Greatest Myths About Credit Cards
Credit cards are a hot topic these days and many stories or myths swirl around them. The biggest one is that credit cards are bad. Well, there are no bad credit cards, only bad credit card users. Whether you’re considering student credit cards, gift credit cards, or some other type, using the card responsibly is the most important thing you can do.
All credit cards offer the opportunity to build credit and establish a payment history. Student credit cards also earn credit or “points” towards purchases at the student’s school or university and they can be redeemed towards purchases there, for instance, to reduce the price of books or supplies. Some come with a low introductory interest rate, rewards or cash back. The myth that student credit cards are bad, because they target people with little financial experience, is not true. They offer great advantages if used responsibly and are no more dangerous than any other credit card.
Gift credit cards are also sometimes given short shrift. Gift credit cards are somewhat like prepaid mobile cards. You, or someone who loves you, loads money on the card (that’s the “gift” part) and then you are free to use it for whatever you want, until the money is spent. These are marvelous tools for youngsters away at university or for people who want to avoid overspending, because the card won’t let you do it.
All cards can be considered bad credit cards, when people don’t read the disclosures or use them unwisely. Educate yourself and you’ll find a credit card that can offer you great financial advantages.
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December 11th, 2009 at 3:54 pm
[...] Greatest Myths About Credit Cards [...]
December 24th, 2009 at 5:53 am
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