Pros and Cons of Credit Card

Pros and Cons of Credit Card

Top Ten Reasons To Apply For Credit Card
Credit card helps you a lot in daily life. It is also known as plastic money. Many people still do not use credit card. It has many benefits but some disadvantages too. In this article we shall discuss the pros and cons of credit card. So if you are going to apply for credit card, read our article first.

Cons
1-You do not need to take heavy amount of money while going for shopping.

2-Credit card saves you from fraud because if the seller does not fulfill his commitment or provide you substandard items, you can stop the payment through your bank.

3-You can get better facilities and discounts on air travel and hotel accommodation.

4-On the use of credit card you are given points due to which you can save money.

5-If you will pay your monthly bill in time then your money will remain in your account and you will get profit on it.

6-Your credit score will improve if you will pay your monthly bill in time and you will be able to get a loan from bank.

7-In case of good record you will be given the facility of car, house loan and insurance.

8-Each company and shopping center prefers the customers who use plastic money.

9-Special attention and protocol is given to the holders of Platinum or visa cards in shopping centers and restaurants.

10-If some one pay his monthly bill in time he can avoid mark up. He can also avail different offers and reward programs of his bank. So apply for credit cart right now.

Cons
1-Heavy interest is charged on late payment of monthly bill.

2- Interest is forbidden in Islam so true Muslims try avoid using all types of plastic cards.

3-Credit card is not 100% secure.

4-Its basically a loan and you will have to pay at any cost otherwise you will have to face music. When someone uses a credit card, the bank pays the merchant and he/she goes into debt to the bank.

5- Application process is difficult and depends upon your bank statement.

6-You can not exceed the your approved loan limit.

7- Holders have to pay annual fee to use.

8- Financial liability is an alarming issue in credit card use. it is very easy for you to overspend but it will bury you in under heavy debt and you will have to pay interest on high rates.

You can read the details about pros and cons of credit card in Urdu below this post . Stay in touch with us for guidance about your financial problems.

Pros and Cons of Credit Card

 

Top Ten Reasons To Apply For Credit Card