The Benefits and Drawbacks of Getting a Credit Card

Credit cards have become a big part of our lives. Many of us use our credit cards several times a week to pay for food, clothes, gas and much more. Getting your first credit card has become a rite of passage, a declaration of financial maturity. But be careful – without a healthy dose of self-control, credit cards, and the interest that comes with them, can quickly become a nightmare.

At this time of the year, credit card companies are offering a lot of deals and bonuses, particularly to young people who have not had a credit card before. Spring break promotions are common, since many young people are starting to look out from the shadow of winter and make plans for the warmer weather.

If you’re thinking about getting your first credit card, now might be the time to do it.So, to help you make your decision, here is Payza’s honest look at both the benefits and drawbacks of having a credit card:

Benefits

5 Ways to Use Credit Cards to your Advantage

We recently wrote about the benefits and drawbacks of getting a credit card, where we tried to help you decide whether a credit card is right for you. Now we have some advice for those who already have credit cards – become a free rider.

Free riders are credit card users who are able to use their cards responsibly and pay off their balances each month. If you are not responsible with your credit card, you can quickly accumulate debt and end up paying hundreds of dollars in interest every year.

Believe it or not, there are ways for you to use your credit card to your advantage. The trick is to learn how to use a credit card as a small, interest-free loan whenever you need cash. This will help you avoid credit card debt and build a positive credit history.

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