Disadvantages of Using a Credit Card?

[Suba]

Even though a credit card is only a means of payment issued by a bank, the credit card holder can purchase goods without having to pay with cash, but is paid by the credit card issuer, and the credit card holder will be billed monthly. However, not all credit card holders can use credit cards smartly and wisely. So in general, what are the disadvantages of using a credit card?

 

[neku]

In my case, though I alone applied for the credit card and pay the credit card bills, due to the high levels of financial fraud, well paid liar government employees are falsely claiming to own my credit cards and get monthly government salary at my expense since 2012. This is causing great financial losses

 

[Nsidibe]

Disadvantage of using credit card is basically. Some people do mistakenly misplaced their credit card because of their carelessness. Misplacing credit card can cause damage to owner because someone can use it to do illegal act

 

[Suba]

Many people become wasteful after having a credit card. Apart from that, credit cards also charge interest when we buy goods, because they are considered debt, and also when we need cash from an ATM interest will also be charged.

 

[Abdulhamid01]

It is very easy to get into debt trap when using credit cards as it allows you to spend way above your balance.

 

[Starmix]

One bad disadvantage of a credit card is if you failed to pay your bill, the interest of your unpaid account doubles every two years. It's convenient but holder of a credit card must not miss to pay the balance.

 

[Kirubel]

A wrong person having a credit card is a nightmare because they don't have a financial plan and spending limit which lead them to use the credit over the limit.

 

[pousinha]

The truth is I'm only seeing advantages since I use 2 credit cards. Being billed on a monthly basis lets me maintain investments while they produce interest. If I pay immediately using a debit card, that amount stops to produce interests, so it's not convenient. I noticed I spare a larger amount of money since I use credit cards (well, my credit cards count on a zero fees, that's why they are so convenient).

 

[Nomad]

I think yo get more benefits by using a credit card compared to disadvantages. However, the key to the benefit of using a credit card is to use it wisely and pay your bills on time. If you use it properly, it will help you manage your expenses properly.

 

[neurosurgeon]

Credit cards have a high interest rates, cause us to be dependent on them they are stolen and they have minimum payout traps.

 

[Vickygold]

A wrong person having a credit card is a nightmare because they don't have a financial plan and spending limit which lead them to use the credit over the limit.

You are right, this will always put them to debt and this debt could be frustrating as they won't understand the whole process as it is just like a flash.

 

[Kirubel]

You are right, this will always put them to debt and this debt could be frustrating as they won't understand the whole process as it is just like a flash.

That is true, being in debt will mess our life and it will destroy our future. and trying to pay for that will always e hard.

 

[pousinha]

Credit cards have a high interest rates, cause us to be dependent on them they are stolen and they have minimum payout traps.

It's to choose a credit card zero maintenance cost (hopefully, counting on a bank providing such a credit card: the majority of banks in my country provide zero fee credit cards), to only pay the amount we spend to purchase goods.

 

[Starmix]

There is only one disadvantage of using a credit card and that is the failure to pay your credit because your charges double every two years. Also, you can purchase any time if you don't have self-discipline.

 

[pousinha]

There is only one disadvantage of using a credit card and that is the failure to pay your credit because your charges double every two years. Also, you can purchase any time if you don't have self-discipline.

I suppose in such a case it's a credit card including maintenance fees. Doesn't it exist in all countries a free of charge option credit card? I wouldn't have asked for mine, if I couldn't find for free credit cards. I have 2, both zero maintenance fees (one of them used for installments). Since I have them, I'm sparing a good amount of money. I can monitor every day the expenses, doing my best to spend as less as possible.

 

[HansonU99]

I never see much disadvantage of using a credit card aside from the fact that some time you can forget your credit card details when you travel far places and most likely you can be frustrated,

 

[Starmix]

I suppose in such a case it's a credit card including maintenance fees. Doesn't exist in all countries a free of charge option credit card? I wouldn't have asked for mine, if I couldn't find for free credit cards. I have 2, both zero maintenance fees (one of them used for installments). Since I have them, I'm sparing a good amount of money. I can monitor every day the expenses, doing my best to spend as less as possible.

There's no free credit card and it requires support that we're qualified to own or hold a credit card. Many lack control, easy using without paying on time, so their subscriptions were cut and be active again once pay the credit in full.

 

[pousinha]

There's no free credit card and it requires support that we're qualified to own or hold a credit card.

I'm sorry. This means people in your country must count on a well paid job to receive a credit card. Such a strict requirement is very common among European countries (in the south, it probably serves for nothing you show a bank account with various zeros, because the classic well established offline 9 to 5 job is a must, in spite of having become a piper dream in a lot of cases).

 

[freelancermaria]

I used to own a credit card. When I had it, I used to splurge on a lot of unnecessary things. It is a disadvantage for me since I was not able to save money for a rainy day.

 

[pousinha]

My second credit card is mostly used to purchase drugs cause my IBS and its consequences. I need a credit card to purchase per installments, as they are very expensive drugs. It's necessary also to purchase home appliances (a fridge, a fan, etc.) per installments, as home appliances are very expensive too. My first credit card is mainly for food, drinks, gas cylinders to cook and drugs I pay at once, no installments. Credit cards give me the opportunity to maintain investments for a longer period, as I can postpone payments and pay per installments, differently than a debit card. So I earn more interests from investments.