What are the pros and cons of a credit card?

AGGRESSIVE private sector banks have cashed in on the booming economy that affords us better income.

December 16, 2019 / 12:03 IST

AGGRESSIVE private sector banks have cashed in on the booming economy that affords us better income. A younger demographic with clear lifestyle aspirations, a plethora of consumer products (with malls and superstores to buy them) and a 'live for now' attitude have been effectively tapped to promote the use of credit cards extensively.

Now using cards have many undeniable advantages, but they do have their downside too. Let us study both.

Advantages

No need to carry cash

Carrying large amounts of cash is inconvenient. Besides if you are robbed, your money is gone, which is not necessarily the case with cards. Further, there are situations (some airlines, online purchases/ trading etc.) where cash is not acceptable. Here, credit cards offer a safe and convenient option.

Purchasing Power

You can buy stuff with money you don't have. No need to wait and accumulate money for an expensive purchase

first published: Nov 3, 2010 06:11 pm

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