Credit Cards have many benefits but also come with risks, and terms. So this page will go over the Pros & Cons of a Credit Card!

Pros explained in depth 

• Benefits & Rewards- Credit Cards may come offer points for every dollar you spend and offer perks such as travel lounge access, mileage points, free hotels, priority ticket access to entertainment (sports games, concerts) dining, and cash back! 

• Good for Building Credit- Credit cards are good for credit building IF credit is used with caution and IF borrowed money is paid back on time to creditors 

• Making Purchases- Credit cards allow you to make big purchases, as you can access more money through credit cards and are able to pay off your purchase within a period of time instead of upfront 

• Installments- Money that is used on a credit card can be paid over a period of time, BUT interest is usually added on to the original balance 

Cons explained in depth

More expensive- Using credit is usually more expensive than paying with debit or cash as paying with credit involves interest & late fees if the full balance is not paid back in time, and other things like annual fees can add up

Interest- Interest is accumulated if your full balance is not paid each month which can add up especially if you have a high interest rate 

Negative Impact for Credit- Using credit can POTENTIALLY have a negative impact on credit score IF used irresponsibly, as late payments prove to creditors you are potentially a high risk borrower to lend money out too 

Irresponsible Spending- Having credit cards can lead to excessive & unnecessary spending habits which can be bad for your long term financial health, as having credit lets you use more money then you have which can lead to spending more than what you have 

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