Just like a coin has two sides, everything has its own advantages and disadvantages, and Credit cards are no different. When you think about whether or not you should buy a credit card, you must know that a credit card would never hurt your financial health, if you use it properly. It will, instead, help you enhance your financial health.

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Credit Card Advantages

Credit cards have surely become a must-have financial tool. Listed below are a few reasons for the hype that has been created around them-

Luxury of credit

Having a credit card gives you the luxury of spending out of your pockets. Credit cards allow you to borrow money from a bank and make necessary purchases for the time being. All you need to do is plan your finances well so that you can repay the credited amount well in time.

Affordable EMIs

Making big purchases with your credit card? Don’t worry about repaying the huge amount. You can choose to convert your billed amount into easy, affordable EMIs and pay the billed amount over a long period of time. This will avoid the burden of making a huge hole in your pocket as you pay your credit card bill.

Disadvantages of Credit Card

While they have innumerable benefits, there may also be a few disadvantages of credit card. As it is said, excess of anything is harmful, it is recommended that you use your credit card effectively. Here are some factors that may prove negative if you don’t use the credit card effectively.

Overspending

Since credit cards offer you credit to a huge extent, there may be instances where you make unnecessary purchases of the available limit and fall in debt trap later.