing balance at an interest rate of 19.99%, but if the interest rate increases to 30%, it will take you over double the length of time - to the tune of over 44 years.

Credit Score: Building a good credit history is important for your financial health, especially if you want to borrow money to purchase a house or car. If you're looking to build a positive credit history, there are better ways than a retail credit card. Retail credit cards typically have less of an impact on your credit score than standard credit cards. Although a positive payment history will improve your credit score, retail credit cards typically don't carry as much weight as a major credit card.

Limited Usage: Retail credit cards usually don't come with the same flexibility as standard credit cards. Those used to using their credit card at any retailer of their choosing could be in for a rude awakening. Retail credit cards can usually only be used at the store that issued the card. For example, if there's a sale on flat screen TVs at retailer A, but your credit card is for retailer B, you won't be able to take advantage of the sale.

Out of Sight, Out of Mind: With retail credit cards, the temptation to overspend is even greater than standard credit cards. You'll often receive rewards and discounts just for making purchases. If you don't carefully watch your spending you could end up with a balance you won't be able to pay in full at the end of your grace period and be forced to carry a balance. A good rule of thumb is to only purchase what you can afford to pay in full; you should also try to keep your balance to less than 30% of your available credit.

The Bottom Line

If used responsibly retail credit cards can be an excellent way to get a deal at your favourite retailer, but if you carry a balance, watch out - the interest rates can be as high as 30%! While retail credit cards can be beneficial if you like to shop at a certain store, they frequently have limited usage; often they can only be used at the store that issued the card. While retail credit cards are a good complement for standard credit cards, they're not typically suitable as a replacement.

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The Pros and Cons of Retail Credit Cards, CreditCardsCanada.ca

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When it comes to credit cards, there is no shortage of choices for consumers. According to the Canadian Bankers Association, there are 76.3 million Visa and MasterCard cards currently in circulation in Canada. Credit cards come in all different shapes and sizes - there are standard credit cards, premium credit cards, and retail credit cards to name a few.

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This video educates a person who may be shopping for a Canadian credit card on some of the best credit cards in the market, and there advantages:
1) Tangerine Credit card:
The advantage of this card is it's no annual fee's,  and 2% cash back
2) American Express Simply Cash:
Offers a 1.25% cash back, various sorts of insurance, and pre concert purchases
3) Home Trust Preferred Visa: No annual fee's, 1% cash back, car rental insurance, and free road side insurance (great if you travel a lot)
4) Scotiabank Scene Visa card:
Scene points on day to day purchases. The scene points can be redeemed at Cineplex movie theatres for free movies, or discounts on snacks, some restaurants excepts scene points as well.
5) Rogers and Fido Mastercard: Rogers MasterCard :1.5% cash back when using card in foreign country, 1.75% cash on national spending (CAD) if you have fido, rogers, chatr bill then you have no annual fees
Fido: 1.5% cash back, cash back  is given in the form of paying off a phone bill

This are some of the best credit cards within the Canadian market. When signing up for a credit card these cards offer amazing incentives which is a big advantage to some of these credit cards. This information is quite useful as it will be able to educate you in which credit card is the best suitable for yourself.
P.S  ( This videos information was backed up with links in the bio of the video. I double checked to make sure the information was accurate)

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A credit card has its advantages, but it also comes with some disadvantages that one should be aware of. This website educates one about the downfalls of a credit card, and how to avoid them. Some being:
1) Overspending
2) Increase Debt
3) Damaging Credit History
These disadvantage are some what linked together. When people have credit cards with a big limit on them they feel they can spend as much as they want to. At the end of the day you should be able to budget your credit card usage as your are responsible to pay your credit card bill at the end of the day. If one overspends, and are not able to pay off your bill you accumulate debt. And your debt will grow if you do not pay it off due to interest rates on credit card bills. Some cards charge an interest rate between 10-35% which is a staggering percentage of interest. Now if you do not pay off your debt your credit history is affected. Everyone has a credit score asscoiated with there credit spending. And if one is in debt to not paying there credit bills your credit score will be affected. If you have a low credit score it affects you ability to qualify for loans, financing cars, and mortgages. Therefore, one should always pay there credit bill at the end of each month.

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The interest rates paid by credit card users can be as high as 35%! With such high interest rates, if you carry a balance, by the time you pay off a purchase on your card, you may have paid several times the sale price. Unfortunately, most credit card holders don't realize this and aren't looking at both the advantages and disadvantages of using a credit card.

Having a credit card is a great way to pay for something when you don't want to carry cash, but the lasting effects can be more troubling than you think. Check out some advantages and disadvantages of credit card usage below. You'll be able to determine whether using a credit card is in your best interest or not.

Credit cards are a great convenience for the majority of people. They also happen to be very beneficial in many situations. The upsides of credit card usage are the reasons they have become so common among most people around the world. Here are the advantages:
1. It's convenient.
Credit cards were originally created as a replacement for having cash on hand. With a simple swipe of a card, you can purchase something whenever you want. This method of using a credit card has become more convenient than carrying around a ton of cash everywhere you go. The use of credit cards has also made it easy to make purchases online or over the phone. Now instead of driving to a store, you can make a prompt purchase without leaving your home.
2. It protects your purchases.
If you purchase anything with your credit card valued at $100 to $30,000 it will be protected in the occurrence that you don't receive your order, or if your purchase is lost or stolen. In many cases, you can qualify to receive a complete refund from your credit card company.
3. It builds credit history.
Having a constructive credit history can lead you into many future advantages. Showing your responsibility by paying your bills on time and not being overdue will allow you to apply for loans, insurance coverage, car or home financing or even a job. By being a reliable credit card holder, future lenders will be able to commend you for your actions and provide you positive accommodations.
4. You can use them in emergencies.
If you're ever in a situation where you need money immediately for an emergency (for example, to make home repairs or pay medical bills), you can count on credit cards to be by your side. The quick access to money to will provide insurance that you may need in case of an emergency.
5. Point rewards and other benefits.
Being with a certain credit card company can lead to other benefits in your favour. Many credit cards provide further benefits such as discounts for certain stores and point reward systems. If you pay off your bills in a timely manner, you can actually save money by using rewards points.

Although there numerous advantages to owning credit cards, the negatives can outweigh the positives. Credit card can be extremely damaging to your financial state if they are not used correctly. If you plan on using a credit card here are a few reasons why you should be extra cautious:
1. It's easy to overspend.
Most people think that since they have a credit card they can spend whatever and whenever they want. That isn't always the case, especially when you don't actually have the money to pay your monthly bill. At the end of every month you should pay your entire credit card balance (that means paying off everything you bought that month!)

If you overused your credit card, then you won't be able to pay your bills on time, and you'll be paying hefty interest rates. It's important to budget your money and make suitable decisions when deciding which items you can afford and which you can't.
2. It can lead to severe debt.
Not being able to pay back your bills each month can quickly spiral into debt. Once you are piled in debt, it can be difficult to climb out of without severely limiting your spending, even on essentials. The amount of interest a credit card company charges you at the end of the month, can range anywhere from 10-35% depending on the card.

Every month you don't pay back your balance, your interest rate continues to compound. If you're only paying the minimum, your total balance can balloon in a very short period.
3. It can damage your credit history.
While having unused credit is good for your credit history, making late payments or reneging on your bills can actually be a ding against your credit history. This can make it difficult for you to qualify for loans, mortgages, and other types of credit.

With massive credit debts, it's easy to land in bankruptcy, as well, which is also a severe hit against your credit score. That's why you should always take precautions to ensure you can pay back your bills before they come due.
4. They are susceptible to fraud.
It is important to keep your credit card in a safe place at all times. Accidentally leaving your credit card somewhere can lead to unauthorized transactions, as can online phishing scams. Also, be careful about who you share your credit card number with. All of these things can lead to fraud.

If you discover you are being charged for items that you didn't purchase, contact your credit card company immediately and they'll rectify the problem. Most credit card companies won't make you pay the bill, however there can be replacement card fees. Make sure to keep an eye on all your transactions so you know how much you've spent, and will be aware of any fraudulent charges.
Having a credit card doesn't mean you have the freedom to spend money whenever you want! If you are having issues paying back your credit card bills on time, Magical Credit offers bad credit loans to people receiving government income. If you need a little extra cash to help get you through all your unpaid bills, fill out a Magical Credit loan application now to see if you qualify! You can call us at 1-877-213-2088. Let us help you with your credit card bills!
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Now that we know some of the advantages, and disadvantages of credit cards we should also be educated on how optimize the usage of credit cards. This website is great in educating one of the do's and don't of a credit card. When shopping for a credit card one should search for a credit card with a low interest rate. As one of the previous sites mentioned a big disadvantage to credit cards is high interest rates on late payments. You should also be care of annual fees that some credit cards incorporate to compensate for that low interest rate. With annual fees there may also be some hidden fees at times. So when signing up for a credit card one should always be careful by reviewing the hidden information/rules, and the small print on the credit card.  As humans sometimes we get tempted to spend more that we have so having a low credit limit is quite beneficial in terms of lowering spending temptations. A useful tip mentioned on this site when using credit card is to pay your full bill at the end of each month. With credit cards you have a choice to pay the minimum, and slowly pay off the full bill. But this will accumulate interest on your bill making you lose more money in the long run, so one should pay off the bill at the end of each month.

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I remember when I first walked onto my university campus that I was flabbergasted at the number of people handing out credit card offers to students, from places like The Bay and Canadian Tire. "What would I want with a Canadian Tire credit card?" I thought.

Just before I went to school my parents gave me my own credit card - attached to theirs. I was thrilled, then I realized that they would be able to track every purchase I made.

Dealing with finances is a challenge for new students, especially because they have little sense of how much real things cost. Many have likely never paid a grocery or phone bill. Nor do students realize how much they might spend socializing with their new-found friends.

I had one friend at school who survived by living on cash advances from her credit card. She had several part-time jobs but it was always a juggle for her to keep the creditors at bay.

A credit card is almost a necessity of financial life but it can hurt more than help if you don't treat it right. Most credit cards have a high interest rate - some as high as 20 per cent - so it costs you if you don't pay your bill in full. And the cash advance interest rate can be as high as 22 per cent. (Ouch, that's an expensive night out!)

Here's a few ways to make sure you are using your credit wisely.

1) Look for a credit card with a low interest rate. Ratesupermarket.ca is a good site to compare card options. Another one is the Canadian arm of Credit cards.com. The Financial Consumer Agency of Canada website can also help you choose a card and tell you the real cost if you only pay the minimum. Watch out, because some cards have an annual fee in exchange for that lower rate.

2) Keep your credit limit low. You can ask the card company to reduce the credit limit - $500 might be about right - so you won't be tempted to spend just because you can. CIBC offers students a credit card with e-mail spending alerts. Or, you can get a pre-paid credit card instead. With these cards you put a set amount of money on it and that's all you can spend until you load on some more.

3) Pay your bill in full every month. Keep the credit card company happy. TD Canada Trust recommends students pay off their credit card every month to boost their credit rating and if they can't, pay at least the minimum each month on time and work to pay off the rest quickly. Don't just wait until the next bill arrives.

The FCAC recommends that if you can't pay your balance in full, put the card away until you have. (That's why there's always that scene in the movie where someone buries their credit card in a block of ice.)

4) Avoid expensive cash advances. The FCAC also warns against cash advances because "you are charged interest from the day you take the advance until the day you repay the entire advance amount." If you need cash, go to your bank's ATM.

5) Read the rules, hide your card and keep your receipts. Retain your receipts to make sure no unknown charges show up on your bill and so you can track your spending. That way when the bill lands in your real or electronic mailbox it doesn't hit with a thud.

And although it's all in small print and seems boring, read the rules. They might surprise you.

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The do's and don'ts of your first credit card

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I remember when I first walked onto my university campus that I was flabbergasted at the number of people handing out credit card offers to students, from places like The Bay and Canadian Tire. "What would I want with a Canadian Tire credit card?" I thought.

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This video features a gentlemen that goes by the name of Bruce Sellery who discusses different types of credit cards. He elaborates on the different cards in the Canadian market, and which one is suitable for you. Some of the credit cards being:
1)Cashback card: So if you spend a certain amount, you get a certain amount of money back. This card is great for someones who is an avid shopper
2) Retail Rewards cards:  This card give you points based on your purchases, and those points can be redeemed toward getting discounts on products. For example the Rogers First Rewards Master-card gives you points on all your purchases on the Master-card , and you can redeem those points for a discount on Roger bills/products
3) Travel Rewards: If you like to travel some credit cards give your travel points for your spending. The points can redeem you a plane ticket allowing you to travel.

All in all, this video was great interns of elaborating on some of the advantages specific Canadian credit cards. This allows you to make a suitable decision when signing up for a credit card.

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Credit Card Thieves Caught on Tape Using Skimmers

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Money man Bruce Sellery is back with MoneySense's findings on which is the best credit card in Canada.