Week 4 Discussion 3 FP101

Week 4 Discussion 3 FP101 - annual fees balance transfer...

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Owning a credit card can come with many benefits, unfortunately it has drawbacks as well. Knowing the advantages and disadvantages will help you decide if you want a credit card. An advantage of some credit cards is that you can earn points on every dollar that you spend. These points help pay for traveling and many other purchases. Credit cards also come with liability protection against unauthorized charges. Paying your card off monthly will build your credit score, and make it easier for you to apply for loans and get better interest rates. Some disadvantages of owning a credit card are that you have an extra to bill to pay each month. If you do not pay it on time, it can result in late charges. Your card may also come with
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Unformatted text preview: annual fees, balance transfer fees, over-limit fees and cash advance fees. You have to be very responsible when owning a credit card. It will give you a bad reputation if you miss payments. I own two credit cards that I am still paying on; fortunately I am working with a debt solution company to make sure that my bills are paid. My experiences with these cards have been eye-opening. I used these cards to get groceries a few times, but I was not responsible enough to pay my bills on them. They stuck me with a huge interest rate and tons of late charges. I will never get a credit card again, and I hope to be debt free soon....
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