Some of the Advantages and Disadvantages of Credit Cards are given below. So let us check it out some points regarding advantages and disadvantages one by one.
Some Advantages of Credit Cards are:
- Online Shopping is possible with credit cards.
- Online bill payment is possible with credit cards.
- Instant loans is credited in account with low interest rates.
- EMI option is available using credit cards and hence easy shopping of products online.
- You can check your credit card statement and easy to check all transaction any time online.
- No need to visit bank , money can be transferred to other account with phone banking or online banking.
- Easy mode of payment.
- No need to carry cash , you can refill fuel or gas in your car using credit card at petrol or gas stations.
- During emergency credit card is very useful mode of payment.
- Credit card is safer than carrying lot of cash . Car, hotel or airoplane booking is easy with credit cards.
Some Disadvantages of Credit Cards are:
- Credit card limit is assigned , hence you cannot use more than that.
- Failed to pay credit card bill by due date may charge some extra amount.
- Some times hidden cost are their while using credit cards.
- Some times there are high interest rates.
- Credit card fraud is common these days hence do to share PIN NO.and other credit card details with any one.