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This shows the grading of each credit score. Having a low score from late fees and irresponsibility, can be a disadvantage to not being able to have a good credit limit or be able to be apart of the advantages of having a credit card.

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This shows different Mast Cards by showing that it is actually a bad thing to have multiple credit cards. This actually lowers your credit score

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This is a small statistic chart that I found over google. What I find interesting about this is that some students will not know the advantages and disadvantages of credit, as per the 16% who said "Don't Know".

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This website provides some keys points about the disadvantages of credit cards. The big one it warns you about is overuse like every other site will tell you. Basically it is keeping a budget and not going over your limit so your not having a bad credit score. Most times they recommend that you only use 10%-30% of your limit to keep a good score. Plus there is interest for higher credit used.

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This website helps explain the advantages and disadvantages of credit cards. They go on about some little tips and what not about different offers that a credit card provides. For example, it provides information and tips about emergencies. It shows that if you have a good credit score, you have more money to borrow in case of an emergency. Keeping in mind not to spend outside of your budget, the credit card provides those "at the moment" purchases.

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Classes:
Introduction > Take the Test > Where Do You Get Your Money? > How To Handle Money > Budgeting and Saving > Conclusion

How To Handle Money > Checking Accounts > Saving Accounts > How to Open a Bank Account > Cash or Credit? > Advantages and Disadvantages of Credit > How to Open/Apply for an Account

Like most things, there are advantages and disadvantages to credit cards. Knowing some of these can help you decide if you do or do not want to use credit cards.

Advantages

Purchase Power and Ease of Purchase - Credit cards can make it easier to buy things. If you don't like to carry large amounts of cash with you or if a company doesn't accept cash purchases (for example most airlines, hotels, and car rental agencies), putting purchases on a credit card can make buying things easier.

Protection of Purchases - Credit cards may also offer you additional protection if something you have bought is lost, damaged, or stolen. Both your credit card statement (and the credit card company) can vouch for the fact that you have made a purchase if the original receipt is lost or stolen. In addition, some credit card companies offer insurance on large purchases.

Building a Credit Line - Having a good credit history is often important, not only when applying for credit cards, but also when applying for things such as loans, rental applications, or even some jobs. Having a credit card and using it wisely (making payments on time and in full each month) will help you build a good credit history.

Emergencies - Credit cards can also be useful in times of emergency. While you should avoid spending outside your budget (or money you don't have!), sometimes emergencies (such as your car breaking down or flood or fire) may lead to a large purchase (like the need for a rental car or a motel room for several nights.)

Credit Card Benefits - In addition to the benefits listed above, some credit cards offer additional benefits, such as discounts from particular stores or companies, bonuses such as free airline miles or travel discounts, and special insurances (like travel or life insurance.) While most of these benefits are meant to encourage you to charge more money on your credit card (remember, credit card companies start making their money when you can't afford to pay off your charges!) the benefits are real and can be helpful as long as you remember your spending limits.

Disadvantages

Blowing Your Budget -- The biggest disadvantage of credit cards is that they encourage people to spend money that they don't have. Most credit cards do not require you to pay off your balance each month, so even if you only have $100, you may be able to spend up to $500 or $1,000 on your credit card. While this may seem like 'free money' at the time, you will have to pay it off -- and the longer you wait, the more money you will owe since credit card companies charge you interest each month on the money you have borrowed.

High Interest Rates and Increased Debt -- Credit card companies charge you an enormous amount of interest on each balance that you don't pay off at the end of each month. This is how they make their money and this is how most people in the United States get into debt (and even bankruptcy.) Consider this: If you have a $100 in savings, most banks will give you at the most 2.0 to 2.5% interest on your money over the course of the year. This means you earn $2.00 - $2.50 a year on your $100 savings. Most credit cards charge you up to 10 times that amount of interest on balances. This means that if you have $100 balance that you don't pay off, you will be charged 20-25% interest on that $100. This means that you owe almost $30 interest (plus the original $100) at the end of the year. A good way to look at this is in comparison to what you would earn in interest from a bank or owe in interest to a bank loan: Savings accounts may pay you around 2% interest; if you have a loan from a bank you may pay them around 10% interest (5 times as much as you earn off your savings); if you owe money to a credit card company, you may pay them around 20% interest (10 times as much as you earn off your savings.)

Credit Card Fraud - Like cash, sometimes credit cards can be stolen. They may be physically stolen (if you lose your wallet) or someone may steal your credit card number (from a receipt, over the phone, or from a Web site) and use your card to rack up debts. The good news is that, unlike cash, if you realize your credit card or number has been stolen and you report it to your credit card company immediately, you will not be charged for any purchases that someone else has made. Even if you don't realize your credit card number has been stolen (sometimes you might not know until you receive your monthly statement), most credit card companies don't charge you or only charge a small fee, like $25 or $50, even if the thief has charged thousands of dollars to your card. There are several things you can do to prevent credit card fraud:

If you lose your card or wallet, report it to your credit card company immediately.

Don't loan your credit card to anyone and only give out your credit card information to trusted companies or Web sites.

Check your statement closely at the end of each month to make sure all charges are yours.

You can find out more about protecting your personal information by visiting our Personal Safety course.

Credit cards can make life easier and be a great tool, but if they aren't used wisely they can become a huge financial burden. If you do decide to use credit cards, remember these simple rules:

Keep track of all your purchases.

Don't spend outside your budget.

Pay off your balance on all of your credit cards at the end of each month.

Don't loan your credit or give out your credit card information to anyone but reliable companies.

Learn more about how to apply for credit cards in the next section.

Next: How to Open/Apply for an Account

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Classes: Introduction > Take the Test > Where Do You Get Your Money? > How To Handle Money > Budgeting and Saving > Conclusion How To Handle Money > Checking Accounts > Saving Accounts > How to Open a Bank Account > Cash or Credit?

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This website is a Canadian Government website that states information about your credit score. Although they show statistics of how good of a score you can have, doesn't change the fact that you can still be in debt by credit. Sometimes the more credit you have, the more you'll spend. But could be an advantage for an emergency expense

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Managing debt, credit reports, mortgages, credit cards, loans, lines of credit and more.

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The problem with most credit cards is that it can get a hold of you. What is meant by that is that people can over-spend on what they actually need. They can just buy and buy and eventually they are left with a huge bill at the end. Another thing is not being able to pay those minimum payments and your interest rate goes up while your credit score goes down.

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Advantages & Disadvantages Of Credit Cards

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advantages and disadvantages of having a credit card

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Uploaded by Stella Browne on 2015-09-08.

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Credit cards allow you to spend the money that you currently don't have at the moment and can pay back later on. It's an easy way to pay for anything like emergencies that happen right away. It's easy to be able to pay them later off if you have the funds to do so. If not, there is only a minimum balance that you have to pay at each month. It helps out people who do need something the money at the time without taking it directly from their pocket.

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Benefits of Your Credit Card brought to you by LendUp

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This guy gives a basic rundown of how someone can have a good credit score. He tells us that having student loans and credit cards at the same time can be a good thing to have. Although you have to pay them on time, if not, you will end up with a bad credit score. To determine your credit score, it revolves on how responsible you are. The more responsible, the better the credit score. There are advantages and disadvantages to this all together but it all determines on your responsibility.

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All about how FICO calculates your credit score along with some tips to building a good one.

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Currently you are reading the page on just a few facts on the advantages and disadvantages of credit. Most of us use credit cards and loans all the time but are we all using them wisely? This page will give you a run through all of the common advantages and disadvantages of using credit.