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It’s difficult to imagine an average American without a credit card. Still, when applying for your first card, it’s important to know all pros and cons.

Pros of credit cards:

  1. You can use them almost everywhere.
  2. You can use credit cards to make purchases via phone and the Internet.
  3. They are good in emergency cases when you urgently need money (healthcare expenses).
  4. Most of the credit cards offer rewards and points for purchasing particular items/goods in particular places.
  5. They allow paying off for the item in installments during a particular period.
  6. You can improve your credit score with the help of credit cards.
  7. Every card holder can withhold payments.

Cons of credit cards:

  1. People, who have credit cards, tend to spend more than they earn. It’s very harmful to their credit and budget.
  2. Some people tend to turn over their balances for several months.
  3. Most of the companies charge high fees for late payments and other terms violations.
  4. Irresponsible attitude to the credit card using can lead to problems with credit.
  5. Credit cards frauds are commonplace in the nowadays world (though it’s fair to say that you can get a credit card with a chip today).

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