Your Credit Card: Friend or Foe
Credit Cards can be a double edged sword. To come out a winner, consumers should understand the risks and benefits before they apply for a credit card. This infographic helps folks visualize at a glance the pros and cons of owning a credit card.
There are certain advantages to having a credit card such as purchasing power, ease of purchase, protection of purchases, and building a credit line. Other benefits include cash advances, price protection, extended return policies, store discounts, and charge backs.
With advantages also come potential disadvantages. Some of these disadvantages include going over your budget, increasing debt, and credit theft. Make sure you donâ€™t fall into certain credit card traps such as past due balances or damaging your credit score.
Weâ€™ve created this infographic to help simplify the complex world of credit cards and help you make the best decision for your financial well being.