Credit Card Shopping - An Overview

Gone are the dreaded days when you have to pay a visit to the bank if you needed to withdraw money to pay your monthly grocery bill

. Now, all you have to do is swipe your credit card and youre done. Credit card shopping has become the norm of the day, and you wouldnt have to worry about paying for all the purchases you have made, as you would have to pay the bill only at the end of the month. Its best to know the pros and cons of credit card shopping before you dive into it.

What is Credit Card Shopping?

Plastic money has become an inevitable part of our lives as most businesses accept them. A credit card allows you to avail goods and services, and all you need to do is just swipe your card. You would need to pay the bill at the end of the month. This card gives your short-term credit meaning it gives you money, which is not actually yours. For this, you would need to pay a small interest rate. This not only arms you with more purchasing power it will also relieve you from the burden of keeping a lot of cash on you.

Pros

Apart from being convenient, credit card shopping increases your personal safety as well. It would allow you to pay for a product or service at any point in time, when you might not have enough cash, which you could pay at the end of the month. In case, you dont have an adequate amount of funds then, this would be carried over to the next month and youll be charged an extra charge for it. This interest could be looked at a debt, which would come cheaper than a complete loan.

You can use your credit card at anytime to withdraw or pay for services or product. Each credit card has its own inbuilt features, which protect your signatures or personal identification. In addition, you wouldnt have to go all the way to a shopping mall or supermarket to get something you wanted. All you need to do is go online and order a product. Credit card shopping would help you keep an account of your expenditure and would enable you to budget better. Additionally, frequent use of credit cards has benefits like frequent flier miles, discounts and cash back offers.

Cons

Credit card shopping could become an addiction, as you may end up purchasing products, which are clearly beyond your means. This would land you in debt, which would be difficult to repay. In case you have a bad credit rating, then you are likely to pay upto 20% in interests alone. This could result in the financial institution sizing down your credit rating. You need to be aware of the dangers of credit card fraud, and so you need to ensure that your card details are kept safe.

Credit card shopping has both its pros and cons; it could be a boon or bane to you depending on how you use it. Nevertheless, utilize all the benefits they provide you and avoid falling into a debt trap.

by: Niels F. Andersen

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