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Now if you do not trust yourself when it comes to sensible spending then maybe credit cards are not for you. Nothing makes spending more easy than having a credit card and putting off paying for the items you are buying. Having a credit card can be deceitful as it can make buying things you want seems within your reach when they really are not which will cause you huge issues when it comes to paying off your monthly balance.
Also be cautious of penalty risks. You may start with your card having low interest rates but all it takes is one late payment and certain card companies increase them to unmanageable levels for months. Finally on top of this there is the issue of credit scores. If you start making late payments and creating small credit score trouble I can affect your credit cards interest rate for the worse. The interest rates on credit cards are adjusted by the card companies and they base it on your credit score therefore if you make just one mistake then it can cause you some seriously unwanted grief.
It is your decisions to make whether or not you get a credit card. Don’t get one because everyone else has one, make sure you consider you’re spending habits and make sure you trust yourself to use the credit card wisely and otherwise you could come to seriously regret your decision!
Credit Cards Available for those with Poor Credit
One can always make poor decisions in the past, and one’s financial history is still important in the present as it affects credit history. This is a record of your past credit history and contains information on all bad debts, current debts and past financial history – IE if payments were made on time on mortgages, credit card bills an so on. If one has always paid on time and you have a number of previous financial commitments that have been adhered too, this should make it easy to get another loan or credit card.
If However you have a bad credit history, you can get refused a financial product. In this day and age, a payment card – ie credit, debit or prepaid card, is extremelt useful for shopping on the internet and abroad or just in the shops. If you have a poor credit history, you can still get a credit card – there are special poor credit cards for people with a bad credit history. You can see a comparison list of credit cards available.
Compare Credit Cards and Get The Best Credit Card For You! Do you need a credit card?
Credit cards seem to get a variety of reviews, some good, and some bad. A lot of people simply view credit cards as debt traps that can be a real weight on your shoulders. Making a purchase with a good credit card can be exhilarating and rewarding one moment and then regrettable the next. This is why when you apply for a credit card you should be cautious and ensure you trust yourself to be responsible with this potentially dangerous bit of plastic.
Do I trust myself with one is the question you should ask yourself. While credit cards cause problems for some, others enjoy the flexibility and ease of paying with one. When considering whether or not to get hold of a credit card just remember that there are two sides to every story so it is important to look at both the pros and cons of credit cards before making a rash decision.One huge attraction of a credit card is that they are very convenient; everyone wants to make life as simple as possible for themselves and convenience is a large part of simplicity. When purchasing something pricey at a shop or when you fill up your car with petrol it is so much easier to make purchases when you know there is not going to be an immediate chunk taken out of your account. Australia Credit Cards
Moreover credit cards provide a monetary safety net. In an emergency a credit card with a reasonable balance can be used to make purchases or pay bills that you would otherwise be out of your reach. Also if you have a credit card account open and you pay your balance off every month it can be a great way to start building credit history and increasing your credit score. This can be beneficial in the future as if you are good at making monthly payments then it can make it easier to qualify for low interest rates on a car mortgage.
Credit cards offer great protection. Most companies have methods for denying a charge if your card is charged improperly or if your purchase is not what you expected it to be. This is another great thing about credit cards as when you make a large purchase using one especially over the internet, the ability to report the problem and get some kind of refund, significantly lowers the risk involved in buying.
Credit cards can also be incredibly useful when going on holiday. For example when you rent a car the company you rent from will hold a much larger amount of your balance to make sure the money is available for potential problems. And if you do not have a credit card, these charges tie up cash in your debit card account instead of credit that will not be used, and this can be annoying when you need the money in your debit account for holiday spending.
Finally, a further advantage is instant gratification. As long as you ensure that you pay off your credit balance regularly a credit card can be a great way of getting something you want straight away when do don’t yet have the cash you need readily available in your pocket . You can make an immediate purchase and have the option of paying for them with your next pay check or slowly over a period of time which makes shopping more fun.
However as I said earlier there are two sides to every story and of course there are going to be some disadvantages of credit cards that it is important to be aware of. For example paying off your balance on time may sound simple but it is very easy and very common to lose track of purchases and start paying less of your bills as you are under financial pressure. Also credit card interest rates are substantially higher than interest for other types of loans, so even a small balance carried on the card can get out of hand quickly.
Furthermore be aware of credit cards minimum payment trap. The minimum pay trap is not there to help you pay of your balance as many people think. Actually, a person who pays only the minimum payment will see their balance steadily increase even if they never make another credit purchase.