Credit cards-a boon and also a curse!!!

mybithdaye By mybithdaye, 9th Sep 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/29rvdz_m/
Posted in Wikinut>Money>Credit Cards

When i opened my first bank account, they told me to also apply for a credit card along with the debit card they were giving me. I told why not and my life turned out very dramatically..

Debit cards versus Credit card

Unlike the old ATM card, we today get debit card from bank. Debit card gives us the facility to shop with the money in our bank without taking the money out of the ATM machine. We can do our shopping not only offline but also online. The same goes with the Credit card but the money we spend from our credit card is not taken from our savings, it is a loan taken from the bank which we need to pay back within 45 days with no interest or after 45 days with interest

Credit card earns you reward and also helps you!!!

If you shop with your debit card for some amount you have to pay the whole amount from your debit card. But if you pay by a credit card then you get discounts and also you collect reward points on your card which can be redeemed for gift or cash backs. If you have $10'000 in your account and you want $12500 urgently in one day. Your friends are busy and bank says after 7 days we can process your loan request. Then comes your only savoir CREDIT card. Just swap the additional amount you need and be happy. At emergency rather quick emergency, Credit card can really help you.

Credit cards loan make your life worse...

Although credit card helps you, but if it used carelessly and without keeping track of how much one had spend, then you might in one big trouble. So now comes the situation that you have done shopping with credit card for some money which you could not earn in 6 months. The interest adds up each month and you are now supposed to pay large amount of money. Also if in any case you are not able to pay money back, then you are blacklisted and you would never be able to issue a credit card and also you could never get a loan from bank or any other financial institution because of your bad credit card report. So in conclusion, Credit card are a boon if used with careful hand and thinking mind or else it could become the biggest curse of your life...

Tags

Account, And, Bank, Credit, Credit Cards, Currency, Debit, Debit Cards, Happiness, Life, Money, Rate, Sadness, Scams, Shopping

Meet the author

author avatar mybithdaye
I write and I like it. http://www.mybirthdaye.com is my blog

Share this page

moderator johnnydod moderated this page.
If you have any complaints about this content, please let us know

Comments

author avatar A K Rao
9th Sep 2012 (#)

You are right dear Rohanmona,the credit cardsare double edged swords! We have to have complete knowledge about them beforewe use them! Thanks !

Reply to this comment

Add a comment
Username
Can't login?
Password