One of the most convenient inventions has been the credit card, allowing individuals to pay for anything and everything without having to carry cash and coins. Stacks of cash and the rattling of a pocket full of coins is now avoidable, especially when traveling. 

Credit Card Pros


A credit card is not to be confused with a debit card, which is similar but not quite the same. A debit card is used in a similar fashion to a credit card, except the funds used for purchases are taken directly from your checking account and the charges made by a debit card do not accumulate, they are immediately paid. And this is where a credit card offers benefits a debit card cannot. If your checking account does not have enough funds in it, the charge does not go through, whereas a credit card does not rely on a checking account. Credit cards are accepted in the vast majority of stores around the world, depending on the brand.


One of the main beneficial aspects of credit cards is the number of benefits and perks they offer their holders. The perks can vary greatly from one credit card company to another but they can be incredibly beneficial. Some companies offer their cardholders cash back, special hotel rates, and discounts to major retailers. This is also not taking into consideration the miles or points they offer with every purchase. It is also important to note that the use of a credit card responsibly also strengthens your credit score.

Fraud Protection

In the event that someone’s debit card is stolen and is used to make purchases, the bank is not able to offer much help. They may be able to reverse the charges made after an investigation is made and will offer a new debit card as a replacement. However, when a credit card is used unlawfully, the company is able to reverse all charges made, monitor future use and offer help when needed.

Credit Card Cons


Depending on the credit card, there could be many different fees that are added on top of paying interest on the balance. The fees could be annual, lack of balance fees, and foreign transaction fees. 


The biggest negative when using credit cards is the interest rate that is charged to your balance. If you make any purchase on your credit card and the balance is not immediately paid off, you will need to pay the balance, plus interest, which is typically quite high. Maintaining a high balance on a credit card can incur thousands in interest payments only. 


Although convenience is a pro when using credit cards, it can also be a con. Many people are tempted to use their credit cards because of how easy it is. Due to its ease of use, some individuals can get carried away and spend too much on their credit card, resulting in a high balance and interest payments.


There are many different benefits to using credit cards, from their convenience, benefits, perks, and consumer protection. It can be incredibly tempting to increase the use of credit cards due to the benefits they may offer, resulting in high-interest payments that would negate the benefits they offer. There are many different types of credit cards, each offering unique benefits. It would be wise to research the types of credit cards based on your needs.