Credit cards are the small but powerful plastic cards issued by financial institutions to users as a system of advanced payment. These cards allow cardholders to buy goods using advanced credit (or cash advances) with the understanding that the cardholder will pay back the financial institution for the purchased goods. Unlike a charge card that needs to be paid in full every month, credit cards give cardholders a continuing balance of debt subject to interest.
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The Advantages of Credit Cards
There are a great number of advantages to having and using a credit card. Here are just a few:
- They’re convenient.
You spot something you need or want and without the cash to pay for it, you can make that purchase using your credit card. Just be careful you don’t spend what you can’t afford to repay at the end of the month.
- You get a line of credit (and rewards) for free.
If you are disciplined enough to pay the balance at the end of every month, you won’t accrue interest. You practically have a line of credit that’s free to use. With all the different reward programs, you’re even given free gifts for simply using the credit card.
- You can keep track of spending.
Credit card issuers usually have some form of online account management where all expenses and payments can be tracked, tagged, printed out and much more. Some even have the ability to send email and text message alerts. It’s probably much better than your grandmother’s old notebook of expenses.
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