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Are Credit Cards Useful?

Oct 31, 2007
In this fast paced world where people are globe trotting, carrying cash for expenses is too much of a hassle. Credit cards are ideal as they are handy and useful all over the world. This small plastic card has numbers which are like key to your credit world. The major advantage is you spend first and pay later.

When you travel abroad the trouble of exchanging foreign currency takes up most of your time. With the use of credit cards you save time and effort on this issue. There are three types of credit cards. Master card, Visa card and Diners card. These three cards are issued to people who have a credit history and are liable to return the money. Though the interest levied on credit cards is high, there is no interest if you pay back with in the first month. Credit cards are used to pay college fees, hotel bills, at gas station, super market, malls, buying on the internet and all over the world.

Right from your super market to hospital emergencies, credit cards are used everywhere. It's a boon as all of us at one time or the other have cash crunch. Instead of finding a lender and applying for a loan and waiting for it to get through, credit cards do the work in no time. Just swipe and pay. It's as simple as that.

Paying your credit cards bills on time can go a long way in your credit history. Your personal credit score improves and makes you eligible for other loans and mortgages at low interest rates. Your lender has a good opinion about you as your credit card bills are paid on time. This shows your genuineness to pay.

Whenever your credit score takes a beating paying credit card bills on time helps you improve your credit scores. Even after bankruptcy a person can improve his credit history by paying credit cards on time and keeping their balance well within its limits.

Credit cards can be gifted to your loved ones. Like student credit cards or you can have add on, on your card itself. There are many points and attractive offers attached to these credit cards. If you make purchases worth a certain amount then you get discount over your purchase. Or if you are visiting a hotel or traveling by an airline for certain number of miles then you get a free ticket. Many businesses have tied up with credit card companies. This is one way of inducing the customer to buy.

There is a main difference between credit card and a debit card. Debit card is to use money which you have in your account. Where as, credit card is the money the lender gives you as a loan. There are 0% offers on balance transfers available on credit cards. There are different varieties of credit cards. They are platinum card, gold card, silver card and so on. These cards have varying credit limits. Platinum cards are given to top bracket officials and executives whose earnings are more than $250,000.
About the Author
This article is courtesy of Credit-Wisdom.com, where you can compare business credit card offers and apply for credit cards online.
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